The Saga Continues.....
I was in negotiations with Countrywide on a property. It was a very difficult process, by the way. They finally responded to my offer 1 day before the property went to Sheriff's Sale and they rejected it. Suprise, suprise!
I was told that the next step for me to do would be to speak with the attorney on the file and see if I can negotiate with him before it gets listed with a broker.
Why would I negotiate with the lawyer? What control does he have over the property? How can I get a hold of this property before it gets listed with a broker and avoid paying commission?
Thanks in advance.
the attorney works for country wide. he must present countrywide with all the information and can not make any decisions without their approval. i have never heard of someone purchasing a house in this manner. sounds like a big waste of time.
brenda
Good Day to All:
I too find dealing with Countrywide's REO quite difficult. The funny part is that I currently have 4 mortgages with them and I still can't seem to get to the right people to submit offers prior to the sheriff's sale. It does appear that they do not want to be in the R.E. Business, but they are throwing big $$$ away by not short cutting the process. Oh well, I'm off to buy another HUD repo.
Good Luck and make $$$
Tom
I'd have to agree...the only thing that keeps me interested in this property, is the area it's in. Countrywide has been gining me the run around on this from day 1.
Since the property has already gone to Sheriff's sale and hasn't been sold, does that mean it's at REO status and I won't be able to do anything until it's listed with a broker? Or can I intercept it somehow? ( Just asking..)
How much time elapsed between submitting a completed application for preforeclosure short sale consideration and proposal... and their response?
[addsig]
I submitted a FULL application 4 TIMES!!
They said they never received the first three. On the 4th attempt I sent fax confimation for all of the previous attempts. After they confirmed that they received it, it took them 5 1/2 weeks to get me a response....This coming Friday will be 3 weeks since it went to Sheriff's sale.
Presumably, you sent the completed application via FedEx, and to more than one person... for example, the clerk that you were speaking with, the clerk's supervisor, and the VP of loss mitigation.
Most shorts require at least 45 to 60 days for mortgagee due diligence, and response.
[addsig]
Each time, I just sent it to the Loss Mitigation or Workout Department. I didn't send it FedEx though, I fax it. I was told that would be sufficient.
In anycase, I just wanted to know if it were possible for me to purchase the property before it goes to a broker?
Sadly, the answer to "getting the property before it goes to a broker" is a "NO". I know someone who works for Countrywide as a loan officer. I told this person that I will finance the property through her if she can somehow get me access to put an offer on it after the sheriff's sale but BEFORE it goes to the broker for listing. After a lot of going back and forth, it seems that she's being told my internal people that the property has to go to the broker - they won't accept/entertain offers otherwise. If someone has different info, please post.
How would I go about tracking the property and finding out what broker it's going to?