Countrywide has a 3 Phase Approval Process.
Phase 1 â€“ Getting A Negotiator Assigned: This â€œPhaseâ€ according to Countrywide should take 10 Business Days
Phase 2 â€“ Negotiator works the file and prepares it for the Investor: This â€œPhaseâ€ according to Countrywide should take 30 Business Days
Phase 3 â€“ Investor Reviews Offer: This â€œPhaseâ€ according to Countrywide should take 10 Business Days.
The Real Story:
Phase 1-Assigning a Negotiator can take up to 60 Days
Phase 2- Negotiator Prepares Short Sale Package for Investor: Here is where it gets very convolutedâ€¦Countrywide swaps out negotiators on files like new moms change diapers! We have had 3 negotiators in ONE DAY! This is a huge problem because Countrywide allows â€œeach negotiatorâ€ 30 Days to work the fileâ€¦before they are accountable to â€œnoteâ€ the file. This can make Phase 2 seem endless!
Phase 3- Investor Review/Approval: Real time is about 30 Days.
These only thing we can advise you to do is consult with your agent.
Best to you,
Mark and Kari Shea
Real Estate Experts Serving San Diego County
Specialists in Investment Properties, Foreclosures, Short Sales,
Development Opportunities & Traditional Real Estate
There is actually a chance that they will turn you down and go to foreclosure. If they do, you can wait around for 2-3 months in the off chance that you will see it come back on the market as an REO. You may get lucky and the numbers could work out for B of A to go forward with the short sale. This is just ONE MORE of many added risks for buyers when they try to buy a short sale property... If it works out, it can be great... if it doesn't and the interest rate and/or home prices have gone up during that time, you may price yourself out of the market altogether. Only YOU can determine if all the risk is worth it to you.... Good Luck!
I wouln't assume anything you hear verbally is the fact until you get the letter in writing. I've had too many times listing agents promised me they have or almost have SSA, when they didn't for months yet to come.
Sincerely, Khrystyna Chorna
Prudential California Realty
I recommend you ask questions to see if you can get more information from your agent, but understand that s/he may not be getting questions answered from the sellers agent......there are some that are on top of the process and have regular communication with the lenders and their are some that just submit offers and then wait.
I advise all my Buyers that short sales are the most difficult way to purchase property in this market, at the current time. Maybe that will change once the HAFA guidelines take effect (see my blog on this topic)...or maybe not. You can get a great deal if you are willing to stick with the process and move on to the next home if the sale does not end up getting approved or another buyer is chosen.
I understand a short sale is a risk and may never close, but i'm highly encouraged by the progress to date especially since a lot of activity happened during the holiday's when most business activity goes dead.
Let me know if I can help you in any way!
Joan Wilson (Realtor, SRES, Ecobroker)
California Cool 4 Sale
Prudential California Realty
Direct Phone: 760-757-3468
License # 01341483
Until you get some verbal requests from the listing agent via the negotiator, you won't know where you're at. Once you get requests, you're a step closer to the actual counter, and then finally you'll move fairly quickly.
Congratulations. Hang in there.