I speak to several agents who all agree that the banks have no clue as to what to do with short sales. They all ask why do they take so long to make a decision on a "no brain-er"? For example, we are asking for a short sale on a home with a 1st and a 2nd. The first will be paid 94% of what is owed and 2nd agrees to accept $3,000. Yet the 1st is dragging their feet for the approval, 5 months. We as agent think, what is the hold up, why can't they see this is more profitable to short sale than to foreclosure. My thought is that the people in charge of the bank are not making the decisions. It is a person making $13 an hour with hundreds of file who could care less which is more profitable. So be friendly to everyone you speak to you just may get somewhere.
Those making $13 an hour may be making sure they keep a job. If they close these files quickly, their hours may eventually be cut. I know thats a long shot, but it could be true. It's job security.
It happened again last night. I have been fighting with the 1st lender on a short sale since Feb. The 2nd was ready and willing to negotiate. The 1st finaly came around and ordered a BPO for this week. Last night the 2nd called me and said they arfe closing the file and we have to start all over again. Why? Because I took too long. I was livid. Sad thing is there is nothing i can do or anyone I can speak to.(Insert profanity here)
Does the owner have mortgage insurance on either of these loans? I don't know too much how all of that plays in. But, I had a potential client call there servicer and ask who the investor is. Also, I told him to find out who the mortgage insurance company is and ask how much they pay to the investor when a claim is filed. The answer was Fannie Mae and the mortgage insurance pays out 20% of a claim.
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