Countrywide Short Sales

By
Real Estate Agent with Triumph Realty
Just a note. I have a number of short sales in review with Countrywide, I spoke to the negotiator assigned to one of my files of which is Investor Owned and was informed that as of March 25th their investors will no longer consider any short sales that are investor owned. They will only consider properties that the homeowner occupies or was purchased as oner occupied. Any offers submitted prior to March 25th that are investor owned will be declined as well per my phone conversation with my negotiator at Countrywide. Would love to hear from anyone that is dealing with this issue and if you know of other lenders following suit.

Comments (8)

JDo Doe
Barrington, RI
Great information and post!!!  Thanks for sharing...
Apr 02, 2008 08:29 AM
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes
I have run into this...I think it is quite short sighted on the part of Countrywide...but what can you do?
Apr 02, 2008 08:36 AM
Ted Mackel
Keller Williams Realty Simi Valley - Simi Valley, CA
Simi Valley Real Estate Agent

Welcome to AR!!!!!  Great way to start with a BLOG entry.  Make sure to read other Blogs so you can get an idea of what works and what doesn't

Apr 02, 2008 11:19 AM
John Novak
Keller Williams Realty The Marketplace - Las Vegas, NV
Henderson, Las Vegas and Summerlin Real Estate
Welcome to ActiveRain, Raquel! I've heard the same thing here in Las Vegas, along with possibilities that a few more lenders may follow suit. For the most part, I think investors should be held accountable. Too many of them were focused on greed and forgot about business common sense. In those cases, mortgage companies shouldn't have to take the loss for them.
Apr 02, 2008 11:31 AM
Keith Elliott Jr
KEIRE Realty Group - Manassas, VA
Principal Broker/Owner

Hello Raquel,

Welcome to Active Rain and congrats on your first post! The opportunities to learn and network are incredible here. Best of luck to ya!

-Keith

Apr 02, 2008 05:21 PM
Mike Sanchez
Altas Realty - Gilroy, CA

Hi Raquel - thanks for the info. Most of my short sales are with Primary residences. The investors I have interviewed usually ask me questions like "should I pull all my money out of the bank before we contact the Lender?" or something along those lines. I usually refer them elsewhere. Nonetheless, great info. I have a deal set to close (aaahhhp) (that was me taking a huge breath!) next week. It was assigned to 3 negotiators and none of them worked the file. I finally got through to one of the three, and she put us right to the top of the stack! we had an Appraisal the next day and the BPO within 2 days of my phone call. Numbers and the deal look good... just holding our breath for now!

Best of luck to you! Keep up the great fight!

 

Mike

Apr 02, 2008 05:41 PM
Dorene Shirley
The Mortgage & Property Connection - Campbell, CA
Silicon Valley Real Estate

Raquel - Welcome to the Rain, make sure that you browse the site and become familiar with everything this site has to offer.  The more you browse the more you will learn.  I have found this site to be really helpful to me.  If you have any questions, please don't hesitate to email me, I will do whatever I can to help.

http://www.doreneshirley.com/

Apr 02, 2008 10:13 PM
Danny Thornton
R & D Art - Knoxville, TN
WordPress Guru
Raquel, first, let me welcome you to ActiveRain. Secondly, thanks for blogging here in the Rain. You will find that this is a great place to learn, share, and grow. And lastly, if there is anything that I can do for you to help your experience here in ActiveRain a better one, please do not hesitate to ask.
Apr 03, 2008 10:11 AM