Home Buying in Shoreview>Question Details

Tara, Home Buyer in Shoreview, MN

I put in an offer on a short sale property on 03/26/09. How long will it take to hear from Countrywide?

Asked by Tara, Shoreview, MN Fri Apr 3, 2009

I put in an offer on a short sale property on 03/26/09. How long will it take to hear from Countrywide regarding our offer. The house has been on the market since 06/2008! Wouldn't they try to rush it and get rid of the house?

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7
not Countrywide, they work on their own terms
1 vote Thank Flag Link Fri Apr 3, 2009
The short sale process can take months so be patient. Your patience could pay off in dollars if you were able to get a good price on the house.
0 votes Thank Flag Link Tue Feb 15, 2011
The short sale process can take months so be patient. Your patience could pay off in dollars if you were able to get a good price on the house.
0 votes Thank Flag Link Tue Feb 15, 2011
Tara,

I understand your frustration. It seems like it should be so simple, shouldn't it?! I always tell my clients to remember that the banks are not emotionally involved in the transaction, have never seen the home and have never met you as the client. There is not a lot of motivation on their end to sell quickly. It can take weeks to 4 months to recieve an answer on the purchase agreement that you submitted on a short sale.
Most buyers get frustrated waiting and see other homes of interest while they are waiting to hear back and tend to go in another direction. Good luck with the waiting it out process. I wish you the best!
0 votes Thank Flag Link Thu May 20, 2010
It can take anywhere from 2-6 weeks to get the response from Countrywide. Be patient, and talk to your Realtor as often as you need to. Thanks.
0 votes Thank Flag Link Fri Apr 3, 2009
Hi Tara,
All banks pretty much take their own time to get back to offers regardless of how motivated they may be. Remember, they have thousands of homes in foreclosure and short sale, and when you respond, you're in the que behind all the other offers. When your file pops up as the next to handle, that's when they get to it. It's frustrating I know, but having handled many I can tell you that's the way it works. Just be patient or cancel the offer and move on. Those are really your options.
Best regards,
Charlie
0 votes Thank Flag Link Fri Apr 3, 2009
Tara, probably about 6 months. Just kidding (kind of.)

Seriously, they can be a bit difficult to work with. I tell my clients 2 weeks to 3 months. The listing agent (if they have worked with countrywide before) should be able to give you a rough estimate. Of course that is just an estimate. I hope it works out. Sometimes the wait can be well worth it! Good Luck!
0 votes Thank Flag Link Fri Apr 3, 2009
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