Sunday, April 12, 2009

Countrywide Approves Destin Short Sale- But Denies Buyer Loan Due to Underappraisal

This is a true story. You may have thought you heard all the crazy stories you could about Countrywide and short sales, but you haven't.

Countrywide approved a short sale for a Destin Florida condo for $100,000. Wonderful. The buyer, who had applied for a loan with Countrywide, proceeded to finalize his own mortgage to close. Countrywide ordered the buyer's appraisal. The condo only appraised for $87,000. Countrywide will not give the buyer a loan for $100,000.

I called the Countrywide short sale department to let them know that their Countrywide mortgage department would not issue a loan for the approved amount of $100,000, and faxed them a copy of their own appraisal for $87,000. They said their was nothing they could do and closed the file.

We now must re-submit a new short sale. This is so insane, that I am almost speechless.

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
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