subject: How to Negotiate Short Sale with Countrywide [print this page] How to Negotiate Short Sale with Countrywide
"Countrywide, one of the biggest lenders during the sub-prime boom in the early to mid-2000s, handles a significant share of the short sales in today's market. The company was bought up by Bank of America in 2008, so borrowers seeking a Countrywide short sale now have to do so with the latter. The good news is that Bank of America now uses the online Equator system to facilitate short sales, making for a safer and more efficient process. Here's how you can get the best results with a Countrywide short sale today.
Hire An Experienced Agent.
Technically, you can still do a Countrywide short sale on your own, although experts strongly advise against it. The Equator system is set up mostly for realtors representing borrowers, so working on your own can make it much more complicated. Look for an agent with specific Countrywide short sale experience, and try to find out how many successful short sales they have done in the past. You'll thank yourself later for investing in good short sale service rather than scrimping and risking costly errors.
Complete Your Paperwork.
One thing to keep in mind is that proper documentation is vital to a Countrywide short sale. You'll be given a list of all the required documents, so make sure to submit all of them, as well as any others that you think will help your case along. These will be submitted through the Equator system as wellyour agent can help you upload them and make sure they are all readable. Have backup copies on hand just in case the files are lost during processing.
Choose Prospective Buyers.
Once your home is listed, you can start evaluating offers from potential buyers. Your agent can help you go through each bid and choose the ones most likely to pass Countrywide short sale standards. The offer will also be submitted through Equator. Afterwards, the bank will order an appraisal of the home, or sometimes a Broker's Price Opinion (BPO), to determine whether the offer is in line with current market rates.
Wait For Approval.
The bank may accept, deny, or request changes to the buyer's offer. This is often the longest part of the Countrywide short sale process. Make sure to keep in touch to see that the case is making progress. When you get approval, you can proceed to closing and transfer the home to your buyer, and settle the short sale with Countrywide.
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