Short Sales- CountryWide has a new and more efficient way to handle short sales. CountryWide has been one of the longest to get a short sale done company around but they are moving forward and looking for ways to better streamline the process. 
Countrywide has a new preshort sale department and they will be accepting preshort sale packages. Of course, we have always sent preshort sale packages in to get the ball rolling but now it is official. You can turn in the preshort sale package and that will be processed and Countrywide will order the BPO ahead of the offer.
This is a double edged sword for us who list and sell short sales. On the one hand we will know what the bank is wanting to get for the property so it will make the pricing adjustments easier from the get go, however, the other side to that is- let's say you get a BPO for your listing today but you don't get an offer for another month and during that month there are more closings for less than what the BPO comes in at. Then you are fighting a BPO that is outdated already.
Agents have fought long and hard to get this preoffer BPO done, however, we see this can also turn into a nightmare for our sellers.
Of course, we are back to Countrywide depending on a BPO from an agent who has no stake in the deal and who:
- wants to get the REO listing so he/she will skew the BPO
What would work better and be smarter is for the lenders to accept the listing agents BPOs. We are the ones in the thick of it and know what is going on in our markets.
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Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Royal Palm Beach, Loxahatchee, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.
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P.S. If you are listing your home as a short sale in Palm Beach County Florida and Port St Lucie Florida make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 561-753-0135 to find out more about Palm Beach County Short Sales and Port St Lucie Short Sales.
Copyright © 2008 By Katerina Gasset, All Rights Reserved.* Short Sales- CountryWide Streamlines Short Sale Process-Important Changes. *
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Hi Nestor, Countrywide has takes a lot of heat for being non-responsive. Lets hope this helps all of us provide a higher level of service to our customers.