IndyMac/OneWest - The Real Reason Why You Rather Foreclose Than Extend Sale

By
Real Estate Broker/Owner with Heart Realty Group, Inc.. IL-471.002355

My seller's informed me via email that a sale date had been set for a home I have listed for them.  I immediately went into full combat alert and started updating the MLS - lowering price dramatically, blogging, tweeting and facebookin the new price.

I called the bank and tried to get an extension to allow me to continue marketing the home since showings have increased in the last couple of weeks. But despite pleading the customer service rep repeated her little script like a good robot and informed me that unless they had another short sale offer they would not even consider an extenstion.

I tried emailing my request to the last negotiator and the same company line came back...so sorry...can't do....need offer...then maybe....yea right!

Searching for the name of the current CEO I came across this video that explains the real truth.  Make sure you are sitting down and have taken a drink because you may need one after this is over.  This is just one bank that failed - which leads one to believe that the same deals were given to others in the "know" with all those other banks that failed.

Meanwhile, we realtors, keep working and fighting the good fight trying to help home sellers.  Really puts a damper on the whole thing.  Yea, banksters...I can now understand the true meaning of that word. 

 

Posted by

Evelyn Santiago

Managing Broker - 630-251-0059

Heart Realty Group, Inc.

We are Passionate About Real Estate!

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Topic:
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Location:
Illinois
Groups:
Running a Brokerage
short sale specialists
Tags:
banksters
one west short sales
fdic sweetheart deal
indy mac short sales
who you know wins again

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Rainer
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Kristal Wilson
Strategic Sales and Marketing - Riverside, CA
~Your New Construction Specialist~

Thanks Evelyn

it's scary, unbelievable and sad but I'll be passing this on.

from a fellow Realtor fighting the good fight!

Jan 19, 2011 09:22 AM #1
Rainmaker
285,400
Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Heart Realty Group, Inc.. - Oswego, IL
Passionate About Real Estate & Our Clients!
Kristal: Thanks for your comment! It sure makes our job even harder when we find out information like this.
Jan 19, 2011 10:28 AM #2
Anonymous
Shirley Walker

I had the same situation...I have 3 offers - submitted one.  They are telling me it has to be CASH and my offer is too low compared to their last BPO but they won't tell me what that amount is so I can't counter the current buyer.  They just want to foreclose.  At first they told me I had to remove the verbage in our standard PS agreement regarding assigning the PS agreement.  So we quickly rewrote the offer and removed the verbage and then they told me about the cash and unknown price...they were just wasting enough time so they wouldn't have to extend the auction date.  The problem is - values are still coming down here and they will end up taking less but they don't care.  We saw 30% depreciation in 2010 and 2011 is still showing a decrease every month.

Jun 05, 2011 11:58 AM #3
Rainmaker
285,400
Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Heart Realty Group, Inc.. - Oswego, IL
Passionate About Real Estate & Our Clients!

Shirley:  It's amazing that the banks should care if an offer is cash or a mortgage...they still get a wire transfer so its all cash to them.  The servicers make more moeny when it goes into foreclosure and they are just greedy.  Until regulations are put in place for the servicers to be held accountable we will continue to see decisions that are poor and only benefit the banks.

 

Thanks for your comment and good luck this year!

Jun 07, 2011 08:46 AM #4
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Rainmaker
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Evelyn Santiago, Managing Broker Heart Realty Group, Inc.

Passionate About Real Estate & Our Clients!
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