Short Sale SellersCountrywide to Streamline Short Sale Process in 2009
Countrywide will be implementing a new online interface to help Realtors with the short sale processing and streamline sales sometime in June 2009. The interface is expected to help Realtors by allowing them to upload and update information while at the same time communicate with Countrywide negotiators and receive updates during the short sale process. The new system will be exciting for Realtors as it will give them another way to answer any requests from Countrywide negotiators without having to wait for faxed items to enter their banking system.
Many agree that the short sale process has proved to be cumbersome with wait times ranging from 2 weeks to 2 months to hear an answer on a purchase agreement or get a short sale approval. Since Countrywide’s short sale approvals are buyer-specific, you are not able to transfer one approval for price and terms to another buyer.
Short sale approvals can take quite some time, especially if there is more than one mortgage holder which then extends the processing time for approval. In addition, each real estate short sale is subject to a fraud review and asset search to make sure the current property owners truly don’t have sufficient resources to absorb.
Short sales involve the lender agreeing to accept less than what is owed on the mortgage and allow the borrower to escape foreclosure, while retaining a small amount of control over the process, such as their move-out date.
By providing a complete short sale package, the borrower can minimize short sale processing time and hopefully get a quick response from the bank. The bank will want to see that the house is listed for sale on the open market.
As for now, here is a contact number to get a hold of Countrywide:
HOME RETENTION DEPARTMENT
800-262-4218
SHORT SALE DEPARTMENT