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Kate, Home Buyer in Minneapolis, MN

Typical Countrywide time frame?

Asked by Kate, Minneapolis, MN Tue Mar 17, 2009

Hi,

How long does it typically take Countrywide to respond to an offer. Our offer is well over the asking price (about 16K over). Thank you!!!

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10
we are dealing with Countrywide as well--and it took them about a month and a half to respond (on a short sale) and we are closing in a month from now.
0 votes Thank Flag Link Sun Mar 22, 2009
Thanks Patti, but it is not a short sale. We waited through the short sale period and now it is an REO.
0 votes Thank Flag Link Thu Mar 19, 2009
Believe it or not, the offer being about $16K over the asking price will not get Countrywide to respond quicker. Why so high Kate?

This also depends on whether it is a short sale or a bank owned property. A bank owned property has already been evaluated and most of the decision making is already done so they should respond within a few days.

But if this is a short sale that has not been seen by a loss mitigator yet, it can take up to 2 months for them to assign the file to a loss mitigator and then another 3-6 weeks for a decision to be made.

Countrywide is going through a merger with Bank of America right now. So there are a lot of changes that are taking place and I actually think that is a good thing. But, they do have their hands full... Their top priority right now is to save as many mortgages from going into foreclosure as they can.

Be patient and make sure that you understand what type of property it is (short sale or REO) and remember to put a time limit on your offer so that you can cancel if they take too long.
0 votes Thank Flag Link Thu Mar 19, 2009
Kate,
Jack is right that a lot depends on how the asset manager works and many files he/she is currently handling. Hopefully the listing agent has a working relationship with the asset manager and is able to predict the time frame. Listing agents get regular updates about once a week. In general, however, the time frame in this situation should be a lot shorter than in a short sale.

Good luck!
0 votes Thank Flag Link Wed Mar 18, 2009
Short Sale, Foreclosure - Countrywide would have folded if it hadn't been for Bank of America buying them. They are not only inandated (sp) with short sales, foreclosures, but now one of their top priorities is saving the homeowners that qualify for a loan modification and/or the Home Saver program and CW is putting a lot of resources into this area.

Going on a tangent here. Foreclosures require patience and constant communication with the listing agent. I don't list REO properties, but the experts that do tell me they have a system where they load up the offers for the Asset Managers to review and based on that they reply back to the listing agent - My guess is that CW has this system set up. Have your agent ask the listing agent how soon you can expect a reply and is s/he working with an asset manager?

Is too bad we can't have the "traditional" joy when a buyer finds a home with quick replies and the excitement that goes when you find "the" perfect home....GOOD LUCK KATE!
0 votes Thank Flag Link Tue Mar 17, 2009
2-6 business days in my experience. If it is multiple offer they will push a multiple offer disclosure out to all buyers that holds things up a couple days. Good for you for going in strong.
0 votes Thank Flag Link Tue Mar 17, 2009
Thanks Marzena, however, it is not a short sale. It is post-foreclosure and is listed with a REO agent. Does this not shorten the time frame, since it is no longer a short sale?
0 votes Thank Flag Link Tue Mar 17, 2009
Kate,

Countrywide has been one of the most difficult lenders to deal with in Minnesota, too. I am speaking from my real estate experience. However, others say the same thing. One of real estate attorneys I know very well deals with loan modifications and she says the same thing.
With that said, there are many factors that influence any lender's decision and time frame in a short sale situation. For example, if there is a second loan on the property, that bank (junior lien holder) has settle to a certain payoff amount. And, if there is a Private Mortgage Insurance, that company has to agree to cover the losses, and the bank has to have a current BPO (Broker Price Opinion - report stating the market value), etc.
So, I wouldn't be surprised if Countrywide took 45-60 days to give an answer.
0 votes Thank Flag Link Tue Mar 17, 2009
Countrywide is countrywide and therefore it varies with the area and with the particular home and its
financial circumstance. Being over the list price does not influence most lending institutions. Sometimes the list price is a "teaser" and does not represent what they are willing to accept. Hopefully, you will have good fortune and not have to wait more than 30 days. Your agent could probably be more helpful in pinning down a time frame.
Regards,
0 votes Thank Flag Link Tue Mar 17, 2009
Kate

From my experience in Florida Countrywide has been taking at least 30 days to respond to an offer. They are one of the slowest lenders to deal with. Be patient if it is a realy good deal its worth the wate
0 votes Thank Flag Link Tue Mar 17, 2009
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