Home Buying in West Hills>Question Details

Melissa, Home Buyer in West Hills, CA

Why does Countrywide take so long to respond to an offer on a Short Sale???????

Asked by Melissa, West Hills, CA Sun Aug 24, 2008

I made an offer on a short sale 3 months ago. We offered the asking price and half closing. Finally theyresponded a month ago (after not hearing anything for two months). They decided they wanted 5K more because it was appraised higher and the full closing. We made another offer and have heard nothing. I am a first time home buyer in CA and this process has been very frustrating. Our agent says only the listing agent can communicate with countrywide. This house has been on the market for 326 days and I am afraid it is going to forclose. Any suggestions.??????

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I also agree with all the comments before. I would entertain strongly looking for another property which is strange why your agents is not doing that. How do you know your offer is a good one? In this market to offer them $5000 more...... may not have been a good move. I am a state licensed appraiser also and what I see is a continuing slide in values down which the lenders are trying to avoid by delaying accepting offers that are low. The lenders are the ones that created this mess, so as a buyer don't jump back in and get duped. Make sure your offer makes sense by working with somone who really understands the current market. Conatct me and I can let you know what I see the property is worth. But shop around...., be ready to move on...,.

David Krecker, BSBA, SRA, MRA
Centuryside Real Estate Inc.
David Krecker
Broker/Owner/State License Appraiser
Office 562-690-6987
Fax: 562-690-7337
Serving the areas of Orange County, Los Angeles County, San Bernardino, and Riverside.

Email: dave@centuryside.com
Website: http://www.centuryside.com
Web Reference: http://www.centuryside.com
0 votes Thank Flag Link Mon Aug 25, 2008

I know it can be very frustrating. What I have gathered from my short sales with Countrywide is after you have re-submitted with your offer for more money, they still have to do the process over again. I know it makes absolutely no sense, but that is Countrywide. I recently had a short sale with them and my seller had back HOA fees that were owed. They did not want to close because of that and wanted me to cut my commission once again. I had already done that and told them I would not do it again. They just plain and simple don't like short sales. Like with this deal of the past due HOA fees, they'd rather let it go to foreclosure and lose more money then just take care of the few thousand dollars in HOA fees. Makes no sense to me. But, I would not take "NO" for an answer. I kept calling and asking them why they refused to do it. You have to walk a fine line because they are over worked and under paid. Each one of these "negotiators" have tons of files on their desk and really don't care. It is just another file to them and unless some begging, pleading, and getting them on your side, it can take a while. Sometimes even doing that does not get the deal done.

It is important that the listing agent knows how to handle these short sales. The listing agent is the only agent that can communicate with the lender because the seller must sign an authorization form in the beginning "allowing" them to also be able to talk to the lender on their behalf.

Be glad that at least they just did not say no to your offer. If you offered them what they asked for, I am sure it will get taken care of. Have your agent contact the listing agent and ask them if they have put the foreclosure on hold. It sure seems like they have as foreclosures are typically started when they are 90 days past due. Then it does not take all that long for the foreclosure to happen. However, have the listing agent remind them of the NOD (Notice of Default) that was filed and ask them if they have put it on hold just to be sure. That would be my words of advice for you.

Good luck and I have a good feeling things will turn out just fine for you!

Joan Patterson, B.A., A.S.P., G.R.I., Realtor
Keller Williams Realty
8250 White Oak Avenue, Ste 102
Rancho Cucamonga, CA 91730
0 votes Thank Flag Link Mon Aug 25, 2008
Your agent should be talking with the listing agent and develop a plan to bug the CW manager. I used to call that "tickling". You just keep your file first in their mind. These lenders are all over-worked, do not have a lot of experience, and are short-staffed, so "the squeaky wheel gets the grease."
0 votes Thank Flag Link Mon Aug 25, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
HI Melissa,

Are you looking for another house? There is so much available now & prices continue to drop. If you find something else that you prefer, you have no obligation to Countrywide if they end up accepting your offer. Why don't you look for traditional sales and REOs instead of short sales?

Good luck,

Karen MIller
0 votes Thank Flag Link Sun Aug 24, 2008
Hello Melissa. I am a listing agent and I have been working on a short sale with Countrywide and we have been waiting since March 2008. The reason the process is so long with CW is because there are 3 tiers to their loss mitigation department. The first is the person who looks at the offer and looks at the numbers and decides whether to push it through to the next mitigator. Once the second mitigator sees the file, he decides on the closing costs and such. The third sends the paperwork up to the investor and sends you the final approval. They have no idea what they are doing and they are hiring peorple off of the street everyday and THEY REALLY have no idea what they are doing!

Good Luck!!
0 votes Thank Flag Link Sun Aug 24, 2008
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