Once again the point is being missed. This is not only about Countrywide. Any home purchased from a builder requires preapproval from the preferred lender.
Why is that not being discussed.
Many (but not all) of the other lenders who are holding REOs in thier portfolio do this.
This is NOT NEW. This is not some new thing that only Countrywide just now came up with. If you would have tried to buy an REO many years ago, you would have been subject to the requirement.
To the people making these statements, Have you ever tried to purchase an REO? If you think a second approval is a big hassle, wait until you see the release of liability they make you sign. Have any of you ever seen the addendums that the lenders REQUIRE a buyer to sign when an REO is purchased?
Really guys… I don’t mean to be harsh but come on now. It does not reflect well when statements like this are made. For those who have been involved in REO deals this is a laughable post.
