Short Sales- Countrywide Changes Short Sale Procedures Again!
I am re-blogging this because, as a Buyers' Agent, I have many clients that have offers in on a Countrywide-owned mortgaged property. It is very frustrating for a buyer to have to wait months to get a response from this lender.
I am closing short sales in 2 months, from start to finish, while my buyers for CW properties still haven't heard a word-this is ridiculous! What don't they get about time is of the essence? Surely, with the amount of money CW has made on all the borrowers out there, they could cooperate better. Maybe we, as realtors, should start telling our buyers not to make offers on CW properties-let them get stuck with all the foreclosure if thats how they want to play!
Short Sales- Countrywide changes their short sale procedures for the third time in the last 16 months. It seems they just do not understand how to get through the short sales they have stacked up on their desks. Now- which road do they take? Which way do they turn?
As you may recall the last time I wrote about the changes; Countrywide had decided to ship most of their files off to India for processing. Well, then came the problems. The employees there are trained to be like robots. They go down a check list and if anything does not fit the mold they deny the loan modification, deed in lieu or the short sale. This created a lot of problems because rarely is a file sent in totally perfect no matter how hard one tries.
We make sure we use a check list for our short sales but there are always situations in which all the documents will not be in the package. For instance, we have a seller who does not work and is not required to file tax returns so they would be denied because the tax returns would be missing. Instead of picking up the phone and asking us about our explanation for the tax returns they just deny the file.
Countrywide then decided that was not the greatest of ideas and pulled the files back to the U.S. but now instead of expedientely going through the files they decided to break the short sale files up into 3 departments. Now they will examine every single file and call the real estate agent or homeowner regarding all missing documentation. The file will remain open.
They can not even handle the complete files and now they will address all files! Hmmmm, I wonder how much longer short sales are going to take now with Countrywide.
We have 2 listings that have been going on for over one year with Countrywide.
The other important thing to know about Countrywide is that they treat each offer as a new file. We had one offer in, the buyer walks because CW takes too long, then we get the next buyer and can substitute the buyer. Well, unlike all the other lenders we work with, CW does not let you sub a buyer. The file with the first buyer has to be actually closed down and then you have to get a new file started!
Back to the back of the line! So while we can get an approved short sale offer through in one week with many lenders if a buyer walks; NOT with Countrywide! You are looking at another 30 to 90 days! WOW!!! Some improvement!
If your homeowner has a deed in lieu request or a loan modification open; you can not also work on the short sale. Those files need to be closed first. We have one with a loan mod that was declined but until we have an offer on the short sale they will not close the loan mod file. I wonder if this has anything to do with padding the books in any way?
Oh, another thing- Country wide will no longer accept offers without the sellers's signatures on them. We use this in order for us to accept multiple offers in certain situations. When I asked why that is, the team leader told us that the offers not signed by the sellers are creating buyers who are walking away from the deals in the middle of the short sale!
EXCUSE ME!!!! That has nothing to do with it. The buyers are walking because they don't want to wait 6 months to 12 months to buy a house!!!!!! What part of this picture do they not understand??? The buyers are walking because of the clause in the offer that says 'the time period for acceptance is 45 days' or whatever days is put in that box! That means Countrywide that if you don't give the buyers an answer by that time they do not have to buy the house!!! HELLO!!!
If they pay our fee; Nestor and I will go into Countrywide and organize their short sale department and make it run like a well oiled machine! It is NOT rocket science! But you do need to know short sales and real estate!
Hmmmmm, and banks want to be in the business of real estate! I think some public relations classes are in order!
Read our short sale series by clicking here.
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