Countrywide Shortsale

Hello Everyone, Newbie here

I’m working on a shortsale with countrywide for a property in southern Cali and spoke with the “workout department”. They are telling me that in order to complete a shortsale with them the house has to be listed by an agent.

Does anyone have any experience with this?

Does the listing get in the way of completing the shortsale?

Is this normal procedure for countrywide or was I mis informed?

u mean its already been foreclosed and bank owns it??
then yes they usually list it with a realtor 4 sale on mls like any private seller would.
then if u want 2 make an offer u do it thru the listing agent.
usually u can negotiate with any seller more easily than with a bank
there was a article last wk about countrywide listings… no bargains to be had.

I have had banks tell me the same thing. You might not be talking to the right person. Have you sent in the short sale package yet?

You need to get a hold of a LM not the workout dept. They tell you this because they would prefer that the property be listed through an agent so they can hopefully receive higher offers.

The bank does not own it. it is still in the pre-foreclosure stage awaiting court sale.

I thought maybe i was speaking to the wrong person. I haven’t sent a shortsale packet yet, i was actually asking for them to send me their packet when i was told this.

Should i just create my own short sale packet and try sending it?

y go thru all this if the bank doesnt own it??
there r so many properties avail. where the sellers might accept a low offer. r u a real buyer with cash??

Lots of desperate sellers who built up alot of equity when the market was hot

Please…type out what you want to say. We are not high school kids texting back and forth using abbreviations. I stared at your post for 5 minutes trying to figure out what you typed, and how OIC relates to REI. :banghead

Because this is a thread about SHORTSALES! Your grammar and spelling annoy me.

I am sorry for the offensive grammar.
I did not realize I was offending anyone.
With all the smiley face characters and beer bottle smileys I thought this was an informal forum.

To get back to your question Maximus, yes you should submit your own package. That’s how I do it. I never ask them for a package. Just make sure that you include:

  1. Propsal Letter
  2. Hardship Letter
  3. Authorization to release loan info.
  4. Purchase contract
  5. Estimated HUD-1
  6. Repair Cost Estimate
  7. Comps
  8. Pictures
  9. Your contact info.

Submit this info and if the bank needs anything els they will let you know. Make sure you follow up and ensure they recieved the package. They will let you know how they want to proceed.

Thanks SoCal, I will submit my own package and see what happens.

Thanks to everyone else for you input.

I just found out that the owner of the property owns another home as well.

How does a shortsale or foreclosure affect the owner who has other properties? will he still be able to keep any other properties?