Lisa and Jim's Northern Nevada Real Estate Blog: I'm closing a Countrywide/BofA Short Sale Tomorrow! It Is Possible To Accomplish!

I'm closing a Countrywide/BofA Short Sale Tomorrow! It Is Possible To Accomplish!

I'm closing a Countrywide/BofA Short Sale Tomorrow!  It Is Possible To Accomplish! 

It's all over but the closing! 

It's been a long long road.  I had a great Seller ... she hung in there with me and helped every way she could. 

The Buyer ... who is a very prominent broker from another office in town, was great!  She stayed the course and allowed us the time we needed to get this loan approved!

We started this process on February 25, 2009.

Four Months For Approval! 

For All of you who are hesitant to tackle this process ... There Is Hope!

Following is the original blog that I posted!

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On March 7, 2009 I published the follow blog ...

Countrywide Short Sales .... Possible or Impossible?  (Members Only) (edit/delete)

An associate of mine says the best success strategy to follow for actually closing short sales is simple, he says just don't work on any property that has a Countrywide 1st or 2nd loan. 

Unfortunately, they are everywhere around here!

Personally, we have not ever closed a short sales with Countrywide.  Others, but never with Countrywide. 

Their turnaround time is long, they don't seem to make sense on their values, and they refuse to communicate.  It takes forever on the phone to get through to their "short sale" department only to be told that there aren't any updates and to call back in 48 hours.

If anyone out there has any tips, ideas, or strategies for successfully dealing with Countrywide please share them here with all of us!

Comment balloon 15 commentsLisa Wetzel • July 14 2009 08:26AM

Comments

  The trick is to learn how to close it..build a good relationship with the LM ....staying away from them doesn't accomplish much...good job....one short sale at a time...we will work together on this housing situation !

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (Keller Williams 414-525-0563) almost 9 years ago

Congratulations!  Getting an approval from Countrywide / B of A without losing your buyer due to the incredibly looooong Countrywide !

Posted by Wendy Cutrufelli, Contra Costa Realtor (Alain Pinel Realtors) almost 9 years ago

Rock on...I am working on one right now...BOA..and an attorney is handling for us..the process is very slow but the pit bull will get involved if it moves too slowly.  :)

Posted by Midori Miller, Digital Marketing Director (Talk 2 Midori, LLC) almost 9 years ago

They are possible, I just closed one last month and it only took 45 days from the day we signed our P&S. I am about to get involved with another one... keeping my fingers crossed.

Posted by Jessica DeCastro (Williams & Stuart Real Estate) almost 9 years ago

I hate them, hate them, hate them.  Coutrywide is the worse, but the others are "no walk in the park" either.  My fondest hope is that I live long enough to see the death of the term "short sale".

Posted by Tom Boos, Providing the very best of service to Sellers and (Sine & Monaghan Realtors, Real Living) almost 9 years ago

Congratulations to you!!! I have been working on one since The end of February and still no approval!

Posted by Tina Maraj, #1 Selling Agent in Fullerton 2016 714-403-7901 (RE/MAX North Orange County) almost 9 years ago

Lisa, congratulations, and none too soon! I'm hearing that they are trying to streamline the process so that BofA will be able to respond to offers w/in a week. How nice will that be!

Posted by Connie Harvey, Realtor - Nashville TN Real Estate (Pilkerton Realtors) almost 9 years ago

Congratulations!!

I have been working a SS with Countrywide / BOA since the beginning of last month and so far we have barley move.  If you have had luck, you have my admiration and my envy!! 

Posted by Lois Davies, Cape Coral & SW Florida (Century 21 Birchwood Realty, Inc.) almost 9 years ago

Congrats!  I have a few of these listings.....buyer agents won't show cw/boa short sales here in Jacksonville. 

Posted by Brad Officer, Jacksonville REALTOR (Brad Officer Real Estate - RE/MAX Specialists) almost 9 years ago

Sally and David ... You are right, I really try and build rapport with them.  They are people too and their job just can't be easy!

Wendy - I'm lucky we had a great buyer.

Midori - Keep at it!  I've found it's helpful to take really good notes and be very organized!

Jessica - This is a segment of the market that we need to address!

Tom - I'm thankful for business of all shapes at this time in our market!

Tina - Hang in there.  I think one thing that helps is to have the buyer and seller really prepared up front!

Connie - I've heard that too.  wells fargo is doing a great job right now, I'm working on a couple of those too!

Lois, They have been really back logged, I know that almost every one that I've spoken to in their Loss Mitigation department has said they are just slammed!  Keep good notes and hang in there!

Posted by Lisa Wetzel, CDPE, SFR carsonvalleyland.com (RE/MAX Realty Affiliates) almost 9 years ago

Congratulations, Lisa!  My short sale market is 80% Bank of America/Countrywide, and yes, they DO close!

Posted by Wendy Rulnick, "It's Wendy... It's Sold!" (Rulnick Realty, Inc.) almost 9 years ago

About 6 out of 10 of my short sales at any given time is with Countrywide. Sally and David hit it on the head. The key to success with them is to have connections with the escalation department. Short sale support is useless. You also need to low ball them in a declining market to make it still a good deal when they reply back to you in 4-13 months.

God forbid you need a name change on a approval letter with the same terms and net. That requires another approval!

I am so comfortable with them that I don't mind doing Countrywide short sales. However, new BofA policies are changing the way that Countrywide does short sales. We should see some major changes soon.

Posted by Satar Naghshineh (Satar - Amiri Property and Financial Services Corp.) almost 9 years ago

Wendy - Thanks!  I'm getting bolder now and feeling a little more in control!

 

Posted by Lisa Wetzel, CDPE, SFR carsonvalleyland.com (RE/MAX Realty Affiliates) almost 9 years ago

Satar - I agree ... "One short sale at a time!"  hat's the only way we are going to solve this situation.

Posted by Lisa Wetzel, CDPE, SFR carsonvalleyland.com (RE/MAX Realty Affiliates) almost 9 years ago

Lisa - I'm so proud of you! Countrywide is the big pink elephant in the room that nobody wants to work with...but on the other hand, I'm not surprised because you can do anything!

Posted by Christianne O'Malley, Exceptional Service - Delivering Results in Reno! (RE/MAX Realty Affiliates) almost 9 years ago

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