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After being told yesterday that a FHA short sale that took six months to open had been unceremoniously closed after six additional weeks without a negotiator being assigned, I began to what in the world “loss mitigation” is all about.
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12 Comments on Short Sale Mountains to Climb.
Richard, wiser words have never been spoken. If we know what is going on, we can deal with it. I think this was the major mistake by lenders in dealing with a problem they are jointly liable in creating. I am not sure the staff knows what it is like on our end, and how their lack of motivation or caring affects real people's lives.
Richard, it is poor planning on their part, to say the least. It is like an old house that has been added on to here and there, without permits, because they needed a room over here, over there, because they had gramma move in, because they wanted indoor plumbing.... fast forward to years later and the house is a total disaster. That is what these lenders have done, they didn't understand the mechanics, they didn't look at the full picture. They rigged these departments quickly, added people here there and everywhere, many times just warm bodies with no real power.
Although, having said that, there are 2 lenders I would work with in a heartbeat. They were smart early on and someone had the insight needed to make it work.
Webster Bank actually takes a foreclosure file and hands it to their short sale negotiator. No surprises there at all. And they are easy to work with.
Union Savings Bank .... a local lender, is amazing. They make decisions quickly, they understand the urgency on our clients part, even on their part.
Sure it might be that they are not as overwhelmed as large lenders, but if you reaped the benefits of being so big, (as in money) then you should have the money to set it up right, to do it right.
It is all a matter of relativity. Smaller lenders may have less foreclosures and short sales, but they have fewer employees.
I hope I have made sense with my thoughts here.
Gary...
One of the real problems is that the staff does NOT understand our role in the process. I do take the time to educate them. Thanks so much.
Andrea...
We have a few local banks here that are the same way. Real people making real decisions. I have often wondered if the big outfits are charging by the minute. When you think about it, 50% of the conversation is that repetitive crap. Thanks for the super comment, my friend.
That whole process must be frustrating Richard, my hat is off to those of you who specialize in it.
Frustration is the offspring of ignorance.
Richard, I sometimes I think that short sales were created to teach us agents and our buyers patience. The unknown part of it all and the lack of communication is what is so very hard to deal with.
Richard some of what these banks do makes absolutely no sense. And many of the folks working on this file have no clue as to how real estate and/or short sales work. I feel your pain...been there done that and don't want another T shirt. I've got several going on now and 2 of them are in some kind of outer space zone and nobody is making sense. Maybe they're hiring aliens? Hmmmmm???
I can not even begin to imagine how frustrating situations like that are for you agents. I, for one, don't have the temperment - it would stress me out big time!
Communication, imagine that.
Sadly, the short sale process isn't any better now than it was several years ago in many instances.
I work with short sales, but I hand the negotiating off to my broker, who is not only one of the most patient people I know, but also the smartest as far as knowledge as to how to deal with the yahoos at the "banks".
Wishing you all the BEST....Suzanne
just had this happen with a chase file. Then they refused to do deed in lieu for them too. I wanted to climb through the phone and strangle them when they told my seller he would have had to make that request in writting last week.