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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] You think traditional flips are difficult? Posted by CC in OC on May 11, 2009 at 2:11 PM In Reply to: BTW, anyone can access Fannie/Freddie Guidelines posted by CC in OC on May 11, 2009 at 12:08 AM Get a load of this email I received from a RE guru: Can this evil, file-losing, BPO-denying, investor-hating behemoth be brought to its knees? Well, you remember about 6-8 weeks ago when I told you that Countrywide was putting verbiage in their short sale approval letters that said the buyer could not resell the home within 30 days of purchasing it? My vote was to begin treating Countrywide like a red-headed stepchild and beat them with a clothes hanger, but I know lots of you have deals in the pipe and potential greenbacks on the line so maybe we'll keep the clothes hangers in the closet, for now. Here's the new skinny from what I've heard on the streets. Most title companies are declining to ensure these transactions where Countrywide places the 30 day verbiage on their approval letters because they are stating they cannot be held responsible for what happens to the property in the following 30 days after a sale. The title companies are requesting this verbiage be removed and this the deal can be closed. If you get an approval with Countrywide and they it says the home cannot be resold within 30 days, I would point this out to your title company and ask them if they will ensure any transaction where this is a requirement. If they say no--and they likely will--have them address this with Countrywide in order to get them to remove it. Once it is removed this makes your situation look a lot better. Follow Ups: A suggestion on how to deal with seasoning CC in OC 1:51 PM, 05/12/09 (3) Re: A suggestion on how to deal with seasoning Larissa 8:46 PM, 12/29/09 (1) Re: A suggestion on how to deal with seasoning CAROL SPENCE 4:39 PM, 03/21/10 (0) How to Speak with the End Buyers Lender So They Don’t Screw Up Your Flip! CC in OC 2:53 PM, 05/15/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Get a load of this email I received from a RE guru: : Can this evil, file-losing, BPO-denying, investor-hating behemoth be brought to its knees? Well, you remember about 6-8 weeks ago when I told you that Countrywide was putting verbiage in their short sale approval letters that said the buyer could not resell the home within 30 days of purchasing it? My vote was to begin treating Countrywide like a red-headed stepchild and beat them with a clothes hanger, but I know lots of you have deals in the pipe and potential greenbacks on the line so maybe we'll keep the clothes hangers in the closet, for now. Here's the new skinny from what I've heard on the streets. Most title companies are declining to ensure these transactions where Countrywide places the 30 day verbiage on their approval letters because they are stating they cannot be held responsible for what happens to the property in the following 30 days after a sale. The title companies are requesting this verbiage be removed and this the deal can be closed. If you get an approval with Countrywide and they it says the home cannot be resold within 30 days, I would point this out to your title company and ask them if they will ensure any transaction where this is a requirement. If they say no--and they likely will--have them address this with Countrywide in order to get them to remove it. Once it is removed this makes your situation look a lot better. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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