Home Buying in Silver Spring>Question Details

Katie, Home Buyer in Silver Spring, MD

I am about to put an offer in on a Countrywide owned home. What is your experience on how long it normally?

Asked by Katie, Silver Spring, MD Tue Jun 24, 2008

takes Countrywide to respond. I know all banks vary on this but I some of you may have some past experiences with Countrywide.

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Being 100% qualified with a Countrywide representative should expedite things.. . .
Having Countrywide carrying the loan with you should help you even more.
Under normal circumstances. . .the listing agent should be able to tell you exactly how long. . jusk ask them before you put an offer.
1 vote Thank Flag Link Wed Oct 15, 2008
If all parties are responsive, you'll get it done in 60 days.
1 vote Thank Flag Link Tue Jun 24, 2008
Hi Katie,

If this a Bank Owned... you could be competing with multiple buyers. Bank Owned homes are answered quickly than short sales. Just make sure you send them all of your paperwork along...pre-approval, a copy of check stating the deposit amount, bank statement showing the money is there, contact information of your banks and lenders...you want to show them that you are a serious buyer...and your offer is backed with constructive reasons...local market comps, similar sold units...if the property does need some work...make sure send a copy of estimates...and ask for the shortest escrow time.

good luck
Web Reference: http://www.jordanmossa.com
0 votes Thank Flag Link Wed Oct 15, 2008
Jordan - great advice!! usually the delay is with Countrywide's ( or any other lender ) legal/management representation. Lenders typically own a side company that handles signings of the contracts etc.... it really depends on the person's competency assigned to manage the property. I can tell you this. Banks DO NOT want to own properties. These management companies jobs are to SELL the property. The problem is they tend to be understaffed and under qualified. With that said - there are deals to be had. Great with an EXPERIENCED real estate agent that has a track record of short sales and bank owned property sales.
Web Reference: http://www.openmortgage.com
0 votes Thank Flag Link Sat Jul 5, 2008
I placed a contract on a foreclosed home owned by Countrywide (in P.G. County) and they responded within 2 1/2 days. Unfortunately, I was not pleased with the home inspection so I did not pursue the house.
0 votes Thank Flag Link Fri Jun 27, 2008
The key to a successful transaction is making sure you submit everything that asked of you from that specific lender. It is not your jo to contact the bank, it is your realtor's job. He/She must have a plan of action and be creative to build a raport with the bank to seal the deal.

Keep in mind, the have thousands of homes to consolidate...one fax error, one typo can put you behind the rest of constructive offers.

And one last thing. Buying a home is not about luck...it's all about executing wisely.
Web Reference: http://www.jordanmossa.com
0 votes Thank Flag Link Thu Jun 26, 2008
Katie, we have witnessed from 4 to 8 weeks. Word of advice, consult with your settlement lawyer, and he/she can also help to expedite the process. I will schedule the settlement for 60 days from ratification date.

0 votes Thank Flag Link Wed Jun 25, 2008
I just sold a Countrywide owned property, my buyer had a great in house loan officer and title and we got to settlement in 30 days. The only difficulty was getting a deed from Countrywide's title people to our title company. It certainly helped having a very responsive listing agent and an efficient team on my side.
0 votes Thank Flag Link Tue Jun 24, 2008
Hi Katie,

Personally we have seen about 3 months before we get a countrywide short under contract. For a fully owned home by Countrywide it should be about 2-3 weeks. Good luck.

0 votes Thank Flag Link Tue Jun 24, 2008
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