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vballdarin

Now I know why Countrywide & some other banks are in trouble...

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Maybe I'm still just a noobie looking through fog-tinted, reality-obsecured glasses but.....get this!

 

My parents wanted to put an offer in on a Bank-owned townhome here in Hilton Head, SC. (Thankfully I'm their agent :P ) Upon getting their pre-approval from a Suntrust Mortgage Broker (who happens to be a great & very valuable member of my investing team), we were ready to put in our offer. Already knowing that REO's don't usually provide property disclosure statements, we knew that the property was going to be sold as-is. I decided just to check with the listing agent to see who's name I should put as the "seller". He said that "owner of record" would suffice.

 

Now, here's where it gets interesting. He also said that ALL offers have to include a pre-approval letter from Countrywide whether we use them or not. All offers not including this would either turned away or "looked at a little slower". The agent gave me the name of a person at Contrywide who is handling this property and he said they would be happy to assist us. I then called my parents and explained to them that they now needed to call over the phone to get another pre-approval letter.(My dad is old-skool and always wants to sit down, face-to-face, one-on-one with people when doing business) :wacko:

 

Long story short....they were asked by this certain individual at Countrywide if they were truly going to use Contrywide for their loan? When they said no, the individual said that since he works on a 100% commission that it's a waste of his time to do the approval for them if they are not going to use it. He then told them to call some other person in Texas. After speaking to the Texas Contrywide person, my parents were again told that all offers/buyers that are not using Contrywide for their financing would NOT be looked at very quickly in comparison to those who DO use Contrywide, even if they came in with an all-cash offer.

 

Is this what normally happens? And is it legal for Contrywide to say/do things like this (ie...steering)? Needless to say that I'M CALLING MR. COUNTRYWIDE PERSON MYSELF tomorrow and asking to speak to his direct supervisor as well as MR. LISTING AGENT and......(in the immortal words of Ricky Ricardo.......) Dey got sum xplainen' to do............. B)

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Darin,

 

I have seen that in older listing agreement it states that CW would be preferred financing. Now how the offer is looked at is a different story. CW is having a fast turn around. So if offer is within range expect it to be turned around or the listing agent will let you know.

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Now I know why Countrywide & some other banks are in trouble...
Indeed. It is unbelievable that the bureauacracy can run so deep over there so as to give legitimate, qualifed buyers such a hard time.

 

......(in the immortal words of Ricky Ricardo.......) Dey got sum xplainen' to do............. :wacko:

B) Give 'em hell, Ricky!

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