A Question From A Homeowner About Countrywide Short Sales
A while back I saw a question from a homeowner that is going through a short sale and more specifically Countrywide short sales. Here was his question:
Advice For Countrywide Short Sales
My wife and I are willing to be patient for a couple months. If my REALTOR and the listing agent are very persistant is there a good chance that this deal will get done by the end of the year [the next 3 months]? Or should i try and contact the negotiator that actually has my offer package and build some rapport so they hopefully put more of a priority on my package?"
I sent them a response to their question
"I've done over 1000 short sales so here is my free advice. You only have a 50-50 chance of pulling this off.
It's really important that you are working with people that have a lot of short sale experience. The art in this is pricing it right - at a level that the lender will take and a buyer will close on. Until a real buyer makes an offer, the lender won't even look at your file (most of the time).
Get a buyer ASAP - if you don't have one, then lower the price until you get one (or find an investor that will take the deal). You can call the lender [for Countrywide short sales, or any other bank for that matter, you will want to contact the loss mitigation department], but you'd better know what to say (and not to say). Never admit that the home is vacant, that you have money saved, or that your hardship is just temporary. The best advice I can give is to have your real estate professional handle this for you. "
Short sales, not just Countrywide Short Sales, can take a long time, so it's best to just be patient. There is no crystal ball when it comes to Countrywide short sales or short sales with any other lender.
Phill Grove has conducted approximately $200M in real estate transactions – using non-traditional investing methods such as mortgage assignment, short sales, equity partnering, auction-options, wraps, swaps, and other methods – many of which he invented and/or pioneered for the industry.
Phill has invented a new strategy called the Mortgage Assignment Profits System. Phill Grove has personally trained and coached hundreds of Real Estate Investors on the “12 Ways to Buy and Sell Real Estate", as well as marketing and lead processing strategies that actually work. Find out more about Phill at http://www.REIMaverick.com