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Short Sale Information

Short Sale Articles

Countrywide Short Sale

As one of the leading mortgage providers in the country, Countrywide deals with large volumes of distressed homes facing foreclosure. This has led many to believe that a Countrywide short sale is difficult, if not impossible. But that’s not quite the case; in fact, with a bit of planning and market savvy, you can do a Countrywide short sale with no hassles and be back on your feet in no time. Get started with these few simple tips.

Understanding Short Sales

A short sale involves selling your home at a discount and getting your bank to accept the proceeds as full payment for your loan. That means Countrywide is basically taking a loss from the sale. The reason they consider short sales is that this is loss is still far less than what they would lose if they foreclosed instead. With a short sale, they get rid of a non-performing loan without losing as much time and money.

Preparing your Application

The documents you submit play a big role in your Countrywide short sale application. Documentary requirements can vary, but the goal is to create a clear picture of your financial situation so they can properly assess you. Include bank statements, proof of income, tax forms, your latest mortgage bills, and a price opinion on the property if you can get one. You will also need a hardship letter detailing the circumstances of your default and explaining how a Countrywide short sale can help you.

Pricing your Property

You and the bank should agree on a selling price for your home. The bank may request a property appraisal and base the price on the home’s current value, although buyers’ offers can as low as 80% of this price. Try to justify your price with recent market data in your area for similar property types, or check other Countrywide short sale cases as reference.

Working with an Agent

The best way to ensure a successful Countrywide short sale is to work with experienced professionals. Look for an agent in your area who has worked with cases similar to your own, and don’t hesitate to ask for and call client references. With a capable agent, you can get your Countrywide short sale approved and immediately start working your way back up.