The Joys of Countrywide

avatarthumbnail.jpgOne 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]

Jonathan Dalton

Jonathan Dalton is a 40-plus-year resident of the Valley and has been helping folks buy and sell homes since 2004. He can be reached at 602-502-9693 or info at allphoenixrealestate.com.

0 Comments

  • Bill Lublin 9 years ago

    Jonathan;
    I agree that they’re a high maintenance seller, but their attempt to tie their new loan originations to their old defaulted loans is nothing new.
    I sold for them a few years ago, and that was in the mix even then. But in all fairness Fannie Mae and Homesteps both prefer that buyers use their finaincing programs when they buy. They’re just not as demanding (and much nicer about it)

  • Jonathan Dalton 9 years ago

    True, it’s not new, but it is rather entertaining to read.

  • Tyler, The Wealth Creation Guy 9 years ago

    Wow. Interesting to know that Countrywide would require a pre-approval from themselves before considering an offer.

    Surprising times.

    Thanks for the update Jonathan.

    Tyler

  • Tiffany 9 years ago

    Jonathon,

    You forgot about Countrywide’s lovely 15 page addendum that they require a buyer to sign and send in with an offer that essentially re-writes our contract.

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