Countrywide Wants 30 days Before you Sell

If you haven’t heard yet, Countrywide is including in their acceptance letter after a short sale has been verbally agreed to that if you are to resell the property – you have to hold it for 30 days BEFORE selling or notify Countrywide.

If your profit is huge, Countrywide probably won’t like it or allow the 2nd close. 

However, I have had students who did tell the bank they were doing a 2nd closing right away and the bank had no trouble with it.  Remember, it’s all about disclosure, disclosure, disclosure.  And apparently they aren’t reading the Option Contract or they would know we were immediately reselling.  I’m guessing they just want to know “how much” we’re reselling it for.

Well, you know there are ways around this.  One is to use two separate title companys.  The first title company does the closing with the short sale bank-Countrywide.  The second title company does the closing where you sell to your end buyer.  Countrywide is out of the picture, they don’t have to be told anything.  The title company didn’t violate anything and you got your proft. 

They apparently think we aren’t solution makers!  And that’s the definition of a real estate investor:  finding solutions to real estate problems!

For more tips and techniques and solutions to short sales log on to

www.shortsalesqueen.com  

Deb McMillan

The Short Sale Queen and Coach