This is a true story. You may have thought you heard all the crazy stories you could about Countrywide and short sales, but you haven't.
Countrywide approved a short sale for a Destin Florida condo for $100,000. Wonderful. The buyer, who had applied for a loan with Countrywide, proceeded to finalize his own mortgage to close. Countrywide ordered the buyer's appraisal. The condo only appraised for $87,000. Countrywide will not give the buyer a loan for $100,000.
I called the Countrywide short sale department to let them know that their Countrywide mortgage department would not issue a loan for the approved amount of $100,000, and faxed them a copy of their own appraisal for $87,000. They said their was nothing they could do and closed the file.
We now must re-submit a new short sale. This is so insane, that I am almost speechless.
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
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That is insane. How do you explain something like that to your customers? This is why Countrywide has had so many problems.
Kari - They don't understand! It is ridiculous.
Wendy - Every transaction is completely different than the next one these days. I try to explain this to the Buyers right up front , many times they just can't believe what I am saying.
I don't know to many companies that can be successful working under these conditions , which makes it difficult for each of us as independent business owners to make it though this era.
Laura - Yes, they are all different. This is a first for me :)
Wendy... I'm glad you qualified that statement with almost speechless, because I have a feeling you have plenty to say about this. As A licensed Real Estate psychologist...tell me how you really feel?
Pissed / Annoyed / this is stupid / Are they blind.... Take your pick!!!
Dr. Steve - Thank you for your analysis- I needed THAT!! I pick A, B, C and D!!!!! Do you have any meds?
Wendy - we read about the huge bailouts, and we see the inefficiencies at the practical level. If they'd just get the banks to straighten out and hurry up, we wouldn't need to spend billions letting them duplicate the problems.
For some reason...I am not surprised. :-( I hope everything works out for your client Wendy.
We ought to have a group for "Takes the Cake" on short sales...this would be the winner for this week and may go on to the championships...somehow given it is Countrywide...I am not surprised...Hope the Bunny was good to you !
Pardon my French but that is F-ing ridiculous. There should be an investigation done on Countrywide.
Sharon - The monies spent by us on the stupidity is a crime.
Amber - I will keep you posted... The "new" short sale has been submitted!
Sally & David - All they should have done was resubmit to the investor with the new appraisal- that THEY did. But no, that would have been too easy.
Bill - Beyond!
Wendy - I agree with Bill - You need to find a way to make this one very well known and investigated. THAT IS CRAZY RIDICULOUS!!!! Maybe a front page headline and article in a newspaper to start?? something, anything,,,, how can this keep going on? Isn't someone Somewhere listening to all the things that are going on with these dam short sales and countrywide? AAGGGHHHHHHH!! I could scream with you!!!!!
Valerie - You should have heard the negotiator, "I sympathize with you but there is nothing WE can do". Can you imagine that? Duuhhhhhh......... !!
I have to say that Countywide in general has been coted by me as the the Bank Imposable to get anything done with
Wendy,
Since the bank has an appraisal of $87,000, have your buyer submit an ammended offer of $87,000.00 and submit the new offer together with a letter of explaination to the CEO of Countrywide. Be polite and ask for his assistance. You will be surprised on how quickly his office will respond, and you sould be able to get the job done. It has worked for me.
Bob
Wendy- Nothing they do surprises me anymore. They are just a contradiction after another.
crazy.....this process should be getting smoother as we go....not more difficult or unreasonable
Eric - Every day is a new and amazing adventure!
Bob - I haven't tried the CEO tactic yet, do you have his address?
Mark - This one is near the top, if not "it".
Casey - I KNOW !! )@(*(&^#$$
Wendy, your short sale stories never cease to amaze me! I'm telling you friend, you've got to write a book!
Thanks for sharing your Countrywide story...In phase 3 right now waiting for an approval...
I hope you've had some luck since you posted this...
I'm in a deal where Countrywide (Bank of America) is granting the loan.
For three weeks (yes, three weeks) they've been promising to issue loan docs .... but as yet, we haven't seen them.
Their excuse is "they're overwhelmed with refi work".
Classic Countrywide "Strategery", if one of my best friends didn't support his family by working at that bank I would actually hope for them to go completely out of business forever...
I like Bob's advice best here, mainly because it will allow me to do something which is always cool, paraphrase something from Sun-Tzu's legendary warfare book Art of War while discussing my desk job negotiationg short sales
"Nothing is more difficult than the art of maneuvering for advantageous positions."
Sun-Tzu
Thanks Bob ;)!
P.S.- I've actually read elsewhere that contacting Angelo Mozillo's office directly has worked in the past. You have to find out how (BofA now) formulates their employee emails and just send a bunch out i.e. angelo.mozillo, angelo_mozillo and hope you guess right. I think Mozillo is being indicted right now though so he may be a little tied up...
Thanks for the Sun-Tzu quote!