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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:
REMARKS:

  1. Buyer has reviewed the Countrywide Real Estate Purchase and Mold Disclosure Addendum's and understands that these will be used as part of the transaction documents.
  2. A Countrywide pre-qualification is attached with our offer.
  3. We reserve the right to procure a mortgage with a company of our choice.

The two documents that you need to review with your client are as follows:

  1. Real Estate Purchase Addendum
  2. Mold Disclosure Addendum

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.

Lillian Wong Countrywide Mortgage Planner
 
 
Lillian Wong
14850 N Frank Lloyd Wright #117
Scottsdale, AZ 85260
Get Directions
Phone: (480) 314-7804
Fax:      (866) 409-8184
Cell:      (480) 650-5412
Toll Free: (888) 650-5412


Opening Escrow:
Contrywide requires that we use the title company that follows:

First American Title (AZ)
Kathy Schmitt - Closer
19820 North 7th Street, Suite 130
Phoenix, Arizona 85024
Phone: (623) 869-7201
FAX:    (866) 751-5582
Email:
KSCHMITT@FIRSTAM.COM

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

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 Meet the Daley Team - Scottsdale real estate agents


Certified Luxury Home Specialist & Million Dollar Guild Member

Scottsdale Real Estate
Keller Williams Realty Scottsdale, Arizona
9500 E. Ironwood Square Drive, Suite 101
Scottsdale, Arizona 85258
Voice: 480-595-6412 - Direct Line
Email: Jeff@LuxuryValleyHomes.com
Web:  www.RealEstateInScottsdaleAZ.com 

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