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Countrywide Short Sales

By Susan Milner

Real Estate Agent with Florida Future Realty, Inc. BK3071625

October 15, 2008 08:01 AM

Update on Countrywide home loan short sales:

We have had much success in dealing with Countrywide Home Loans. And we will still help you with your Countrywide Short Sale. If you need help feel free to visit our site for more help on a Countrywide Short Sale.

Did you hear the most recent news though? Countrywide is now going to add verbiage to their short sale approval letter allowing them to RESCIND THE SALE OF SHORT SALE ON THE PROPERTY if they determine there was any fraud involved. Can you imagine being the buyer and thinking everything was fine & then 5 years later (statue of limitations on fraud - from date of determination) finding out that they were rescinding the closing? Crazy. And, Title Insurance specifically EXCLUDES coverage for this type of issue.

I no longer handle short sales through Countrywide. As an experienced short sale listing agent, I've had enough. I'll still help you with a short sale through ANY OTHER LENDER. Just not COUNTRYWIDE.

Read my story about why:

Countrywide short sales - a story

Enjoy.....WHY/HOW are they still in business? Oh yeah, thanks to Bank of America...ya, go B of A! :P

Florida Future Realty, Inc.

Cape Coral Short Sales

Comments(29)

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Kathryn Lawson-Fritsch

Starlink Realty, Inc - Cape Coral, FL

Your Friend and Realtor for Life

I am so with you on this issue! Ten dead deals this month all within a few thousand dollars close to appraisal price by bank. Cash offers denied fo no reason other than greed and an i guess high expectation from this bailout for full recovery. In a normal market the offers would have been jumped on...I have had cash offers on all properties prior to April 1, 2008...What is this _______! Another one is Aurora Loan Servicing...We are only a few of the realtors left trying to help people avoid foreclosures but our customers are having to be forced into bankruptcy or foreclosure because honest, realistic deals, are being snubbed at for no reason other than greed>>>>

Oct 16, 2008 01:38 PM

Susan Milner

Florida Future Realty, Inc. - Cape Coral, FL

Cape Coral Real Estate Broker, FloridaFutureAgents

Sergio, Just be persistent. This one that I'm speaking about in this story is actually APPROVED now. Should have it in writing within the hour. But it took me going all of the way up the ladder. The people that answer the phones are clueless.

Kathryn, I know it is sad. Many agents don't work short sales at all. We are trying to help. I think the banks are waiting to see what happens with this bailout money from the GOV because it has gotten weirder lately dealing with them.

Oct 17, 2008 06:42 AM

Tucson Real Estate Experts Anne McKechnie

Coldwell Banker Residential Brokerage - Tucson, AZ

Previews Property Specialist

We have quite a few with Countrywide too.....One of them has been out there for around months....we are on number 4 negotiator...... I agree with the insane plea.:)

Oct 17, 2008 09:16 AM

Susan Milner

Florida Future Realty, Inc. - Cape Coral, FL

Cape Coral Real Estate Broker, FloridaFutureAgents

Anne or Eddie: I spoke with a WONDERFUL lady there today who 'gets it'. Unfortunately, her hands are tied to their rules. Lucky for me/my customer(seller)/the buyer: WE HAVE AN APPROVAL. More details to follow once its 'closed'.

Oct 17, 2008 09:37 AM

Jay LaGace

RE/MAX Realty Team - Cape Coral, FL

Cape Coral / Lee County Real Estate - 239-443-8795

Just closed one yesterday, What a Fiasco.. Unreal in every degree... I will also have a very hard time accepting another CW short sale listing..

Susan, keep up the good work.

Oct 18, 2008 08:59 AM

Anonymous

Kathryn

Susan,

Thanks for the support i am comforted that I am not the only one in this! Although unfortunately sad for those of you who are in the same boat...

Oct 18, 2008 09:27 AM

#15

Susan Milner

Florida Future Realty, Inc. - Cape Coral, FL

Cape Coral Real Estate Broker, FloridaFutureAgents

Jay, the one in this story is with a selling agent @ your office. We got the offer on the 23rd of Sept, had to be approved by the 30th for their FHA financing. We ALL had to work hard on this. Once it is closed I'll be writing an update post. Should close by Tuesday. :)

Kathryn, watch for my update post with hints. It'll prove valuable.

Oct 18, 2008 10:49 AM

Lisa Vocelka

Realty Executives Nevada's Choice - Gardnerville, NV

Susan is right! It's time Realtors stop getting pushed around. You know what? There are companies out there that do it right, and yes there are still non-bank-owned or short-sale properties out there.

I think banks are so wrapped up in their desire to get into real estate and ruin our profession that they are going to make it hell for us as long as they can. But you know what? I contribute to my Political Survival Fund and we have great lobbyists, fighting to keep Real Estate ours, and so when all this short sale balogna is over, the banks will still just be banks.

Oct 19, 2008 11:56 AM

Susan Milner

Florida Future Realty, Inc. - Cape Coral, FL

Cape Coral Real Estate Broker, FloridaFutureAgents

Lisa, thanks for the comment. I have some solutions for the banks. That blog is coming up next.

Oct 19, 2008 12:20 PM

Retired Notworking

Tallahassee, FL

I've had two similar experiences with Countrywide, but am not ready to throw in the towel yet.

Oct 20, 2008 01:40 AM

Susan Milner

Florida Future Realty, Inc. - Cape Coral, FL

Cape Coral Real Estate Broker, FloridaFutureAgents

Colleen, Good for you. Good luck with your future ones! I think you'll enjoy my follow up post. Please come back to check it out!

Oct 20, 2008 01:58 AM

Jay LaGace

RE/MAX Realty Team - Cape Coral, FL

Cape Coral / Lee County Real Estate - 239-443-8795

Susan, I believe that you owe me a referral on that one, or at least lunch. She was talking to me a few weeks ago, asked if I had what she wanted listed, I said no, but call Susan, she is great to deal with and will get it done... So where we going for lunch????

Oct 21, 2008 12:16 PM

Susan Milner

Florida Future Realty, Inc. - Cape Coral, FL

Cape Coral Real Estate Broker, FloridaFutureAgents

Jay, I figured you might have had something to do with that....how bout I buy you lunch next week?

Oct 21, 2008 01:32 PM

Jean Groesbeck

Compass - Anacortes, WA

Broker, CRS, e-PRO, ABR, ASP, CNE, IMS

What a nighmare. Have you ever done a short sale with one of the on line financing companies? No there is an experience!

Oct 22, 2008 06:04 AM

Susan Milner

Florida Future Realty, Inc. - Cape Coral, FL

Cape Coral Real Estate Broker, FloridaFutureAgents

Jean, no I haven't had the pleasure. Doesn't sound like fun at all.

Oct 22, 2008 12:22 PM

Len McGuirk

Berkshire Hathaway HomeServices, Nevada Properties - Las Vegas, NV

Susan, I completely understand your frustration with Countrywide. I have multiple short sales with them and they are totally rediculous! I think everyone dreads having to work with them on a short sale. Of course the negotiators just don't care. They take however long they want to take. I have contemplated not taking anymore short sale listings with Countrywide involved. I am pretty sure they are the most hated company for short sales.

If you ever have any referrals for the Las Vegas area, keep me in mind. I specialize in short sales, but I also work with many buyers too! Hope to see you around. Take it easy!

Nov 16, 2008 04:48 AM

Susan Milner

Florida Future Realty, Inc. - Cape Coral, FL

Cape Coral Real Estate Broker, FloridaFutureAgents

Len,

Thanks for your comment. I will definitely keep you in mind for any Las Vegas customers. Do the same for SW Florida customers :).

Nov 17, 2008 07:46 AM

Anonymous

tish thompson

I'm working a Countrywide short sale now and I haven't seen anything like what you experienced. In fact, Countrywide proactively calls and emails me with updates. Their process is far easier than other banks I've worked with.

Mar 27, 2009 11:29 AM

#27

Susan Milner

Florida Future Realty, Inc. - Cape Coral, FL

Cape Coral Real Estate Broker, FloridaFutureAgents

Tish,

That is fantastic news; update us when it closes, way to go!

Mar 27, 2009 01:58 PM

Anonymous

Lisa

Countrywide is the worst..... I have 7 short sales with them and they are sooo slow, every time you call it's with a different negotiator. Last week the automated response was giving the wrong information. Only found out because I spoke with a customer service person. I also am on the buyers side of a property in Ripon that has been a short sale for 1 year and the last buyers walked when the bank countered back so we came in at what they were asking and it has been 3 months. They say they have a new policy for write-offs over $300k and it needs special approval and we should know within 5 days as of today.. Will see!!!

I just don't understand why and how this process can take this long. I know they are overwhelmed but it's just unbelievable. They should hire and train new people god knows there are people who are looking for work. How hard is it to pick up the phone and say the same thing to everyone that calls.

Apr 28, 2009 03:16 PM

#30

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