Countrywide Short Sale acceptace Period

I have been waiting since September 2008 to close on my countrywide owned short-sale. They are the absolute worse to deal with. I have already paid for the appriasal and inspection thinking we were about to close but these people haven't even down their own appraisal of the house yet!! I am so ready to be done with them. I think 4 months is more than enough time to wait to purchase a short sale...

On the verge of walking

Put in an offer on 07 Jan. CW acknowleged package 26 Jan and scheduled BPO. BPO completed but not yet logged in to system on 04 Feb. Letter from CW stated 35 to 45 days to complete BUT did not actually say that the offer was accepted. Sounds like it might be progressing... but will not believe anything until I see the payoff letter....and we sign the closing papers.... yes it is frustrating knowing that someone else has control of your life.....

The sellers (well, the people who had the mortgage) accepted my offer August 2008, and then the paperwork went to Countrywide It is now March 2, 2009. I believe the seller's real estate agent and lawyer have done everything Countrywide requested and I believe my offer is on target for market value for the property....now it is March 3, 2008 and I am still waiting. At this point, I try to amuse myself with new ways to maintain my patience. If I didn't fall in love with the property, I would have walked a long time ago....sometimes I feel like the girl who is waiting for the guy to call her because he promised he would call, but as she waits, she wonders if she is patient or a fool. LF

Hi Shahrzad:

I am the same person from the previous post. It is now March 6 and this is the latest on the short sale property of which I made an offer of on August 17, 2008....Countrywide is ordering a SECOND Appraisal on the property because so much time has passed since the first appraisal..the investor Freddie Mac, needs to review the second appraisal before I get an answer.  I'm wondering if the property is caught in some sort of loop where the value of the appraisal expires before it can circulate through all the necssary channels. I can tell you this...I will NEVER make an offer on another short sale again...at this point, I am just hoping I eventually get  my deposit back.

I hope you are luckier with your endeavors. Maybe I am just caught in a very bad short sale.

Lynn

I would venture to say 6 months is definitely the average with Countrywide. I've never been so frustrated than I have been working with them! I've been working on a deal since March 5, 2009. They dropped the ball in mid May and we had to start all over again. It's now Labor Day weekend. The file was finally assigned to a negotiator over a month ago, July 27th, and we STILL have NO ANSWER. My buyer (and seller) are sick and tired of not getting anywhere, and my buyer is going to walk if we don't have an answer by end of week. As a matter of fact, they're wondering if it's possible that someone at the bank wants the property and that's why we've had all these delays & lack of response!!! Ughhh, it's fristrating for sure!

Working on another deal with them and I faxed the paperwork (everything they will need to move this along quickly) to them on August 4th. Called them for an update on Sept. 2, 2009 and the recording said it's in review and not to call back before OCTOBER 5th!!!!!!!!

What I want to know is: If HUD can have a system set up to give answers immediately after their submission deadline, then why can't the bank. HUD is government run (which is always a mess) and they're much larger than the bank. So, if HUD can do it COUNTRYWIDE should be able to do it (and every other bank too)!!!