Short Sales: Attitude and Guessing Games

By
Real Estate Broker/Owner with Rulnick Realty, Inc.
http://activerain.com/droplet/4fyf

I am working on getting a short sale approval for a house in Destin FL.  The mortgage is about $200,000 and the offer is for $130,000 (modified for the sake of confidentiality), which is slightly under maximum market value of $145,000.  The lender is Vanderbilt Mortgage.  To be blunt, they are not nice.  Most lenders have been in this game long enough to know how the system works, and have probably had thousands of short sale requests.  Vanderbilt just doesn't want to play.  Here is what is going on:

Faxed Vanderbilt 41-page short sale package with typical items, contract, settlement statement, hardship letter, etc.

After several days and numerous phone calls to Vanderbilt, they state the party handling the file is on "vacation" and to fax all to a different number.

After several more days and numerous phone calls to Vanderbilt I am told they cannot find the fax.  OK, I am used to this sort of thing, so ask where they want me to fax it the third time.  The girl says, "You don't need to fax it again, just tell me the net."  I was a bit dumbfounded, and pressed that I didn't want to waste the effort I had made in preparing the package.  She insisted and I told her.  She said she would give the "credit manager" the net figure and told me to call back on Wednesday.  I called back on Wednesday as instructed, and was told the offer was "rejected". Oh, that's nice.  "What's the counter?" I asked.  I was already getting a sick feeling about this bank, call it "short sale intuition".  The gentleman told me there was no counteroffer, but if I called back Thursday he would tell whoever was in charge to give me a counter.

I called back on Thursday.  That's today.  I was told the person I spoke with yesterday "did not know what he is talking about.  We do not counter offer."  I asked "Is this a guessing game?"  She wasn't very pleasant, and said mortgage balance was $200,000.  I told her that wasn't market value.  (By the way, most lenders understand that.)  She actually said, "Well, it may or may not be market value."  And she proceeded to arrogantly spew forth about how they normally don't entertain short sales and they don't do things like other companies do. 

Fascinated by this statement, I decided to do a Google search on Vanderbilt Mortgage.  Wow.   On their site they claim to be the largest lender for manufactured homes.  But several of the Google results are findings like "ripoff report", "scam fraud alert"  "complaints", etc. Apparently a lot of people don't like Vanderbilt.  Me either.

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc.

Search Destin real estate and vicinity.

Short Sale Pre Foreclosure Help.

Specializing in real estate sales on Emerald Coast of Florida: Destin Florida real estate, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. 

Call toll-free  1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email me at itswendy@rulnickrealty.com

Copyright © 2008 By Wendy Rulnick. All Rights Reserved. *Short Sales: Attitude and Guessing Games* Contact Wendy Rulnick regarding Destin Florida real estate and vicinity.

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"It's Wendy... It's Sold!"

Wendy Rulnick, Broker/Owner Rulnick Realty, Inc.

Call Wendy Rulnick 1-850-650-7883 ext 204

email itswendy@rulnickrealty.com

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Wendy Rulnick is the marketing choice for sellers on the Emerald Coast who want to list and get their homes and condos sold in Destin, Sandestin, Bluewater Bay, Santa Rosa Beach, 30-A, Watercolor, Seaside, Rosemary Beach, Seacrest Beach, Kelly Plantation, Regatta Bay, Destiny and more.

Rulnick Realty

 

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Rainer
47,239
DJ Swanepoel
Real Estate Wiki - Los Angeles, CA

It amazes me they're still in business with an attitude like that!

Oct 09, 2008 10:10 AM #1
Rainmaker
495,871
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

DJ - They might not be for long!

Oct 09, 2008 11:19 AM #2
Rainmaker
1,138,624
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Wendy, This sounds exactly like the scenario I just had with Countrywide. They outright rejected a cash offer that was right at market value. No counter, no explanation and there was nothing I could do about it. Very frustrating. I have now placed the property back on the market at a higher price and there has been ZERO activity since. Of course I've only been selling property in my specific market for 14 years so my estimate of value can't possiboly be right.

Oct 09, 2008 11:24 AM #3
Rainmaker
495,871
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Bryant - You must be way off in your value!  All I can do is shake my head and write a post...grrrrr grrrr.  By the way, love your blog.

Oct 09, 2008 11:39 AM #4
Rainmaker
540,193
Sergio Rebollo Jr.
Real Estate TeamMates - Miami, FL

Wendy....I'm very impressed!!!  Listening to the birds on the balcony with your tablet pc huh :)  You've got an Integrated Marketing campaign splattered all over the Internet.  Very well executed!!!  Congrtulations!!

Oct 09, 2008 03:57 PM #5
Rainmaker
495,871
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Sergio - Thank you! I've got to really get away from this computer sometime, though!

Oct 10, 2008 01:47 AM #6
Rainer
40,825
Carolyn Gjerde-Tu-Davis
Lyon Real Estate - Davis, CA
Ca Real Estate

There are so many frustrating things about this situation, but one that has struck me quite a few times is why is there so much reliance on faxes.  It seems like faxing is not the most reliable way of passing on information and that one way to streamline some of this entire process would be for the lenders to set up a centralized email address that the paperwork could be sent to.  They could set up an auto-response back to whomever sent the email that the email was recieved.  It would at least bring them up to the 21st century.

Oct 13, 2008 04:08 AM #7
Rainmaker
495,871
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Carolyn - I'd fear they'd lose the emails, too!

Oct 13, 2008 11:02 AM #8
Anonymous
Anonymous

I have a co-worker who I give 25% to who negotaites short sales very successfully. Fortunately, he has been doing this for years, even before this latest economic debacle.  He talks "BANK TALK". This way, I do not have to deal with the endless phone calls and run around.  It is a win-win situation for both of us.

Oct 14, 2008 02:29 PM #9
Rainmaker
284,256
Gene Allen
Fathom Realty - Cary, NC
Realty Consultant for Cary Real Estate

Still amazed at this late date by lenders who are not getting it yet.  Go figure.

Oct 15, 2008 07:58 AM #10
Rainer
9,847
Jovani Ruiz
Escondido, CA
What ended up happening with your short sale. I got the same, "we do not counter" response. Any info would be greatly appreciated.
Sep 19, 2011 02:55 PM #11
Rainmaker
495,871
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

Jovani - We actually took the house off the market, and it was foreclosed on. 

Sep 20, 2011 02:16 AM #12
Rainmaker
1,269,832
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Los Angeles CA

When you’re representing either a buyer or a seller in a short sale transaction, one of the most important messages you can convey is, “This will not be quick.” When it comes to short sales, patience is not only a virtue, it is a necessity. 

Dec 14, 2016 02:40 PM #13
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"It's Wendy... It's Sold!"
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