Countrywide Approves Short Sale- BUT WON'T FINANCE APPROVED AMOUNT!

By
Real Estate Broker/Owner with Rulnick Realty, Inc.

Countrywide short sales

 

 

This is a true story.  You may have thought you heard all the crazy stories you could about Countrywide and short sales, but you haven't. 

Countrywide  approved a short sale for a Destin Florida condo for $100,000.  Wonderful. The buyer, who had applied for a loan with Countrywide, proceeded to finalize his own mortgage to close. Countrywide ordered the buyer's appraisal.  The condo only appraised for $87,000. Countrywide will not give the buyer a loan for $100,000.

I called the Countrywide short sale department to let them know that their Countrywide mortgage department would not issue a loan for the approved amount of $100,000, and faxed them a copy of their own appraisal for $87,000. They said their was nothing they could do and closed the file.

We now must re-submit a new short sale.  This is so insane, that I am almost speechless.

  

 

 

It's Wendy!

 

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc.

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Posted by

"It's Wendy... It's Sold!"

Wendy Rulnick, Broker/Owner Rulnick Realty, Inc.

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Wendy Rulnick is the marketing choice for sellers on the Emerald Coast who want to list and get their homes and condos sold in Destin, Sandestin, Bluewater Bay, Santa Rosa Beach, 30-A, Watercolor, Seaside, Rosemary Beach, Seacrest Beach, Kelly Plantation, Regatta Bay, Destiny and more.

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Ben Nicolas 05/20/2009 09:52 PM
Topic:
Real Estate Sales and Marketing
Groups:
Short Sales and Forclosures ONLY
Short Sale Specialists & Pre-Foreclosure Education
Short Sales Specialists
Short Sale REALTORS®
Short Sales Pre Foreclosures Bankruptcy and More!
Tags:
destin short sales
countrywide short sales

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Show All Comments
Rainmaker
506,380
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Laura - Yes, they are all different.  This is a first for me :)

Apr 11, 2009 06:28 AM #4
Rainmaker
1,045,693
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

Wendy... I'm glad you qualified that statement with almost speechless, because I have a feeling you have plenty to say about this. As A licensed Real Estate psychologist...tell me how you really feel?

..............

Pissed             /    Annoyed            /   this is stupid /  Are they blind.... Take your pick!!!

Apr 11, 2009 08:03 AM #5
Rainmaker
506,380
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Dr. Steve - Thank you for your analysis- I needed THAT!! I pick A, B, C and D!!!!! Do you have any meds?

Apr 11, 2009 10:01 AM #6
Rainmaker
612,811
Sharon Simms
Coastal Properties Group International - Christie's International - Saint Petersburg, FL
St. Petersburg FL - CRS CIPS CLHMS RSPS

Wendy - we read about the huge bailouts, and we see the inefficiencies at the practical level. If they'd just get the banks to straighten out and hurry up, we wouldn't need to spend billions letting them duplicate the problems.

Apr 11, 2009 10:52 AM #7
Rainmaker
120,642
AMBER NOBLE GARLAND - Top Real Estate Expert, Property Tax Appeal Specialist & Author
Strategic Marketing Expert & Relocation Specialist Serving New Jersey and nationwide! - Marlboro, NJ
- The Agent You Can Trust To Deliver REAL Results!

For some reason...I am not surprised. :-( I hope everything works out for your client Wendy.

Apr 11, 2009 02:37 PM #8
Rainmaker
2,974,173
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

We ought to have a group for "Takes the Cake" on short sales...this would be the winner for this week and may go on to the championships...somehow given it is Countrywide...I am not surprised...Hope the Bunny was good to you !

Apr 11, 2009 11:35 PM #9
Rainmaker
1,023,220
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Pardon my French but that is F-ing ridiculous. There should be an investigation done on Countrywide.

Apr 12, 2009 02:03 AM #10
Rainmaker
506,380
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Sharon - The monies spent by us on the stupidity is a crime.

Amber - I will keep you posted...  The "new" short sale has been submitted!

Sally & David - All they should have done was resubmit to the investor with the new appraisal- that THEY did.  But no, that would have been too easy.

Bill - Beyond!

Apr 12, 2009 02:37 AM #11
Rainmaker
167,090
Valerie Spaulding
Windermere Peninsula Properties~Allyn~Belfair~WA - Belfair, WA
Allyn-Belfair-Hood Canal-Local Expertise!

Wendy - I agree with Bill - You need to find a way to make this one very well known and investigated. THAT IS CRAZY RIDICULOUS!!!! Maybe a front page headline and article in a newspaper to start??  something, anything,,,, how can this keep going on? Isn't someone Somewhere listening to all the things that are going on with these dam short sales and countrywide? AAGGGHHHHHHH!!  I could scream with you!!!!!

Apr 12, 2009 02:46 AM #12
Rainmaker
506,380
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Valerie - You should have heard the negotiator, "I sympathize with you but there is nothing WE can do".  Can you imagine that?  Duuhhhhhh.........  !!

Apr 12, 2009 04:42 AM #13
Rainmaker
341,361
Eric Reid
Renaissance Realty Group of Keller Williams Atlanta Partners - Lawrenceville, GA

I have to say that Countywide in general has been coted by me as the  the Bank Imposable to get anything done with

Apr 12, 2009 01:08 PM #14
Rainer
1,665
Bob & Wanda Brock
Coldwell Banker Schmitt Real Estate - Marathon, FL

Wendy,

Since the bank has an appraisal of $87,000, have your buyer submit an ammended offer of $87,000.00 and submit the new offer together with a letter of explaination to the CEO of Countrywide.  Be polite and ask for his assistance.  You will be surprised on how quickly his office will respond, and you sould be able to get the job done.  It has worked for me.

Bob

Apr 13, 2009 01:44 AM #15
Rainmaker
386,463
Mark Horan
Resident Team Realty, LLC & Toni's Property Management LLC - Saint Cloud, FL
"The Resident Chef" - Resident Team Realty LLC &

Wendy- Nothing they do surprises me anymore. They are just a contradiction after another.

Apr 13, 2009 06:54 PM #16
Rainmaker
106,527
Casey Joiner
Scenic Sotheby's International Realty www.caseyjoiner.com - Destin, FL
Scenic Sotheby's International Realty

crazy.....this process should be getting smoother as we go....not more difficult or unreasonable

Apr 14, 2009 06:30 AM #17
Rainmaker
506,380
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Eric - Every day is a new and amazing adventure!

Bob - I haven't tried the CEO tactic yet, do you have his address?

Mark - This one is near the top, if not "it". 

Casey - I KNOW !! )@(*(&^#$$

Apr 14, 2009 08:50 AM #18
Rainmaker
594,714
Laura Giannotta
Keller Williams Realty - Atlantic Shore - Little Egg Harbor, NJ
Your Realtor Down the Shore!

Wendy, your short sale stories never cease to amaze me!  I'm telling you friend, you've got to write a book!

Apr 14, 2009 11:40 PM #19
Rainmaker
76,353
Natalie Langford
Realty Negotiations - Winchester, VA
Winchester, VA Real Estate

Thanks for sharing your Countrywide story...In phase 3 right now waiting for an approval...

I hope you've had some luck since you posted this...

Apr 28, 2009 04:03 PM #20
Rainmaker
488,963
Palm Springs Realtor - Stewart Penn
COMPASS - Palm Springs, CA
COMPASS - Broker Associate

I'm in a deal where Countrywide (Bank of America) is granting the loan.

For three weeks (yes, three weeks) they've been promising to issue loan docs .... but as yet, we haven't seen them.

Their excuse is "they're overwhelmed with refi work".

May 14, 2009 11:55 PM #21
Rainer
6,312
Ben Nicolas
IET Real Estate - Los Angeles, CA

Classic Countrywide "Strategery", if one of my best friends didn't support his family by working at that bank I would actually hope for them to go completely out of business forever...

 

I like Bob's advice best here, mainly because it will allow me to do something which is always cool, paraphrase something from Sun-Tzu's legendary warfare book Art of War while discussing my desk job negotiationg short sales

"Nothing is more difficult than the art of maneuvering for advantageous positions."

Sun-Tzu

 

Thanks Bob ;)!

 

P.S.- I've actually read elsewhere that contacting Angelo Mozillo's office directly has worked in the past.  You have to find out how (BofA now) formulates their employee emails and just send a bunch out i.e. angelo.mozillo, angelo_mozillo and hope you guess right.  I think Mozillo is being indicted right now though so he may be a little tied up...

May 20, 2009 10:07 PM #22
Rainmaker
506,380
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Thanks for the Sun-Tzu quote!

May 21, 2009 12:52 AM #23
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