Countrywide Owned Properties?

Question

I made an offer on a countrywide owned property. Has anyone had experience dealing with them? How long did it take them to review your offer and get back to you? They required me to get pre-approved though them to submit the offer and the guy was a pain to deal with. I've heard that they are not easy to deal with and just wondering what I should expect?

Answer 1

oy my gosh i was and am in your footsteps right now  I made a bid on the house June 14th and had to get the pre approval letter from them even though i was with another company.  Country wide was offering me a better deal so I decieded to go with them but it has been the biggest headache ever.  Its been 2 months and I am not even close to closing..  They laid off the girl who was doing my loan and sent all my paper work off to another city and said it would be another month and 1/2 everytime icalled them to see how things were the only thing i would get out of the supervisor was " I don't know"  how could they not know if the appraisel was ordered???  anyways it seems like country wide is not in the mood for doing loans right now!!  As for the bid and everything it was pretty quick to get mine accepted but then the guy in New York went on vacation so we had to wait 2 weeks for him to sign the contract.  Its been h**l I have wanted to give up many times but the house is perfect for us and the monthly payment so we havent let go just yet.  I hope it goes better for you than for us!!

Answer 2

CW always requires their approval on a REO of theirs.

They are one of the better, very quick to refuse (may not tell you) or accept your offer.   If more then 4-5 weeks have passed you were circular filed.

They list very close to what they are expecting to sell for.

Answer 3

Repos are a huge headache anyway.  Pre approval is generally required by all brokers before your contract on a property will even be considered.  But, you can shop lenders and get the best deal for yourself when it comes time to actually get your loan.

I had a home loan with Countrywide years ago, but I was never impressed with them.  When I decided to refinance my house a few years ago, I contacted them first and didn't like what I heard.  I ended up using a mortgage broker, got a great interest rate, rolled the expense of the loan into my refi, lowered my payment and took five years off the loan I originally had.

Answer 4

Expect more of the same.  They are very difficult to work with.