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  • December 19, 2007 at 10:27 AM #120764
    cr
    Participant

    I read the reasons in the link, and I agree, but we also know Count-refi’d is desperate for business in any form.

    If they have an REO you like you can always negotiate to use your own lender, but if they refuse, walk, and let their REO’s sit. No more than a year ago they had ~2000. They’re pushing 4000 now in CA.

    “…the pre-approval letter, a satisfactory credit report, and proof of funds sufficient to meet Buyer’s obligations …”

    It’s about time, although this will only decrease the # of potential buyers.

    December 19, 2007 at 10:53 AM #120561
    SD Realtor
    Participant

    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.

    SD Realtor

    December 19, 2007 at 10:53 AM #120697
    SD Realtor
    Participant

    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.

    SD Realtor

    December 19, 2007 at 10:53 AM #120730
    SD Realtor
    Participant

    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.

    SD Realtor

    December 19, 2007 at 10:53 AM #120777
    SD Realtor
    Participant

    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.

    SD Realtor

    December 19, 2007 at 10:53 AM #120799
    SD Realtor
    Participant

    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.

    SD Realtor

    December 19, 2007 at 11:08 AM #120586
    HLS
    Participant

    SD,
    I live in a REO purchased from BofA in 1996. At that time, they did not want to offer any financing, they wanted it off their books, It had been empty for a year.

    They didn’t want a pre-qual either. After a few months of negotiating, we came to terms and got outside financing.

    CW is only demanding approval through their offices, not requiring CW financing. What’s the big deal ?

    I did have to buy the property “as is” without warranty.
    That didn’t turn out to be a problem for me.

    December 19, 2007 at 11:08 AM #120722
    HLS
    Participant

    SD,
    I live in a REO purchased from BofA in 1996. At that time, they did not want to offer any financing, they wanted it off their books, It had been empty for a year.

    They didn’t want a pre-qual either. After a few months of negotiating, we came to terms and got outside financing.

    CW is only demanding approval through their offices, not requiring CW financing. What’s the big deal ?

    I did have to buy the property “as is” without warranty.
    That didn’t turn out to be a problem for me.

    December 19, 2007 at 11:08 AM #120757
    HLS
    Participant

    SD,
    I live in a REO purchased from BofA in 1996. At that time, they did not want to offer any financing, they wanted it off their books, It had been empty for a year.

    They didn’t want a pre-qual either. After a few months of negotiating, we came to terms and got outside financing.

    CW is only demanding approval through their offices, not requiring CW financing. What’s the big deal ?

    I did have to buy the property “as is” without warranty.
    That didn’t turn out to be a problem for me.

    December 19, 2007 at 11:08 AM #120803
    HLS
    Participant

    SD,
    I live in a REO purchased from BofA in 1996. At that time, they did not want to offer any financing, they wanted it off their books, It had been empty for a year.

    They didn’t want a pre-qual either. After a few months of negotiating, we came to terms and got outside financing.

    CW is only demanding approval through their offices, not requiring CW financing. What’s the big deal ?

    I did have to buy the property “as is” without warranty.
    That didn’t turn out to be a problem for me.

    December 19, 2007 at 11:08 AM #120824
    HLS
    Participant

    SD,
    I live in a REO purchased from BofA in 1996. At that time, they did not want to offer any financing, they wanted it off their books, It had been empty for a year.

    They didn’t want a pre-qual either. After a few months of negotiating, we came to terms and got outside financing.

    CW is only demanding approval through their offices, not requiring CW financing. What’s the big deal ?

    I did have to buy the property “as is” without warranty.
    That didn’t turn out to be a problem for me.

    December 19, 2007 at 11:16 AM #120592
    SD Realtor
    Participant

    Yes HLS, that is the point, getting a second approval to me is trivial in the grand scheme of things which is why I was down on the original post. Of course CW financing is not required.

    Like I said, institutions vary with the requirements, some want a second, some do not.

    SD Realtor

    December 19, 2007 at 11:16 AM #120727
    SD Realtor
    Participant

    Yes HLS, that is the point, getting a second approval to me is trivial in the grand scheme of things which is why I was down on the original post. Of course CW financing is not required.

    Like I said, institutions vary with the requirements, some want a second, some do not.

    SD Realtor

    December 19, 2007 at 11:16 AM #120761
    SD Realtor
    Participant

    Yes HLS, that is the point, getting a second approval to me is trivial in the grand scheme of things which is why I was down on the original post. Of course CW financing is not required.

    Like I said, institutions vary with the requirements, some want a second, some do not.

    SD Realtor

    December 19, 2007 at 11:16 AM #120807
    SD Realtor
    Participant

    Yes HLS, that is the point, getting a second approval to me is trivial in the grand scheme of things which is why I was down on the original post. Of course CW financing is not required.

    Like I said, institutions vary with the requirements, some want a second, some do not.

    SD Realtor

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