Quote:
Originally Posted by jorswift  Here is my current situation. My homes was put up on short sale and has been for about 4 months now. I have been current on all payment. Well my realtor just got an offer on my home for more than the short sale is for, but it is in terms of a Land Contract. I know the person who offered and know that he has the income and more to buy the home. He just has bad credit right now. What will CountryWide say? Any help with this would be appreciated. Thanks. |
If you are current on your mortgage payments,
CW will probably prolong the approval of Short Sale. You have to be in financial difficulties, unable to afford to pay your mortgage and at least 90 days behind in payments before
CW assign a Negotiator. You need to give a letter to
CW authorizing your agent to talk to them regarding your Short Sale.
CW will only talk to your agent, your agent needs to prepare the Short Sale package including the HUD, listing agreement, the buyer's offer etc. As far as your buyer having a bad credit but can afford to make the payments,
CW will probably require him to make a 30 to 40% down, give him a high interest or not approved his offer. This depends on how your agent present the Short Sale package to
CW negotiator. But you have to have a buyer to be approved by
CW and his offer must be within 85 to 90% of the fair market value of your home.
Once your agent submitted the Short Sale package and the buyer's offer, you will be contacted by
CW Negotiator to ask the phone number of your agent, make sure you ask his email address and phone number so you can email him or call him at least 2 x week, Negotiators has a lot of workload and most of them prepare email so they can finish their work and call or email you when they need something from you or your agent. If there's no negotiator assigned for you yet, you need to email the president of
CW and call the customer service for their phone numbers, their names and email addresses. With
CW, you need to be bold, persistence and patient, because Short Sale is a very long, frustrating and draining process. I wish you the best. Take care and Bod bless.
Faith