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Countrywide takes *30 days* to review Shortsale after BPO is done

By
Real Estate Agent with Century 21

 

 

I was informed by a representative at Countrywide of this. I had a file where Countrywide sent an APPRAISER out to do the appraisal on the property. The appraisal report was completed. I called the bank to find out that after they had already received the report that it would take about 30 days for them to get an answer as whether or not the shortsale is approved.

Here's the puzzling part of it all. They said that they cannot connect me with the loss mitigator. The only thing the representative can do is to take a message and send an email to the loss mitigator. This is their new policy as they will not transfer anyone directly to the loss mitigator. You can call as often as you like but they will not do anything further than that. This sounded rather strange to me. I thought that Countrywide had implemented a more streamline approach to handling shortsales. If this is how their new system is, it is absolutely ludicrous not to be able to speak with a loss mitigator.

Has anyone experienced or have been told the same thing?

 

 

 

Steve Homer
The HBH Group (Keller Williams affiliate) - Round Rock, TX

All the lenders are so buried under paperwork at this time that everything they do takes 2-3 times as long as 2-3 years ago.  And surprise!  They can't afford to add staff to take up the slack!

Jul 20, 2008 10:19 PM
The Somers Team
The Somers Team at KW Philadelphia - Philadelphia, PA
Delivering Real Estate Happiness

Is crazy and a nightmare out there.  Maybe the previous posters have a point in that the merger with Bank of America will cause some additional bugs.  Additionaly there are probably a lot of people being laid off at Countrywide which will not help either.  In any event, hang in there and good luck !

Chris Somers   www.thesomersteam.com

Jul 20, 2008 10:44 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Good luck. You need patient buyers if you are dealing with short sales.

Jul 20, 2008 11:24 PM
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

Jim - I do not wish to be in shoes one bit!  I have been dealing with practically the same thing here - it's ridiculous!  PATIENCE I guess - which I run short on at times.

Jul 20, 2008 11:26 PM
Chip Jefferson
Gibbs Realty and Auction Company - Columbia, SC

There is a need for them to hire more people in this departmental mess. Understaffed and overworked is the deal. I hate a short sale!

Jul 21, 2008 12:51 AM
Jim Quinn
Century 21 - Anaheim, CA
North Orange County Real Estate

Steve, go figure how the banks work. It is amazing.

Jul 21, 2008 08:31 PM
Jim Quinn
Century 21 - Anaheim, CA
North Orange County Real Estate

Chris/Steph, I think the cause of some of the housing market is due to the slow responses from the banks. It may not be the sole problem but it does contribute to it.

Jul 21, 2008 08:31 PM
Jim Quinn
Century 21 - Anaheim, CA
North Orange County Real Estate

Gita, no kidding about that. :)

Jul 21, 2008 08:31 PM
Jim Quinn
Century 21 - Anaheim, CA
North Orange County Real Estate

Leesa, patience is something to have under these circumstances.

Jul 21, 2008 08:31 PM
Jim Quinn
Century 21 - Anaheim, CA
North Orange County Real Estate

Laura, some agents avoid them like the plague.

Jul 21, 2008 08:32 PM
Steve Homer
The HBH Group (Keller Williams affiliate) - Round Rock, TX

Jim: Frankly I have no sympathy for them (the banks)...  A 3rd grader could have easily seen the storm coming, instead they kept playing the game in high risk mode and now EVERYONE is paying.

Jul 22, 2008 02:02 AM
Jen Edwards
RE/MAX Unlimited - Ponte Vedra Beach, FL
Broker Associate

Yes, most banks refuse to give you direct phone numbers to the loss mitigation divisions.  Here's the skinny.  As with MLS, there are no hard and fast rules outlined by regulation or law for short sales.  We as agents with buyers ready to go are at the bank's mercy and timeline.  If you're going to be a short sale agent you better have thick skin and be extremely diligent at chasing the bank!

Jul 22, 2008 02:07 AM
Jim Quinn
Century 21 - Anaheim, CA
North Orange County Real Estate

Steve, it is truly sad to see that there is no common sense among these banks.

Jul 22, 2008 06:56 AM
Jim Quinn
Century 21 - Anaheim, CA
North Orange County Real Estate

Jen, great advice and I think it takes a great patience to work with them.

Jul 22, 2008 06:57 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Jim:  Countrywide is one of the most frustrating companies out there.

Jul 29, 2008 05:48 AM
Jim Quinn
Century 21 - Anaheim, CA
North Orange County Real Estate

Chris, thanks for the affirmation.

Jul 29, 2008 11:13 AM
Anonymous
Paula Carrier

Yep, I am also in a Countrywide short sale funk and I have the name of the negotiator on my file, but no way to contact her.  We have been in que with a completed file since 7/7/08 and still nothing.  Did they assign you to a triage team yet?  That's even better (joke) just another step to delay the approval.  Buyer has been hanging on since May and patience is lost here. :(

Aug 08, 2008 07:40 AM
#19
Chris Oliver
Century 21, Preferred Properties - Reynolds Plantation, GA

It's not just Short sales, it's any sales. BOA has absolutely no consideration for the real people at the other  end of the transaction. My client had to stay in a motel for two weeks because they wouldn't sign the papers at closing in any kind of remotely timely fashion. Since they forbid occupany until  the closing is complete, it put my client on the street even though the money had been paid to them. I sometimes feel that many of these lenders don't give a happy hoot whether they sell it  or not.

:)Chris 

Aug 09, 2008 12:53 AM
Jim Quinn
Century 21 - Anaheim, CA
North Orange County Real Estate

Paula, thanks for your input. I feel your pain as well. Buyers can only wait for so long because it becomes sour milk. It is too bad the banks don't realize that time is of the essence but then again they are probably swamped with so many files.

Sep 08, 2008 03:16 PM
Jim Quinn
Century 21 - Anaheim, CA
North Orange County Real Estate

Chris, I am with you 100% on this. Most banks just don't get it. Only time will tell when it will be improved.

Sep 08, 2008 03:18 PM