One of the more entertaining notes to appear in the Arizonal Regional MLS of late is the requirement on Countrywide-owned REO properties that the buyer be prequalified by Countrywide before an offer will be considered.
The buyer can use any lender they choose for the loan, but Countrywide wants to make sure they can prequalify them before the offer is viewed.
Considering Tobey probably could have been prequalified by Countrywide back in the day and considering Countrywide’s significant role in the mortgage meltdown, how much is that prequalification really worth? Does it tell anyone anything?
Countrywide also is home to one of most comprehensive (to the point of being onerous) REO as-is addendums around. Read it closely enough and you get the sense Countrywide is offended that a buyer might want to inspect the home they’re about to purchase.
Then again, Countrywide’s true colors have been emerging of late … in case you missed last week’s e-mail fiasco involving CEO Angelo Mozilo, check it out here.
Mozilo’s millions of dollars in bonuses, though, for operating a mortgage mill with no conscience? No, that’s not disgusting at all.
[tags]Countrywide, real estate financing[/tags]