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Do HUD Asset Managers Think We Are Mind Readers?

By Chanda Barrick

Real Estate Agent with Keller Williams Indy Metro Northeast

June 08, 2011 02:44 AM

I'm sorry, but I REALLY need to vent on this one...

Apparently one of the requirements of being a real estate agent these days, is the power to read minds...

I have a client who has been more than patient through a transaction that has essentially been my worst nightmare. Everything that can go wrong has gone wrong with the lender and Asset Manager for this property. We've run into one roadblock after another. When trying to come up with a solution, neither Asset Manager nor Lender want to budge... Everything is always everybody else's problem...

ANYWAY, We FINALLY get to a point where we "might" close, but we hit another roadblock. Escrow needs to be increased for the property as a result of one of the many roadblocks in this transaction. The last week pretty much went like this:

Me: "OK fine, Asset Manager tell me what the process is."

Asset Manager: "Go to the website and get the form...."

Me: OK, will do. Ummm, Asset Manager there are no specific instructions for this particular form. It is an amendment NOT and addendum or contract package.

Asset Manager: Mail it....

Me: OK, but it doesn't say we need to do that on the website and we're already into extensions for this property. Time is of the essence.

I get no response...and I can't talk to anybody on the phone because that seems to be forbidden..."Send an email" is always the response.

Me: OK, fine guess I'll go ahead and mail it....

Fast forward 5 days.....

Asset Manager: "Hello, your amendment has been DENIED because you did not submit detailed info to "xyz" person before submitting the amendment."

Me: Um, excuse me but your representative simply states to mail a form, nothing else. Your website says squat...And now the amendment is denied?

Asset Manager: Yes, you'll need to send a detailed request to"xyz" person. If that person approves, you need to mail a new amendment.

ARRRRGHHHHH, You know I really do try to keep a cool head, but a person can only take so much. I MEAN REALLY, am I a mind reader? How the heck am I supposed to know I need to send an email to some person I never heard of AND THEN if she approves, mail the actual request? COME ON PEOPLE, I think you need to get your process and procedures clearly defined and documented and quit wasting everyone's time and money for repeatedly having to change and resubmit things because we didn't get out our crystal ball ahead of time!

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Michael Kitsch

Coldwell Banker - Katy, TX

You need an envelope to lay on your forehead. And say "This envelope has been hermetically sealed since noon today." And get Ed McMahon to ask Johnny Carson what it says. Oh, well.

Jun 07, 2011 07:19 AM

Dick Greenberg

New Paradigm Partners LLC - Fort Collins, CO

Northern Colorado Residential Real Estate

Hi Chanda - I closed a HUD deal a couple of weeks ago, and, like yours, it was a nightmare all the way. I have never met a less professional, less committed bunch of incompetents. They purely and simply just didn't care. At least my client and his family got a nice home for a great price - it was worth it for them, so it was worth it for me, but what an amazing experience.

Jun 07, 2011 07:56 AM

Mike Carlier

Lakeville, MN

More opinions than you want to hear about.

It's a very easy process to understand. One side has no vested interest in completing the transaction, with your client or anyone else. The result is predictable.

Jun 07, 2011 09:10 AM

Sinead McAllister

McAllister Homes Real Estate - Oceanside, CA

Broker - McAllister Homes Real Estate, Oceanside,

Amen! It's amazing the amount of bureaucracy that accomplishes so little! Hang in there, it sounds like you're almost there!

Jun 07, 2011 09:14 AM

Chanda Barrick

Keller Williams Indy Metro Northeast - Indianapolis, IN

in referral

I honestly don't get how they think we are supposed to know these things. I'm keeping my fingers crossed hoping nothing else happens at this point. Like my client said "What else could possibly happen?"...Of course, now I may regret that I said that, LOL.

Jun 08, 2011 02:43 AM

Strange, seems if I make an edit on my post now, it defaults to draft...That's new?

Jun 08, 2011 02:45 AM

Lisa Wetzel

RE/MAX Realty Affiliates - Carson City, NV

CDPE, SFR carsonvalleyland.com

H - E - L - L - O !

Thanks for the post and thanks for expressing it so well! Sometimes I wake up saying things to myself like ... "You tough I did what" ... "You ask me to do what?" ... "It's time to do What?"

Thanks for the perfect blog!

Jun 08, 2011 02:48 AM

Anonymous

Joel Wilmoth

Coming from a HUD Local Listing Broker who also lists lots of bank owned homes..the process is actually very well thought out and organized. It just is not what we Realtors are accustomed to in the way a transaction flows. I teach a class twice a month for selling agents and have probably educated over 1000 agents now on this process. There are other listing brokers doing the same thing. We can argue the merits of whether you should have to get special training to understand the HUD selling process or not, but it is what it is. I really recommend anybody who wants to sell a HUD home find a training and get educated as to how the process works. Once you know the steps involved, you will find a lot of headaches removed. With no training, I do have empathy for the struggles involved. I have thought, and even suggested to various parties, that in order to use HUDHomestore.com all new registered selling agents should be forced to take some on line training.

Just want to provide the other side of this story for review. I realize my comments will not sit well with many but when HUD homes are such a large part of the market, I just want to share the path to success. I don't make the rules, but here is how to win the game!

Jun 11, 2011 03:10 AM

Joel, I am taking a class this Weds. sponsored by one of the Asset Managers (not the one that has been giving me a headache). I understand taking a class and that's fine for the basics, but they still don't have procedures documented. I mean really...is everyone supposed to know that you have to send a specific piece of information to a person you never heard of before you can even submit an amendment or else your amendment is denied? NO, the procedure should be documented and when you ask what the procedure is...then the people you ask should be able to tell you or point you to the documented procedure considering they also work for that same asset management company as random xyz person required to review request...

I understand your point, but honestly, there is definitely room for improvement.

Jun 11, 2011 03:41 AM

Do HUD Asset Managers Think We Are Mind Readers?

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