Countrywide SS

I have been working on this Short since August.

Background on the deal is owner left town due to health reasons… handed me the keys and said it is all yours if you can work it out with the bank. FMV is a hard number to pinpoint these days in Michigan… but I would put the homes FMV at $95k. The mortgage to Countrywide is for $95k. She is four months in arrears. My SS offer was for $66. I plan to buy and hold the property.

My current problem is that I cannot talk to anyone higher than whomever answers the line at the work out dept. After talking to about 30 different people, their process seems to be that they use a formula to determine if they will assign a negoitator. If your offer does not meet that criteria they do not elevate your offer. Yesterday I called and was told that my offer was to low and advised me to submit another offer. They will not provide any further information, other than advising me the offer was to low.

I do not think the deal is worth much more than I offered, my highest and best was going to be $70k. I bought the house directly in back from an estate in June for $70k, and it is in better condition.

Any suggestions for a breakthrough with this one? Thanks!

I think you’ve answered your own question. Shoot them 70K and be done with it. If they say no then move onto another deal and wait till it hits the MLS as an REO and let the bidding war begin.


You should also include a summary of comparable sales and estimated repair costs to support offer. Remember these people are just looking at numbers on a piece of paper, they likely have no clue of the neighborhood, property condition etc. Educate them and sell them on your offer.


Has CW done a BPO? If not then of course they are telling you your offer is to low. Convince them, with pictures and/or estimates for repairs needed, to conduct a BPO. After all they CW reps at the call center do not know the home or the area. Make sure you are there to point out all defects and tell the appraiser what you feel the place is worth to you. This does not mean they will listen to you but it is your best shot at getting what you want.

Thanks for all of the replys… I did fax some supporting information as to the repairs, and the comps. The best comp I could give them was for the house I bought right next to it four months ago, so I faxed them the hud1 from that sale. I wish that I could convince them to do a BPO. I can’t seem to break through the first layer of the call center. They keep telling me that the next step is to be assigned to a negotiator, but that cannot happen until your offer has been accepted. Not sure why they are calling them a negotiator… sound more like an acceptor. I wish that I could speak to someone who is making the decisions instead of someone who is reading what the decision maker entered into the computer… very frusterating. Not sure shorts are worth the work.

ALSO… I did fax another offer as my final and best for 70k today. I think that is to high… but oh well. I am having trouble selling the house next to it for 95K completly rehabbed. Market is REAL SLOW here in Michigan. IF they do not take that I will try to negotiate a deed in Lieu for the seller and then move on… maybe but it back as a REO for 65K.