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Kristiesin, Home Buyer in Arlington, WA

Does anyone have any Recent experience with negotiating a short sale with Country wide? We have sold our

Asked by Kristiesin, Arlington, WA Fri May 8, 2009

house.. DOM 16- crazy fast.. and we want to buy a particular property in Snohomish County and it is a short sale through Country Wide. This house has been for sale for over 6 months, we know the property well and we have been told it can take up to 8 weeks to get a response from the bank.. any one dealing with this right now and can tell us how it is going for them?

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Hi Kristiesin,

One of the most important things to do is to make sure the listing agent sends in a complete packet with all the required documents and the sellers loan number displayed. The timeline from start to finish will vary but getting off to the right start is important.

I hope this helps!

Tim
0 votes Thank Flag Link Tue Mar 2, 2010
I currently have a short sale in escrow for one of my clients and the underlying lienholder (actually there are two of them) is BOFA which I believe used to be Countrywide. My clients made the offer on January 6th and the short sale package just got uploaded into the "system". I am told that we are now waiting for a BPO (brokers price opinion) and then for a negotiator to be assigned before we can even think about the underlying lienholder approving of the offer. I am sincerely hoping that the home does not get foreclosed on in the meantime. So, based on this experience, I am thinking, 3-6 months. It may help you to get educated about the whole short sale process and then get ready to wait! and wait and wait.....

The best short sales are the ones where the underlying lien holder has already approved the price! That means that they have already looked at an offer and have been through the whole process but the buyer's walked away for some reason (i.e. got tired of waiting?). The best way to find this out is through a real estate agent who can call the listing agent and inquire as to the status of the short sale and what stage of the process it appears to be in. One should also ask if the sellers have a true hardship because if they don't, there isn't going to be any short sale and everyone is wasting their time.

At any rate, I sure wouldn't try to buy a short sale home without an experienced agent on your side anyway. I would love to hear from you should you decide you would like some help with this.
0 votes Thank Flag Link Tue Mar 2, 2010
I do a alot of short sales and currently have 4 under negotiation with Countrywide/B of A and I can tell you one of the most challenging to work with of all of the lenders I have encountered. Although they indicate 30-60 days a well educated and short sale seasoned agent will tell you that you will most likely be 3-5 months for approval. They are usually pretty insistant on gaining fair market value and tend to stick with their BPO (Broker's Price Opinion). If it is a Fannie Mae loan you can be assured that the BPO is done upfront and the process may be quicker -- I can tell you how to find that out if you give me a call or email me :-)

Bottom line is short sales can be frustrating, but if you are willing to wait and know that the agent listing the property has experience in Short Sales you have a great opportunity.

Fell free to let me know if you have any more information, I live in Snohomish and do a lot of work in the area -- so happy to coach you through the process.

Good Luck!
Web Reference: http://www.key2yourhome.net
0 votes Thank Flag Link Tue Sep 22, 2009
Currently I am dealing with 2 through Country Wide. They say 60-120 days start to finish. Every few weeks we seem to get a step further. It is important that the listing agent and the seller are on the same page and have all of there ducks ready for when an offer comes in . Sometimes these deals are going to foreclosure way before short sale acceptance can happen.

Michelle Roethle
360-649-1195
Free Foreclosures for Washington
http://www.FreeNorthWestREO.com
0 votes Thank Flag Link Fri May 8, 2009
Congrats on your home sale. Countrywide is now BofA. Because of the merger, they are crazy insane and overwhelmed, expect everything to take longer, they still don't know who is doing what (merger date was late April). Be careful on short sales.
0 votes Thank Flag Link Fri May 8, 2009
I do a fair amount of short sales and have successfully dealt with Countrywide (Now Bank Of America Home Loans) several times. 8 weeks is probably best case as far as gettig an answer from any bank on a Short Sale. I have had it take 4-6 months to get an answer after you have mutual acceptence on a deal. I used to deal with the banks myself but it got to be too much. I now use an attorney who negotiates on the sellers behalf. All the banks are difficult to deal with but Countrywide is in the top 5 worst.
Web Reference: http://www.edfinlan.com
0 votes Thank Flag Link Fri May 8, 2009
They are nuts! Here are two numbers to try to reach them at 888-453-3102 or 877-744-7691
0 votes Thank Flag Link Fri May 8, 2009
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