Bank United Short Sale Glitches- Part 2- And Why They Should Get Rid Of Third Party Companies who are unethical and only damage the reputation of Bank United and other banks who are using them.
So if you are not up to speed with what is going on, click here to read Part 1 of Bank United Short Sale Glitches Part 1 to catch up.
I know that most of you are waiting to hear what Nestor got resolved after Part 1. But there was more to the story that is going to make blood shoot out of your eyes!
First of all let me give you a little background on our sellers who this pertains too. They are in their 70's. Their business they own has really suffered in this economy. The husband is in ill health and the wife is stressed with paying on all their rental properties that are super upside down. They are wonderful good honest hard working people who fell on bad times. We have two of their properties listed for short sale that are both with Bank United.
This couple was referred to us by another client about the same age they are who listed his house as a short sale with us and is a successfully closed short sale transaction with Bank United also. We loved working with Bank United for years before they got into this third party company stuff.
Anyhow, this age group of clients is not going to do everything over the phone and online which is our normal short sale protocol. After many questions and several hours of consulting about their situation and they spoke to several attorneys- they decided that we would be the right fit for them. Even so, this was over the phone and email, they flew here to meet with us because that is how important it is to them to know who they are working with. You need to know this in order to get what happens.
Of course, after we listed the properties NQS got involved. It was like a cog in the wheel. That is another post for another day. Then all of a sudden the file was pulled from NQS and now there is some Greenriver or something like that in their place! It was out of the blue, as usual in these situations.
Someone from Bank United calls the sellers and tells the that the best decision for them to make is to do a deed in lieu! Well, Mr Seller tells Mr lender that he does know what a deed in lieu is and that he is already doing a short sale on both properties and both properties have offers on them. Mr lender says, oh but a deed in lieu is less paperwork. He kept pushing Mr Seller and telling Mr Seller that this was in his best interest! But never once explained what a deed in lieu is. Mr Sellers said to Mr lender, please send me some information regarding what you are talking about in writing.
He never received anything from Bank United. Ten days went by and nothing happened. Well, suddenly our file was shut down in the system. When Milet tried to upload some updated documents she was told that the short sale was canceled because the sellers are doing a deed in lieu!!!! What a surprise to everyone that was! The sellers did no such thing. After reading the personalities of our sellers, it is obvious they would never make such a quick decision and especially make one without going over it with us and their attorney. Bank United has NOTHING in writing from the sellers.
This brings me to my next observation. If a seller does a deed in lieu the listing agent has to cancel their listing. So a bank calling your seller and telling them about doing a deed in lieu while you are under contract with a listing agreement and you have an offer in place- hmmm, is that tort interference with a legally binding contract?
The sellers prepared a certified letter to Bank United, faxed them the letter and called the Loss Mitigation Dept. Bank United. A person that Nestor has worked with before told the sellers that a short sale is actually their best option and that we should send to him directly the files and the offers and that he would personally take care of these files and without a third party interference. He projected that we should be able to get approvals back within the next 30 days and set a closing date shortly.
Nestor and I recently received 3 calls from 3 different sellers who are with Bank United where they were told by Bank United we are to deal directly with Bank United and not with the third party companies who were the ones handling the files on these properties.
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Copyright © By Katerina Gasset 2010*Bank United Short Sale Glitches Part 2- And Why They Should Get Rid Of Third Party Companies*
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