I was contacted by a woman in the Fall about a few homes in the Kirkwood & East Atlanta neighborhoods that her mother had owned. Now, as the executor of the estate - it was time to sell them and move on. She'd seen my signs in the area & decided to give me a call. I'm not sure there are too many realtors willing to deal with the banks in a situation involving multiple liens and small properties (each less than 80k).
The outstanding loan balances on her mother's former primary residence was well more than double the market value, not to mention additional credit card debt, taxes, etc. We were in for a "fun time" with Bank of America on this one. Honestly, I usually enjoy dealing with Bank of America and the equator system compared to some of the other banks that can be even harder to reach/communicate with.
What was amazing is how many hands touched this file & directed it in the wrong channel or merely didn't read the obvious important facts......like the fact there was a death certificate, letter of testamentary, etc. --- so when they ask:
Why is the signature different than the original loan documents 20 years ago? (um...really -ok, I'll state it again - she is deceased & the executor signed everything --I was only asked this at least 15 times)
Does the signee still reside in the home? (again, she is deceased....as the death certificate indicates)
Where is the signee's 2010 tax returns & last 2 paycheck stubs? (um...again, she is deceased)
And so many more lovely questions where we had truly already answered them in Equator during the uploads & gave explanations/supporting docs....but the calls & emails from employees who are overworked, underpaid, and definitely not encouraged to take the time to process information & think were struggling to piece it all together for themselves.
It gets to be a little frustrating to continuously explain.....she is deceased, not to mention this is already an understandably emotional & trying chapter of her daughter's life - but to have the bank keep asking the same questions & even rejecting the short packet (don't worry we kept send it back in --unfortunately we ended up having to make the header of each page read "DECEASED - ESTATE SHORT SALE" just so they wouldn't keep trying to code it for loan modification, HAFA, etc.
We had BofA approve the 2nd lien position in just over 2 weeks!
We had BofA miscode/misdirect the 1st lien position for over 3 months - changing departments and then negotiators 6 times.....after a yet another error & denial of the packet - we made countless calls, resubmitted the packet, head an executive review of the previous mishandling & had it escalated - with an approval within 2 weeks.
It took 4 months - but in the end we had multiple loans & additional liens cleared to sell this Kirkwood home.
The 2nd property is about to be listed (no outstanding loans on this one thankfully). But no matter what, if it's possible to get a short sale done so homeowners/their families can move forward with their lives - we are here to get it done. 100% of the short sales we listed in 2010 were approved & CLOSED.
I am CDPE & fight hard to ensure my clients get the dignified solution they desire. So if you or anyone you know is facing foreclosure in the Metropolitan Atlanta area just "Call Mike for Results You'll Like". We handle short sales on single family homes, townhomes, condos, even multi-family developments. Our favorites are the Jumbo Loan market negotiations. It takes a special touch to be able to get a bank negotiator to understand that taking a $300,000 loss on a $700,000 loan is truly in their best interest....but that's what we're here to do - so people can move forward with their lives & we can help to stabilize neighborhoods throughout the city. It doesn't matter where you are: Morningside, Virginia Highland, Kirkwood, East Atlanta, Grant Park, Buckhead, or Brookhaven - Short Sales are impacting each neighborhood and will be a significant part of the real estate landscape for the next few years in the Atlanta area.
Real Estate Consultant
Keller Williams Realty Atlanta Midtown
#1 Individual Realtor for KW Atlanta Midtown '09
Short Sale Info & Avoiding Foreclosure: www.AtlantaDignifiedSolutions.com