Home Buying in 34711>Question Details

Mcornejo, Home Buyer in 34711

How long will a short sale with countrywide take?

Asked by Mcornejo, 34711 Mon Sep 21, 2009

we have been waiting for almost 4 months, and when asking about the status of our offer, we are told we are waiting for a negotiator to be assigned... which is the same step we have been on for the last 4 months, not really seen much movement. Is this normal? I am willing to wait if this is a normal part of the proccess, and hopefully we have already waited so we are coming closer to an end, but I don't want my leg pulled either if this is not going to go anywhenere... is anyone in the same situation? at what point should i call it quits?

Help the community by answering this question:

Answers

9
Hi,

You have invested this much time, if you can afford it keep trying. Professionals in the real estate/short sale market know that of all the lenders, Countrywide/Bank of America is the worst, slowest, least consumer friendly etc. They frequently will make no effort to move a deal forward until that property is nearing foreclosure. It is unfortunate you are experiencing this and there is little regululation on the ineptitude or slowness or illogic of lenders or all of the above. Hopefully, this home is a great deal and there are no other homes out in the market that meet your needs and the wait on this one is worth it.

Best of luck.


Marty Kaiser
Web Reference: http://www.floridasells.com
1 vote Thank Flag Link Mon Sep 21, 2009
Most short sale buyers are just like you - hung out to dry.

By most measures, your chances of closing on this home is 1 in 4 or 5.

Unfair - YOU BET YA.

Then when they the a Negotiator, they will have lost the paper work. If you have a year or two to find a home, then maybe you are OK- but if you want to really buy a home, go after REO' or regular sales.

Also, I strongly suggest you find a Realtor to help you and stick with them - they can really help you through this issue.

John
1 vote Thank Flag Link Mon Sep 21, 2009
It might not have made sense to offer the full asking price, unless it is 'bank approved', the bank will still want 85% ish of market value. When a short sale is listed, the bank have no say in what the lsiting price is.

Regards

Harry Ashley

Broker Associate

Hawk Beach Realty

2 Jungle Hut Rd,

Palm Coast, Fl, 32137

Cell: (386)-931-6054

Fax: (866)-793-2579

harry@palmcoastrealestate-fl.com

http://www.palmcoastrealestate-fl.com
1 vote Thank Flag Link Mon Sep 21, 2009
THEY ARE THE WORST AND I WILL NEVER LIST A SS AGAIN IF SELLERS LOAN IS WITH COUNTRY WIDE. I JUST CLOSED ONE AND TOOK 5.5 MONTHS. I CALLED THEM NO LESS THAN 100X. EVERYTIME I CALLED THEY WERE WAITING FOR A NEGO. KEEP ON IT..... HAVE THE AGENT CALL DAILY. ITS THE ONLY WAY TO GET ACTION. IF YOU ARE AT 4 MONTHS YOU ARE ABOUT THERE.
1 vote Thank Flag Link Mon Sep 21, 2009
Mcornejo,

This is extremely normal! Not only with Countrywide but other lenders too.

With banks merging and taking on more and more "Short Sale" properties, it has alot to do with them not having enough TRAINED employees along with updated computer systems.

The bottom line with Short Sales is that there are no guarantees. It's totally up to the lender if they're going to accept your offer and net what they want and/or need for their investor.

This market is such that you shouldn't keep all the "eggs in one basket". You could be very patient and not wind up with that home in the end.

Your Realtor has probably expressed this scenario. It makes sense to keep your offer in on the property and keep searching so you don't lose out on other available properties.

Best of luck!
Web Reference: http://www.weberhomes.INFO
1 vote Thank Flag Link Mon Sep 21, 2009
My experience with Bank of America (Countrywide) is that it will typically take 6 months. You can do yourself a favor by ensuring that you are prepared to pay about 85% of fair market value, your agent should be able to let you know if you are near that figure by doing their own BPO.

Good Luck

Regards


Harry Ashley
Broker Associate
Hawk Beach Realty
2 Jungle Hut Rd,
Palm Coast, Fl, 32137
Cell: (386)-931-6054
Fax: (866)-793-2579
harry@palmcoastrealestate-fl.com
http://www.palmcoastrealestate-fl.com
1 vote Thank Flag Link Mon Sep 21, 2009
They have become a complete joke for the most part. Let me guess, you were told it was already approved or was almst approved back 4 months ago?

Are you going to wait 10 months , miss out on the lowest rates in history, have to come out of pocket with more money than if you purchased a re-sale or foreclosure so in the end you can purchase the home at market value or have the sellers file BK or bank foreclose in the end ?

Short Sale is not deal for buyers, it's just a good deal for the sellers being able to walk away for their debt.

Do yourself a favor and move on...
0 votes Thank Flag Link Wed Jun 6, 2012
Forever.

Seriously, you've seen the comments below. They are all correct and to the point. There is a reason that only about 25% of short sales ever close. Be interesting to stats for only BOA/Countrywide short sales. Can't imagine that even 10% of them get closed. Anyone have hard data on them?

I'm sorry I know this doesn't help you get the home you absolutely love. As Marty says, if you love it that much, then you'll just have to wait until this property comes up in their rotation.

Good luck and I'll keeo my fingers crossed fot you,
Mark LeMenager
Weichert, Realtors - Hallmark Properties
0 votes Thank Flag Link Mon Sep 21, 2009
thanks for the info... i've looked for additional homes, of course, that is the one we absolutely love! we offered full asking price for it... hopefully we will find out soon.. i guess we can forget about the tax credit...
0 votes Thank Flag Link Mon Sep 21, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer