Need some input on a Countrywide SS

Foreclosures, Short Sales, Tax Foreclosures
1

Hey all! I am going into battle with Countrywide for a SS. Here are the details:

1st: Countrywide $490K
2nd: National City $210K

Recent appraisal for $870K from sellers (too high, I have questions about it)

I have an offer for $625K now, but it can be higher after giving them the other appraisal and the pics I took today.

There is an auction for the 1st looming in …wait for it…12 days (just got this one today, not my fault). So I believe that I have the upper hand with both banks (especially the second).

I have the authorization to release information ready to go. What else should I have for Countrywide? I am prepared to be on them like flies to sh*t to get it through.

I would adore and appreciate your input on this. Thanks!

2

It’s going to be very tough to pull this off in 12 days. You will need more time. Have the sellers been replying to CountryWide’s requests? You can hire an attorney to respond on behalf of the sellers… this will help delay the foreclosure and buy you time and should only cost you a few hundred.

That said… have you gotten a discount on the 2nd yet? That may be all you need to do to make this deal work. If you were discount the 2nd to say $50k, you’d have a nice spread there.

Regarding your offer of $625k… Is this a cash offer? If not, is their underwriting ready to go? How quickly can they close? Will they balk at a double close?

Lots to do here in a short amount of time. Hope some of this helps…

3

Thank you for the answer. I already thought about shorting only the second. I will be happy if they accept $60K or under. I’m lowballing it to get to that, though. I am not just handing them $60K. They’re lucky to get anything.

The buyers can close in 2 weeks, so I am cutting it close and as I said, the price could be higher once they see the 1st appraisal I have and the pics. Their first offer was from an assistant appraiser’s POV.

I thought of going hard money to buy it and then sell it to my end buyer a few days later. Will cost me a little, but we’ll see.

Thanks again!

4

First thing you should do is ask for a BPO or appraisal, that gets the price down somewhere reasonable, and shows the banks you mean business.

Low ball them both, 250 to first, and 1 to second.

Countrywide are a bitch to deal with.

5

I know that they are. Which is why I am trying to realistic with the timetable I have. Messing with Countrywide, the thing will get sold at auction, and not necessarily to me. I have no issue with shorting the second only to get this done. I am happy with $134K, give or take.

6

If that’s enough, just contact the second and ask them for a BPO.

But you’ll still have to talk to Countrywide about postponing, just be sure to tell them they’re getting full payoff, they might take notice of that. They’ll probably want arrears and costs.

7

Ooh

National City has there own loss mit website

www.ncmclossmit.com

I don’t know how much use it is

8

I called National City and they got back to me within an hour. I faxed over the authorization to them and she will get back to me later today.

Thanks for the link, but the site didn’t come up.

I am calling Countrywide next.

9

Sorry, it’s secure.

Try this https://www.ncmclossmit.com/

Loss mit might be their name for homeowner’s assistance, I can’t find much on it.

10

I am waiting to hear back from them. I just called Countrywide and they’re telling me that it takes 48 hours for the authorization to show in their system. I can see I’ll have to be in their @$$es….