A Guide for Agents: Submitting an Offer on a Countrywide-Owned Property

Procedure for Offers on Countrywide-Owned Properties

STEP 1

All buyers must obtain a pre-approval letter from Countrywide Home Loans.  This is required regardless of if the buyer plans to use a different lender or not.  If the buyer is using a lender different from Countrywide, he/she must also submit a pre-approval letter from that lender.  

• If your buyer is not already approved with a Countrywide represenative we suggest you call Patrick Steele at: (951) 776-3722 (mobile) or 1 (888) 434-8780 (office.) His office is located in Riverside on Alessandro Blvd. 

  The purpose of this process is to ensure that your buyer is, indeed, able to qualify for the purchase of the home he/she is interested in.  Since Countrywide so strongly believes in their lenders and their loan programs, they also offer an incentive to potential buyers if they choose to use a Countrywide lender.  If a buyer chooses to use a Countrywide Lender and closes on the transaction then the credit report and appraisal of the property will be free.  

  STEP 2 

  When you submit your offer, Countrywide requires that you also submit a signed acknowledgement form stating that you have received a copy of the Countrywide Purchase Addendum and reviewed it.  (A link to this document can be found below.) Please read the Countrywide Purchase Addendum very carefully as this will eventually be a part of the purchase contract.  Once you have reviewed the Addendum please print and sign a copy of the Acknowledgement form. (A link to this document can be found below, titled: Purchase Addendum Reciept & Acknowledgement Form)

   

  Once all terms have been agreed on between buyer and seller than the Purchase Addendum will be filled out by the listing agent and signed by the buyer.  After ALL forms are signed by the buyer then they will be sent to the Countrywide corporate office for signing and full execution.  

  • Please Note: the Countrywide Purchase Addendum must be referenced somewhere in the actual purchase offer (The C.A.R. Residential Purchase Agreement - CAR FORM- RPA-CA).  On page 6 (of 8) in the contract you have the ability to add "other terms and conditions" into clause 25.  In the blank space under clause 25-D you can write: "Countrywide Purchase Addendum to be a part of this contract."  This will make the addendum part of the actual contract, which is what Countrywide requires on all purchases of homes they own. 

  STEP 3

  All buyers must also sign the Countrywide "Water Damage, Toxic Mold & Environmental Disclosure Release and Indemnification Agreement."  This is a standard form that is required on all Countrywide transactions.  A link to this document can be found below.  Please read it carefully and have your buyers sign the form.  This form must be included with the original offer.

  STEP 4

  If there are multiple offers, your buyer will also need to sign a Multiple Offer Notification & Acknowledgment Form.  You can call us to verify whether there are multiple offers on the property or, if you want to be safe, can have your buyer fill this out and submit it with the rest of your offer.  We will discard this form if there are no other offers on the property. 

  • Please Note: Although every effort is made to present and process offers as quickly as possible, Countrywide is known to take between 3-7 business days to respond to an offer.  This response time is due to a very large influx of REO properties that have come into their inventory within the past 6 months.  Please be patient and relate to your clients, up front, that response on offers they submit will not be immediate.