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LOL MJCM,
Countrywide Loss Mitigation 800-669-6087
Let me know how that works for you.
You should get a response from them in a couple months.
Try properties that are already real estate owned. REO the bank already took back
We are all looking for the deal in real estate that will make us a good profit. Foreclosures have always been a place to find deals you can make money on. With the market the way it is banks are taking a lot of property back (REO's)and when they have an excess of property you are likley to get a good deal from them. I have founded a web site with lots of links to bank owned property's. It is all free with nothing to buy and nothing to join. This is just a place you may be able to get a good deal and make some money. Take a look and let me know what you think. I thought this information could be helpful to those of use looking activly for good real estate deals.
http://www.easymoney-123.com
Remember you make your profit in the purchase!! But you want it to be a good deal and it does not matter if you are an investor or a home owner.
And that CW employee that you take out to dinner could be fired for accepting your dinner...
Oh, I know that....I was really going to slip him/her some money under the table....I want this freaking house but countrywide has not even made a decision yet. The house has been on the market since July 2007 !.......I thought it was worth a try. I know, I know, it is illegal....So forget I made the offer......
I know what you are saying....I get soooo many phone calls about this kind of thing but there is really nothing that can be done even if you know that crew...if the realtor was giving you that much trouble about your offer than you must have offered really low. You mind sharing asking price and how much you offered?
Countrywide is certainly one of the less likely banks to take a decent discount. I'd suggest that if you really want the house, keep on making offers and even if it goes to sale and the bank takes it back, make more offers when it is relisted with a Realtor. Keep on making offers until your is accepted. If your buyer's agent gets tired of this, use another realtor.
And for those realtors working Short Sales out there:
Here's a great tip for you to use when negotiating a short sale: (I figured this out the other day)
Tell the Loss mitigator you're recording them! I don't know what the heck made me think of this, but as usual, the bank I was working with was giving me the run-around, then it came to me - I told the Loss Mitigator I was recording her. She did a complete u-turn and became extremely helpful. If you're like me and have been lied to, left on hold for ages and generally treated badly by these folks, you'll appreciate this tip. Also, ask for their ID number, which will have a similar effect.
Have fun with this.....
Richard Dale-Mesaros :)
Chief Deal Weaver
www.BlackWidowNetwork.com
Other than the fact that it is illegal to record phone conversations without consent....
Hello Elender,
The owner purchased in 2004 for $712,000 (they paid to much)
The countrywide originally asked $639,000
Then lowered it to $599,000 after several months and the comps not panning out.
I originally offered $375,000 (go ahead and laugh........)
I changed the offer last week to $500,000 (which is the highest I can go)
Thanks for the tip Deal Weaver !
I wish I could just hit the freaking lottory !
MCJM,
At least you can laugh about it now...hopefully you get it!
Be aware that depending on what entity is guaranteeing that loan, the lender can only accept a certain discount at certain points during the foreclosure game. If you try tricks, you may keep them from ever dealing with you. Find out which enity guarantees and underwrites the loan. Government entities will often only allow a discount of no more than the mid to low 80 percentile. Countrywide has not been good about recasting loans of troubled borrowers skinned by their outrageous adjustable rate jumps. They are being pressured a bit more as things come to light. Hillary is especially miffed at them. And be careful of advice here. Know the laws, or take the consequences. It's a highly litigious field this real estate investing.
Hey, they are being investigated right now. They are being made to turn their big boy underwear inside out. I doubt they are willing to do tricks right now. And if you deal with them, you may find extra scrutiny too, so keep it clean.
While you're at it, I need a Wachovia hook-up for the short sale I've been trying to buy since October. And since my offer is more than reasonable, I'm offering coffee or cocktails, but not a full dinner hahahaha
Short sales take a long time to find out about from anywhere you go. There are so many levels it has to pass through...best of luck...
With so many REO's or Bank Owned Inventory currently in S. California, one should avoid short sales unless the sale if PRE approved...and the circumstances make some valid sense.....ie: Owner passed away after an illness. You know the bank have no negotiating room here.
Other than this type of circumstance seeks Foreclosed properties and this way you KNOW the Title is CLEAN and CLEAR! No money is owed to unforeseen contractors or other entities.....the Foreclosure "cleaned it all up" literally! Work with a seasoned professional Realtor who can guide you through the purchase and avoid the pitfalls. ....from 17 years of active selling!
Thanks !
One thing to keep in mind is the volume of short sales countrywide is dealing with. 4,000 to 5,000 per month as of Feb. 08. The turn around time is about 4 to 5 weeks. The amount they will take is a percentage of the first loan payoff and the must negotiate the second out of the picture. I think you have a good chance to get the home for you last offer. Just fyi.
What would you suggest for a mortgage that is adjusting (ARM) and the current loan to value is over 100% due to the declining market?? Are banks working with people on this?
It's probably best to work directly with the lender and see what options they offer. There may be programs to help keep homeowners in their homes and avoid foreclosures (which will damage their credits). If the lender doesn't offer any option nor willing to negotiate / offer a better rate, and the homeowner cannot afford the new payment with the newly adjusted rate, the homeowner may consider selling their current home quickly at a loss (this would be a short-sale situation and will require lender's approval) and downsize to a smaller home which they can comfortably afford. It would be best to contact a local real estate agent to help in this case. I am a Realtor in CA, and will be glad to refer the homeowner to a good reputable local Realtor in their area as needed. Best of luck!
Still waiting !
I hate to say it, but you probably won't get the house. You usually hear from the bank 2-5 days later.
I just closed a cw Short sale in Utah, It only took 11 months from when I sent over the first offer. They were owed $125K and finally let it go for $63K. One of my best friends is an ex-appraiser that works in their loss mit department and he says they are very paranoid about security and integrity of the short sale process. You will have to call cw everyother day to stay on it. (you will need an auth to release info from the borrower) If you have the best offer on the table and get the current owners to do the deal exclusivly with you (pay $$$ just for the deed then record an option) I think CW will accept your offer, but plan on at least 6 Months and 2 or 3 sale postponements. And alot of BS back and forth.
2 to 5days later, wow! ive never heard of a response that fast, your good! maybe 2 to 5 weeks if im lucky.
We are looking at a CW short sale home could it really take a year we are in pa the home is 175000. The real estate agent told us cw doesn't approve the short sale until they get a offer Are they not suppose to agree to do the short sale and then get bids? Anyone who can give me info on cw short sales I would really appreciate
We are looking at a CW short sale home could it really take a year we are in pa the home is 175000. The real estate agent told us cw doesn't approve the short sale until they get a offer Are they not suppose to agree to do the short sale and then get bids? Anyone who can give me info on cw short sales I would really appreciate
Update.........
The house has been on the market this month a total of 1 year. A couple of months ago CW sent an appraiser to the home.
The asking price was $599,000.....I only bidded $500,000 (all I can afford), but I'm sure (according to the sellers realtor) others bidded higher. Well the bank did not like the appraisal and sent in another appraisal company and must have received the same results. Now the selling agent and his company has vowed to not except any more 3rd party homes. Country let the house go to foreclosure (they would not except any of the bids). The house is still on the market. The full price has been offered and CW still did not except.......So.........I have since purchased another home....
It takes forever. It may not happen at all. Do you NEED a house? You might not get this one.
Check out my latest post on http://therealestatewhisperer.blogspot.com/
It's on Short Sales, and will give you a lot of insight. CW is and should be under a lot of scrutiny.
This is a violation of RESPA, but I have been told by CW (and believe) you have a better chance of getting your offer approved if they THINK you're going with them for the loan - they count the $ they'll get from the loan origin as part of the deal when deciding if it makes sense. I know this to be true on their REOs, but am told it is true on their Short Sales, too, so go get pre-qualified by CW.
By the way, rates have been steadily going up - are you sure you can still pay that amount?
I still can't believe what I read on here somedays....
what do you mean
... and, it's free and anonymous
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Countrywide Short Sale -- I need a hookup !!!!
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MJCM
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Yes you've read correctly. I need a hook up. I bidded on a house that countrywide has (short sale), my realtor has been told I'm the lowest bidder, actually the realtor for the seller LAUGHED and said countrywide would let it go to foreclosure before excepting my bid.......
The problem is I LOVE THE HOUSE. I can tell the previous owner took very good care of it and I will too. Unfortuneately I can not bid as high as the asking price.....So, if you work for countrywide and handle short sales in MD email me and I'll take you out to dinner !
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