Tag Archives: Countrywide Short Sale Approval

Rihanna Takes $1.9 Million Loss on Rain-Wrecked BHPO House

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Well that was quick. Less than two months after listing, Rihanna has sold her allegedly waterlogged house in Beverly Crest for more than asking. She paid $6.9 million for the house in 2009, but said she soon found out it wasn’t terribly waterproof; she sued the developers, her real estate agent, inspectors, and others last year. She listed the house, which has eight bedrooms, ten bathrooms, and a pool, in November 2011, asking $4.5 million (it was weirdly categorized as a short sale). A few weeks later, it was in escrow and the sale went through on December 30–the buyer paid $5.03 million.

 

 

 

 

Wednesday, January 4, 2012, by Adrian Glick Kudler

Real estate roundup: Californians in foreclosure limbo – Facing Foreclosure!

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A rising number of Californians are finding themselves in financial limbo, having defaulted on their mortgages but still living in their homes, a new report has found.

The report by Foreclosureradar.com (registration required) found that while the number of properties scheduled for foreclosure sale increased last month, lenders continue to postpone the sales rather than foreclose.

After three months of declines, the number of houses taken back by banks in October rose by 22.2% from September and 20.95% from October 2008. Despite that jump, the number of foreclosures remains 42.6% below a peak reached in July 2008, from which time the inventory of scheduled foreclosures has grown 131.36%, according to the report.

“While we continue to see a steady stream of properties entering foreclosure, relatively few are completing the process and being sold at auction,” Sean O’Toole, chief executive of ForeclosureRadar.com, said in a statement. “The bigger picture is that more and more homeowners are finding themselves upside down in foreclosure limbo, some hoping for a loan modification or short sale, while others are just waiting for a knock on the door.”

Of all postponements, 87% of them were made at the request or with the agreement of lenders, compared with 10% postponed due to bankruptcy. The majority of loans foreclosed upon in October 2009 were originally made between January 2005 and December 2007, according to the report.
– Alejandro Lazo LATIMES.COM

Please contact 360 Realty for solutions  at 800-399-9659

Countrywide Short Sale Approval

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Once Countrywide has received a copy of a signed purchase agreement, they will need about 2 days to receive the faxed documents and review.  They will follow up with a confirmation of the receipt of the purchase agreement.  If the offer is viable, the interior appraisal will be ordered.  Within 3 days after the appraiser has been assigned, Countrywide will contact the customer or agent to schedule an appointment to dothe appraisal.  About 7 to 10 days after the appraisal has been ordered, the results of the appraisal will be received by Countrywide.  After Countrywide has received an appraisal, they will conduct an analysis to determine if the Short Sale offer is aligned with the fair market value.

Additional negotiation and/or information by be requested by Countrywide, such as: Changes to the HUD 1 statement, funds and/or promissory note from the borrower, information about the buyer, a deficiency letter signed by the borrower, explanation of the hardship, most reent year’s tax return.

Once all the parties involved have agreed to the negotiations, Countrywide and/or its investors/insureres will render a decision within 5 business days.  The decision to accept or decline the short sale will be communicated to the customer and/or agent within 48 hours after the final decision.