Has any one in here dealing shortsale with countrywide

I have two ss deals with countrywide. They do the full appraisal not a normal BPO.

1st deal I offered them $20,000. Their appraisal report come out $81,000. and they counter offer at $81k. The owner have listed the house for sale at $79,000 for 3 months and no one buy it. House selling in the area range from $40k-$80k. But this property need $22k repair. House in bad area too.

How do I convince them to lower their counter offer?

I need help on this deal. I would appreciated for any help.

I still waiting on counter offer for 2nd deal.

If it were me… I would submit the cheapest and best condition comps i could find showing the lowest justifiable After Repaired Value and the most expensive contractor estimate of repairs showing what it would take to get it to that low offer… follow me? You need to get somebody from the loss mitigation department on the phone and walk them through the deal and prove your case… What if the homeowner listed their home for 50k? Would it sell then? 40k? 30k? You need to find where it will sell and work around that number. Countrywide is definitly one of the tough lenders to work with but i had 2 SS go through this month where countrywide was the 1rst lien position so its not impossible you just need to PROVE YOUR CASE!

you will never convince them that their INDEPENDENT appraisal is entirely wrong and you are right (even if you are). The person you are working with can only accept an offer within a certain percentage of what the appraisal comes back as-if it is somewhat close-you can try to present info on changing area-and focus on WHY the appraisal is WRONG-not just a difference of perspective-but an error. But I would not waste your time on offering 20k when they are at 80k. Too far apart and your contact will never have the authority to accept it-

Never say never ive been doin this for a long time and i see more then 60k discounts on a regualr basis and NOBODY you ever talk to has authority to do just about anything thats not in the investor guideline thats why you submit info backing your case… they legally have to give that same info to whatever investor owns those loans and they make the decision.

Also seeing how countrywide cannot sell loans anymore they would be smart to attempt to get some redemption and create some liquidity if any to maintain there business of writing loans and try to write something that looks good on the secondary market to get their reputation back and stay in business but for now until they are forced they wont budge because imagine the loss they are really going to take compared to what they have admitted for now thats alot of interest on that money they dont have to get rid of just yet.

Its the servicers that dont want to accept it because when they call the investor the servicer gets fired plain as day so they arent bothering them just turning down anything that doesnt meet the investor guidelines at the bank.

What im starting to do is just watch every one of my short sales that get turned down all the way to sale especially on attempted and failed loan modification plans to keep the debtor in the home with a sensable pay-off plan and when they get less at auction and hold it bank owned for the next however long a year or whatever… call back to the servicing manager or the investor if possible and say “well look what you could of had and look at you now”… “wanna start getting these files completed in a manner that works for myself the lender and the homeowner and be sensable?.. how many of these do you want coming back to your attention that a solution was provided that couldve helped you potentially maintain your investor client and stop losing so much money?”

But thats just my opinion… my advice keep trying… if it doesnt work then theres no shortage of foreclosures so consider it practice… by march their will be more foreclosures then all of us can handle.

Thank you CalREguy,
I will do my best to prove the case.

With the last countrywide deal I had they were the primary lender being owed $316k. After 9 months and 4 appraisals I received a payoff letter from them for $245k. The property appraised at $415k.

The second was with 5th/3rd. They accepted $11k as a payoff, $10k up front before closing (before they issued the payoff letter) and $1k as their payoff at closing. They held the second for $68k.

Yes, it took me 9 months of going back and forth with Countrywide. But I finally got the payoff letter. I had to submit a lot of documentation that they just couldn’t argue with. If you supporting documentation is in order then you should be able to get the short sale approved, providing the numbers make sense for Countrywide.

A bit of advice in dealing with CW: They have a habit of switching loss mitigation officers in the middle of your deal which can greatly slow down, or even kill your deal. So maintain accurate and detailed notes of each conversation you have with the loss mit reps. If they do switch on you, then you have the notes to support your position, otherwise you may very well have to start all over with each new loss mit rep you deal with.

Good Luck ~ :beer

Hey CalREguy or anyone else,

Do you have a number for Country Wide loss mitigation department? I have an investor that’s trying to purchase about 22 properties with Country Wide and they were saying Country Wide only wants to accept 80% at this time and CW is not really interested in bulk deals since they look at their foreclosed properties as an asset. I can’t believe that they would not want to sell off some of these properties that’s been on the market for at least 6 - 9 months. I would really appreciate a contact as these investors want to purchase more. Maybe you know of another Bank that would be interested in doing bulk deals in the Maryland & Virginia area. And they want to work strictly with Cash, so there would be no financing involved.

Foreclosure dpt - 877.744.7691

Loss Mitigation department - 866.806.3254
Arlene Ross is the last LMR I delt with there. Her extension is: x:8906

Fax Number: 888.674.6241

Good Luck! :beer

If you have investors looking for bulk property in Ohio, I have some hard money lenders with a few hundred on hand ranging from $3k and up.

Thanks I will give you an update on how this goes. I’ll keep my eyes open for Ohio Investors