I am working the buy side of a short sale transaction where GMAC is the servicer of the loan. In order to get info to and from GMAC, the short sale negotiator only communicates by email. Even the loss mitigation department can't access the short sale department by phone, according to the LM people.

Maybe the corp short sale dept heads think it is easier to say no to an email than it is to hear a voice. However, when you read "the house is in disrepair" it is different than hearing the voice of the agent who has actually been into the property and seen "the mold, holes, stains," and other sundry issues.

So if you are trying to get a GMAC short sale done, plan on lots of time and little personal interest. Hopefully, they are receiving the emails that are relevant to your deals. Maybe they have some new way of reading written words that give a more complete understanding than the rest of the world does.

I think that their attempt to limit communication in to their department, is limiting their understanding, and therefor delaying or even causing them to miss opportunities to get the best for their client - the lien holder.

Heath Coker, Associate Broker
Robert Paul Properties
www.CapeGroup.com / capegroup@capegroup.com
508-274-5613  Licensed in MA
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Posted by Falmouth MA Cape Cod Heath Coker on 09/15/2009 11:51 AM   Comments (4)   Short Sales in the ActiveRain Channel   real estate, mortgages  
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4 Comments on GMAC Short Sale Info

SEP
15
2009
714,200 Points 2 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Heath:

I am surprised GMAC is talking to a Buyer's Agent at all!  Usually only the listing agent has authorization from the homeowner.  Have you tried going thru Homecomings?  They are the same company and pass accounts back and forth.
4:28pm • #1
SEP
16
2009
338,633 Points 3 Featured Posts

When the homeowner wants to sell, and the servicer is interfering, authorization is available.
7:36am • #2
SEP
17
2009
714,200 Points 2 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

What?????  Are you saying the homeowner gave the Buyer's Agent permission to talk to the Bank?  I don't understand your comment...authorization is available.
9:25am • #3
338,633 Points 3 Featured Posts

Whether they gave the B A, or an attorney, or some one other than the listing agent permission is not as relevant as the fact that all of the parties in the deal are working to get a satisfactory resolution except the servicer.
10:14am • #4


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Falmouth MA Cape Cod Heath Coker

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