Short Sale SellersThe Countrywide Short Sale Process
How to initiate a short sale with Countrywide:
Countrywide customers should call the Workout/HOPE call center at 800-669-0102 to discuss workout options. If none of the workout options apply, the ask for a Short Sale. Countrywide can discuss the transaction with the customer or their authorized agent. Countrywide can be reached at 866-880-1232 for short sales.
Once Countrywide has received a copy of a signed purchase agreement, they will need about 2 days to receive the faxed documents and review. They will follow up with a confirmation of the receipt of the purchase agreement. If the offer is viable, the interior appraisal will be ordered. Within 3 days after the appraiser has been assigned, Countrywide will contact the customer or agent to schedule an appointment to do the appraisal. About 7 to 10 days after the appraisal has been ordered, the results of the appraisal will be received by Countrywide. After Countrywide has received an appraisal, they will conduct an analysis to determine if the Short Sale offer is aligned with the fair market value.
Additional negotiation and/or information by be requested by Countrywide, such as: Changes to the HUD 1 statement, funds and/or promissory note from the borrower, information about the buyer, a deficiency letter signed by the borrower, explanation of the hardship, most recent year’s tax return.
Once all the parties involved have agreed to the negotiations, Countrywide and/or its investors/insurers will render a decision within 5 business days. The decision to accept or decline the short sale will be communicated to the customer and/or agent within 48 hours after the final decision.
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