This morning I was on the phone with Countrywide’s short sale department. I was so angry when I got off the phone, that I sent the following email to Senators Reid and Ensign and Representative Titus.
“I am a real estate agent, licensed in Nevada for the past five years. I just got off the phone with the short sale department of Countrywide with whom I have been negotiating a short sale since November 25, 2008. The buyer’s agent and I have worked diligently, he to keep his client loyal to the property, and me in working with Countrywide to work towards a successful close of this transaction. The property has appraised for the sales price and the buyer is ready, willing and able to purchase. Nevertheless, after over three months of negotiation, the negotiator closed the file, ostensibly for lack of documentation, although Countrywide’s own records indicate they have received them. I am advised by Countrywide that the file must now be reopened with a new negotiator. Based upon past experience, it will take another four months to get a final answer, if the file is not arbitrarily closed again.
Only 10 percent of short sales are successfully closed precisely because of examples such as this one. Over three months of work has been lost by myself, the buyer’s agent, the buyer and the seller. The disrespect and disregard which are displayed by Countrywide in particular and other lenders in general is truly appalling. It also has the effect of slowing down any recovery. If short sales could actually be negotiated, you would see a distinct difference in the state of our real estate market.
As I know you are aware, the Making Housing Affordable plan passed this week really does not provide much assistance to homeowners in our area. Making short sale negotiations easier would. It would stop the downward pressure on housing prices, move inventory and slow foreclosures.”