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Real Estate Owned Countrywide Documents Some people think working with bank owned properties will be an administrative nightmare and do not want to bother working in this field. Other than a couple more documents that the corporate owners uses it is just the same as any other transaction except it a great opportunity for your client. The banks have a property in their inventory because someone became financially overburdened and could not meet their commitments and the bank had to take the property back and is now left trying to sell the property to get their investment dollar back for their stockholders. The banks are not in the business of marketing or selling residential real estate. They want to sell this inventory and at minimum break even and if possible make a profit on the transaction. Usually the property is placed on the market using wholesale pricing to make it an attractive purchase for a potential buyer. The sooner they can get back to the business their best at the sooner they can make their stockholders happy. It's truly a win - win for the buyer and the back. Sometimes the property is pristine and many times the property needs some help because the former owners left it a mess. Usually the wholesale price reflects these issues. Once again - a win - win. Making An Offer: Make the offer just as you normally would. Complete your usual real estate documents and share with your client that this is a corporate owned property and you will need to use a couple of their documents as part of the transaction. There is two documents that you need to share with your client before you submit your offer. These document are required as part of the transaction but are not necessary until they have accepted your offer. In the remarks section of your offer show that your client has seen both documents and understands that they will be included and are necessary to consummate the transaction with Countrywide. Example:
The two documents that you need to review with your client are as follows: Your client will need to have a pre-qualification letter from a Countrywide Home Loans, Inc. (CHL) office and submit this with your offer. Sorry, it must be from a Country wide office. To find an office near you use the Countrywide Office Locator's provided here for your convenience. If the buyer is paying cash they will need a letter of credit from their bank stating they have the funds to purchase that house at the offered price. Buyer is not required to obtain financing from CHL or Seller. Buyer may obtain financing from any source. As an incentive for the Buyer to obtain financing from Countrywide, CHL will offer a free appraisal and a free credit report if the Buyer finances and closes the purchase of the Property through financing from CHL. You can contact your local Countrywide Branch by calling 800-877-LOAN (800-877-5626) or call a Countrywide representative shown below. Phone: (480) 314-7804
Fax: (866) 409-8184
Cell: (480) 650-5412
Toll Free: (888) 650-5412
First American Title (AZ) As you can see, the process requires a couple of extra documents and the pre-qual through the corporate owner but other than that it's pretty much business as usual. If you have any questions on the process or properties we have on the market, just call or email us and we'll be happy to help. Your direct link back to this page is http://REO.LuxuryValleyHomes.com Thanks and Have a Great Day! - Jeff Daley 480-595-6412 Back to Hot Listings - Click Here |
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