Home Buying in 94531>Question Details

Antonio, Home Buyer in 94531

how easy is to deal with countrywide reo's do they take long to answer back on a offer.?

Asked by Antonio, 94531 Wed Jan 30, 2008

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11
Csmith’s answer
My experience is they pay very, very slowly. You'll tear your hair out. They also have a different asset manager for every house so you never work with the same one twice. They have some managers in AZ and some in TX. And sometimes they'll change managers in mid-stream and never tell you.

So your experience will probably be as good as the manager that is assigned to you. I don't think you'll be able to find a specific person to visit with. But good luck.

I am very suprised that they are still in business.
1 vote Thank Flag Link Tue Aug 12, 2008
THEY ARE AWFUL, I HAD MY AGENT PUT IN AN OFFER TO COUNTRYWIDE. SHE OFFERED PULL PRICE AND BECAUSE I WAS NOT USING THEIR FINANCE THAEY TURNED THE OFFER DOWN. THEY ARE SUPER PREDATORY LENDING. THEY TRY AND FORCE YOU TO USE THEIR FINANCE. IF THEY ARE BEING INVESTIGATED THAT'S GREAT BEACAUSE THEY ARE SERIOUSLY NO GOOD. THEY STRING YOU ALONE FOR MONTHS EVEN IF YOU OFFER THEM FULL PRICE. THEY TELL YOU THEY DON'T HAVE A OFFER SO YOU CAN SUBMIT YOURS. THEN ALL OF A SUDDEN THEY HAVE MUTIPLE OFFERS. ANY ONE LISTENING OR READING THIS. PLEASE ONCE YOU LEARN COUNTRYWIDE OWNS THE PROPERTY FIND ANOTHER ONE, DON'T WASTE YOUR TIME THEY ARE ABSOLUTELY AWFUL. I PROMISE. DO NOT DEAL WITH THEM OR THEIR AGENTS .
1 vote Thank Flag Link Tue Aug 12, 2008
They are a nightmare. We were interested in a REO that: has been vacant over 1 year, needs a minimum $40M worth of basic updates (plumbing, electrical, walls), and it's not is a "desireable" area. We submitted an offer that we felt is over priced but reasonable in comparison to the listed price. The listing agent is negotiating with us at this point...nickel and dime...not Countrywide...its not worth it.
1 vote Thank Flag Link Thu Feb 28, 2008
I made an offer about a month ago on a countrywide reo property and am still waiting for an answer. I gave up on them and made another offer on a property owned by another bank and they accepted my offer with in one week & we will close in 3 weeks. The last I seen of the country wide property there was 2 inches of standing water in the basement & mold growing. The fools are still fishing for a better offer.
David S. from S.E. Michigan
1 vote Thank Flag Link Wed Jan 30, 2008
We have been renting a home that Countrywide bought at auction. We have been trying for 9 months to purchase the home to no avail. They do not respond to offers. We submit the last one with an appraisal and got no response. Their realtor told me that they would likely sell the house to someone else for less money than they would take from us because we have been living in it.

You can't make this up. We can't purchase the home we are living in even at full price but they will "List it" for less once we have moved out....

Someone explain this logic to me...
0 votes Thank Flag Link Fri May 8, 2009
if you made offer it takes 3-5days if no responce not good i made 5 offres on homes they owed all offers were 13thou over asking price and they still wanted more i got in a bidding war finally the 6th home i saw was not in perfect shape but 4/2bath 1500sft 1983 at 133,000 was good deal made a high offer and the accepted 4days later
0 votes Thank Flag Link Wed Oct 8, 2008
as far as countrywide is concerned if it is a good prorperty stay with it if not move on. I have gone to seven of the auctions that they had set up in Florida, i did not purchase one property for the simple fact that they had people in the crowd bidding on behalf of the bank driving the price up to what the house was market at the peak. as far as answering to the investors they already have these homes as part of there right-offs I know I am an investor of some of those CDO's so they should just be tring to get rid of the properties. now here in FLa. they have a ton of them sitting in the area where Fay just dump 26inchesa of rain now you will have a big time mold problem it will spread like wild fire the cost to gut the house on top of the cost to purchase will just cause more foreclosers. just my 2 cents.
0 votes Thank Flag Link Thu Aug 28, 2008
how come your agent did not call countrywide and ask them what was the delay, i put my offer on 1/28/07 and i still dont have a answer my agent told me it could be 3 to 5 days
0 votes Thank Flag Link Wed Jan 30, 2008
True. However, if Countrywide accepts lower offers on their sales they ultimately have to answer to their investors on their high losses. If you follow the markets, many of the banks are being investigated by the SEC as well. So they have to get what they can even if the homes sit on the market longer. They see it as a lesser evil and easier to explain to their investors. Also, they are in the process of being merged into Bank of America over the next year, so they may be holding on pricing to see which direction BofA is going to take them.

Good questions. Thanks!
0 votes Thank Flag Link Wed Jan 30, 2008
but wouldn't that be lost time for the bank and i know each day that pass by, they are loosing money.
0 votes Thank Flag Link Wed Jan 30, 2008
Antonio, each lender deals with their REOs in different ways. Those that get what is going on in the current market will respond quickly to secure the sale and get the REO off their books. Others will drag out contract negotiations thinking the the buyer will get frustrated and move on because the bank simply does not like the offer. However and offer is an offer and they know that and will keep you on the hook hoping a better offer may come and they reject yours. Countrywide in the beginnings of this market were impossible to deal with. They would not negotiate and listed their properties high, but you can see that was a mistake on their part. They are more willing to sell, but they still have a tendency to play games. If the home is a good deal and it is worth putting up with them I would say to hang in there. But remember, there are many, many homes on the market and you are in total control.

Best of luck and let us know what happens.
0 votes Thank Flag Link Wed Jan 30, 2008
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