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It's ALL in the Processing

Bing I have had a "short sale" on the market since September. In December I found the sweet spot for listing price and got 3 offers. Followed the instructions to a T and submitted the offers.

Right away, Wells Fargo sent out 2 Realtors to get 2 BPO's (Broker Price Opinions)completed.

They were going to work with the best offer and told me not to send over anymore offers unless they were better.

The processor was fabulous, she emailed us right away, called me once a week to give me updates, I was thrilled.

The buyer agent who brought the offer was a part time agent out of area. Wells Fargo asked for one more document and they needed it by Monday. All weekend beginning Friday we told the buyer agent to get the document to us by Sunday. Colleen ( my assistant ) and I called him throughout the weekend to get it to us.

Sure enough on Monday morning the processor from Wells Fargo called me at 8:30 AM. I had to tell her that I didn't have the one document back. She told me she had to delete the file. On Tuesday morning the document came. We sent it over to Wells anyway, but when we called to follow up they said the file was closed and they were starting over.

The agents excuse was the buyer didn't come to work on Monday. I told him well, "We told you it had to be here by Monday so you should have gone to pick it up over the weekend."

I got another offer a few days later. We again followed all the instructions to a T, and sent all 44 pages over to them. Because the BPO's had been completed, we felt it would go quicker.

NOT !!!

Call us I received another request for a another BPO and was told there was a RUSH on it. Five minutes later the agent called and we gave him the code to get in and he went out the next day. This was 2 weeks ago today. We still have not heard from Wells Fargo. We have made numerous calls to them and the processor will NOT CALL us back.

I called the agent who did the BPO and he said he turned the appraisal in over a week ago. This time the BPO is 70K less than the first two which were done in December.

When we told him WHO the processor was this time, he laughed, "good luck" he said, "she is terrible".

We have complained twice now to the people that answer the phone at Wells Fargo, told them how efficient the first processor was and how now 2 weeks later have not heard a word from the second processor. They have informed us that unless the current process violates company policy they can not switch us.

Is this frustrating or what?

Anyone have any advice on what to do?

Things went so smooth with the first processor that I just can't believe it is going this way this time.

Missy Caulk & Team can be reached at 734-926-9797 or email: Missy@MissyCaulk.com

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Posted by Missy Caulk-Ann Arbor-Realtor® Ann Arbor Real Estate on 01/31/2009 03:14 PM

Comments (99)

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Originally posted at: Ann Arbor Undressed : It's ALL in the Processing

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99 Comments on It's ALL in the Processing

JAN

2009

This is another example of what Congress should be investigating. The bank couldn't give you all another 24 business hours yet they can stall for days or even weeks. What a real snaful this whole bank selling houses mess is... What was it Ollie used to say to Stan in the old Laurel and Hardy movies? Thats another fine you you got us into!..

Goodluck Missy.

Missy, it appears there are two issues.

a lower priced bpo by an agent who sells in the area?
an unorganized unresponsive employee of Wells Fargo.

It doesn't help to complain about that processor. In fact, the processor, if he/she knew would put the file at the bottom of the barrel. However, check with someone in retail who knows the ladder in wholesale and can get an inside assistance contact to this processor.

If you have problems, let me know and I'll try over here from Chicago for you.

Barb, thanks for the offer. Actually, I don't think the problem is the BPO's, just seems a waste of money and time to do them again since they were just done 30 days ago. Heck the market hasn't changed that much. The problem is this processor isn't on top of her game, and isn't pro-active in the transaction. The first one, sent me her email, called once a week. I NEVER had to call her NOT one time. She was the working the file. This time is is just sitting with no communication.

Do you have a connection with Wells Fargo? They rent space from us in our KW office, but I am not comfortable asking them to help me as I don't use them for loans.

What happened to the 1st processor? Can you not call and speak with that person? Or is that person no longer working there?

I've never had issues with short sales on the seller side as I get them completely approved before listing them, but I've been on the buyer side of disorganization and it's miserable. Good luck!

Donna, no we already asked and they said it by rotation and they assign them.

Hi Missy. I have no advice what so ever.

However, I am trying to learn all I can about the process.

Thanks for sharing,

Ken

Missy, I'm dealing with a processor that won't do diddly. It is the most frustrating thing I think I've ever tried to do. Banks got into this mess because they weren't looking out for their best interests... by allowing these short sales to turn into foreclosures, I say they're still not looking out for their own best interests. So, let them fail. No bail out money whatsoever.

Missy, I have connections. Send me the information via email and I'll place the call on Monday for you.

Missy. We need to keep writing about these short sale goofs by banks as often as we experience them. The more light we shed on this mess, the better.

I'm glad you named the bank. Transparancy is needed to get these insane processes out to the public, other agents and any regulator who should ever have the good sense to read our blogs.

We know that there are going to be a continuing problem with short sales, but we don't need to be fighting the banks.

Missy,

I haven't had any luck with short sales at all. My first one took 5 months for the bank to accept, by that time they buyers loan was no longer available. Now I've been working on a second one for four months only to find out yesterday that the loan has been sold to another investor.

Now I see why so many agents in my area don't list or show short sales - very frustrating!

Marie Story

www.MarieStory.com

Ok Barb, I will get it to Monday morning with all the information, loan number, processor, client etc.... Thanks so much for helping.

Marie, as I said the first time on this file was smooth as butter.

Lenn, should I make this public ?

"They have informed us that unless the current process violates company policy they can not switch us."

Seems to me not following up in a timely manner SHOULD be against company policy. Good Lord! All I can say is, best of luck. How frustrating! The more I read about some of these companies, the more I put them on my "won't use them as a lender" list. Wells Fargo was just added. Customer service is from the front end, beginning with the Loan originator, to the back end when we need them, as in your case.

These lenders BEG us to do business with them and then treat us like this? The banks need to "clean house" and get some employees that will treat each case as if it were important and in a timely fashion. I know they are busy, but if the first processor was so kind and able to get your contract handled promptly, then the others can as well.

If they want our business they need to act like it!

Missy,

Sorry to hear that WF is giving you the run around. I worked for them in 2002 and their behavior does not surprise me. You were lucky the first time to have a processor that was efficient, too bad the buyer's side wasn't the same way - VERY FRUSTRATING! I hope things turn around for you and the home.

Cyndi

Missy. Up to you but the one I wrote about Stovepiping on the 25th was about Wells Fargo too.

That was public. I love sunshine.

Missy I find it interesting that Wells Fargo orders BPO'S on a short sale and not an appraisal from a licensed appraiser?

Just read Lenn's comment...why not make this public?

I also have one with Wells Fargo that has been a nightmare. And I definitely agree with Lenn and Bill that you should go "public" with this post. That said, what you're describing is classic, and common. The extremes are ever-present when it comes to bank owned property processors, negotiators and asset managers. I recently had a God-awful negotiator with EMC (Bear Stearns), but an incredibly great asset manager with Citi. It's luck of the draw, tho, and never predictable. Yet another reason short sales suck.

Randy Hooker

Well I could go off on a tangent here about the p/t out of area agent who screwed the first deal up for everyone involved....but I won't.

These things are happening in every market across the country I'm sure. It just makes no sense and the frustration level is ridiculously high for all parties. UGH!

I still can't believe the deleted the first one because of a one-day delay. This is just crazy! Let us know how it turns out.

Missy, It is very much luck of the draw with negotiators. I have to say though that thus far I have had more positive than negatve experiences with short sales. It does suck when the file gets closed and you have to start over. The buyer's agents hould have been a little more on the ball with getting paper work signed.

We have had the same experience with Wells Fargo. We thought we had an edge because we were working with a Real Estate Attorney that was friends with a law firm that helps Wells with short sales...its been months and not an inch of progress. Its crazy!!!!

Missy, I posted on a similar short sell it appears. Several processors and 10 months late I closed the deal. This was a property I was adding to my personal inventory. At the end it worked out but why so long no reason.

Missy, I wrote on my first SS in December, still waiting for the BPO. Most of my clients have opted for the REOs instead of SS because of the hassle, but this was was too good to be true. I just found out the bank is Countrywide and have found that they are the worst. If we ran our real estate business like the banks have run theirs, we would all be in jail, I just don't get them? I wish you luck with this one.

Instead of throwing another $800 billion at the problem, we'd have the market back on track in a year if the government mandated that the short sale process be streamlined so problems like this would be avoided.

Missy, this is what you get when unqualified and 'could care less' people try to conduct business...I just wonder if Wells Fargo knows about their super employee?! Wishing you lots of patience...with smiles, Bo

It is just amazing to me that the banks will not work harder to modify the loans rather than let the houses go into foreclosure and wind up losing more.

Missy, I was on the internet handling a file. Sorry about the cross over on communication.

A friend of mine there in Ohio just closed a sale that has been pending for 6 months and 2 days - a short sale on a $450K house on the water. She is truly relieved, but I'm amazed that the buyer hung in there that long and that the loan approval was that solid! Hope you get your mess straightened in short order. It's so frustrating playing the waiting game, especially with an uncooperative processor.

Missy, I had a lame processor and I called him so many times a day I jammed his voice mail. He called me back yelling at me saying he wanted to get my file moved on as quickly as possible the same day! Duh- that is what I wanted in the first place. It is a squeaky wheel thing sometimes.

Missy:

I am on my eleventh processor for this one short sale that has been in the works since July 2008. I have heard every excuse or delay tactic under the sun. I have had buyers get buyers fatigue and at least four new BPO's. Who ever said that short sales are short.

Ok I made it public was out for dinner and another preliminary meeting on possible short sale. As Lenn has posted many times, it is negative equity.

I don't envy Realtors with these REO's - 95% of the time I hear headache stories. These banks have to get a clue on how to do this - well you would think .. eventually. Good luck. I would only pray my pipeline wasn't all REO's - I'd be going insane!

Kristi, well that is one solution. :)

Lorraine, no they are not short, sorta funny when you think about it, isn't it?

Carol, we have a buyer on a lake tear down house that has been waiting for 9 months. Of course this is fine when you have lake property and people can afford the waiting game.

Lisa, some loans just can not be modified, but everyone should at least try.

J. Philip I agree it would definately help.

Frank, congratulations !

Mindy and Jay, well you would have thought it would have helped but we found out you can't get the processors to come to the phone.

BB, it is the LUCK OF THE DRAW, our first one was great.

Colleen, yes it would have been done and closed if they had perfomed.

Cynthia, oh how I wish we had her back, she should get a raise.

Elizabeth, you are right it is all in training.

Bill, done.

Missy all I want to add is I admire your stick-to-it ness. Your clients are very fortunate to have you working on their behalf. I'm afraid I wouldn't have had your patience! Keep us posted.

Your Raleigh Realtors

Missy... is frustrating when this happens. I would not be suprised to see a higher up Wells Fargo person call you. We just had a successful short sale settle on Friday. We have been doing pretty well with them. I would try to get the name and contact the processors manager.

Missy, I can't imagine how upset you are and I do hope making this public helps--and believe it just might get them to move. Certainly seems like Wells Fargo would not want someone in their company that gives them such a bad reputation. Best of luck and please let us know how this works out.

I am surprised to hear this - I've had 5 Wells files within the past 4 months and all went extremely smoothly. If the original negotiator said the file was closed, then he/she most probably no longer has the file. Have you confirmed with the Wells c/s line who your current negotiator is?

Hopefully you can get it bumped up the letter. I find that a very short, bullet pointed letter directed to the next person up the chain can get results.

Wow, sound like this is a nightmare. It also sounds like it's not uncommon.

Featured in The Vent

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They wonder why we don't want to do short sales...ohhhh REO's are sooo much easier. Geez, Missy, hope this works itself out so you can actually get this sold before you go gray. smile

Missy - we had a WF short sale that took over 9 months. Switched a negotiatior once or twice, even got a supervisor involved and we were frequently promised it would be up to 48 hrs, or 3 days max or.... you get the idea. We had many offers and all ended up bailing by the time we got the approval - then we were lucky enough to get another buyer at which point it was only going to be 72 hrs per the supervisor - 2 months later... it finally closed. Rita

Do what a colleague of mine did to Bank of America...he emailed the CEO of B of A! He got a quick response!

Good luck with this one.

It makes absolutely NO SENSE to start again. It's good that you made this post public; until we deal with gross inefficiencies, there will be little hope of getting out of this mess. What you're talking about here is frightfully common. We're dealing with a transaction right now which has an offer which is $10,000 HIGHER than the bank got during first transaction (in which the buyer lost a job) and they're STARTING OVER. It's beyond NON-sense especially for an institution which handles money.

I am having the same experience with Homeq Servicing, it's no wonder these homes sit on the market, after 6 different offers, some taking Homeq 45 days to respond to the buyers are finding other homes, by the time Homeq gets there act together the buyers are gone.

Very few short sales yet here in New York City, a couple here and there, this story scares me a little!

Missy, I feel your pain! I try to be super sweet in the beginning but some people enjoy the power trip (hello DMV). A bad processor can take 85% of your time. Now I use a short sale professional to handle it for me for a nominal fee upon closing.

This is just getting a start in our area and most of us still don't have a clue as to the inner workings of the process- there are some loooong waits.

Missy, I am also glad you name the company that is standing the way of getting this house sold.... instead of forclosed on!

Short sales are anathema to productive use of time. I'll do them, but only on the buyer's side...and then if they really, really, really, really are sure that it is THE house for them.

Getting Congress involved isn't the answer to making the process any better, it is us. If we take a stand and don't take the garbage, the banks will have to change their mode of operation. If you want to get paid what you're worth, you won't agree to reduce your commission just because a bank tells you that you will.

Government isn't the answer, we are.

Wow! Short Sales are the worst. I've worked with a few of them and I would have to say wells Fargo and COuntywide are the worst! I've had some success with some of them closing but it has taken months. These banks need to wake up I'm sure they would rather have a short sale then a foreclosure. They're losing more money with a foresclosure.

If yours goes like many other short sales -- the processor you who you think is ineffective will be gone and you will end up with another one -- maybe equally ineffective ----- we have had short sales where there ended up being more than a half dozen processors involved before we completed the transaction. They are over worked, they burn out, they are not always trained. We had one who admitted she had only done this sort of a job for a week and now she had 600 homes/files to handle. Is it any wonder she could not do a good job. So if you hang on long enough , likely you will have a new processor. Our 2 cents.

I have had processors not return phone calls for weeks. I think mainly it's a lack of systematic processes in place, horrible management, no employee training, little upper management direction and a caseload that keeps growing leaps and bounds. Persistence and asking how you can help and being very nice I have found to help somewhat, but not solve these types of issues.

I recently executed a contract for a short sale. I advised my clients against it but they want to proceed with it. I hope the listing agent has all his ducks in a row.

Makes me wonder if I want to even entertain the idea of listing a short sale (seller side), then again, that's most of what is there in this market (FL). I'll be sure to see who the initial lender is.

Missy: Sound like the bank just don't care if this property is sold. This is a shame and a insult to the home owner and everyone inolved. WoW.. What a difference 1 day can make...

Missy - I don't have a suggestion but who knows, by taking this public someone it might get some attention.

It is ashame that so many systems seems to be broken.

Best wishes.

FEB

2009

Missy, what a rotten deal for you. It really is unfortunate when an individual can hold something up like this for you. Stay the course and I am sure sooner or later you will get the results you were hoping for. Take care and happy blogging!

What a nightmare. Missy, keep us updated please on this - I'm sure many could learn alot from it as it progresses.

Missy I could write a novel about some of the things I have seen with shirt sales both on the buyer side and representing a seller. On my most recent I represented a buyer. Was told ours was the only offer. Two months later I found out that my buyers didn't get the house. Someone else did. Even though every time I checked I was told ours was the only offer there was another. After it was sold and I checked to see what the new owners paid for it I found it was exactly what my buyers offered. Still trying to get information on this and no one is talking.

Haven't touched SS or foreclosures yet, and you have reminded me why. I have friends who aren't paying their mortgages, some for 6 months now, and they've never been contacted about where the payments are. What a mess.

Missy. I did a short sale with Wells Fargo as well. It took 12 weeks for them to acknowledge that they received my initial fax. They buyer walked. Then another 8 weeks when I had the second offer. I put a sign up over my desk and it is soo true.... THEY JUST DON"T CARE

Good luck

Don

Hi Missy,I feel

your frustration. The last successful short sale I had close in November was with another company. The house was priced at market at $174,000 and the BPO came in at $220,000. The bank wanted me to raise the List Price and sell the house for that. So I had the seller order and pay for an appraisal. The house appraised at $178,000. The case was on it 5th month. Out of pure frustration for my desperate homeowners, I Googled the CEO and then took my chances with email. I knew the sequence of the the Loss Specialist email and figured the CEO had to be the same. I emailed a him a viedo complimented him on how courteous everyone on the front lines are, however addressed my concerns. Missy, in less than 20 minutes I got a call from the Customer Service Division of the bank directed by the CEO and I got my short sale approval letter the next day. That case had two loans with the same bank. Once the CEO was involved...it closed in less than 30 days!

Go get em!!!

Susie you have to touch them in Michigan where over half the sales are short or foreclosure, or get job at Starbucks. Oh wait they are laying off too.

Peggy, good for you and a great idea.

Donald, I agree in part. I think they are just overwhelmed and untrained in many cases. Obviously some don't care.

Teresa, I have another story too, but waiting until it is resolved to post on it as we may file a ethics violation when it is resolved. It involves one of my buyer agents transactions. We have notes and emails a mile long and the things the Brokers said to us are just unbelievable.

Karen, I don't think it is the lender but the processor assigned to the file. My first processor was wonderful.

Angela, I had a buyer call me on this house, his agent told him it was sold so be careful. I didn't know who he was when he called, he just asked if it was still available and I said yes. He then proceeded to tell me his agent said it was under contract. At that time I had no offers. The agent just didn't want to do short sales. The buyer tried to get out of the contract and the agent would not release him.

Bob and Carolin, I'll let you know.

Jennifer, we are always sweet to the front desk person, but we still can't get through.

Lola, ughhhhh how upsetting is this? 10K more is a lot to not accept.

TeriLynn, Go gray? I am gray, but thanks to Preferance you can't tell. LOL

Lee and Pam, Thank you.

Stephanie, good plan, thanks.

Carol, I'll report back when it is concluded.

Todd, good for you that is encouraging.

Susan, thanks!

Kent, no gov't is not the answer, this is why we don't need banks in RE ,but it looks like they are there anyway, with all short sales and foreclosure's.

Mo, thanks good plan.

Customer service sure makes a big difference! It's too bad that you can't request the initial processor.

Sooo frustrating..that is why I tend to shy away from short sales! You keep up what you are doing though!

Missy if all else fails and you get no response email or write up the chain of command. A email to the president of Wells Fargo will shake things up.

Sometimes you get a great negotiator who is proactive, responsive and returns calls, and other times, you get a nitwit. Give her time and she'll get fired or quit. The turnover in negotiator jobs is astounding.

I had a negotiator tell me last week she was closing the file because I refused to bend to her demands. And she did. Just like that. It took almost a week to get it reopened, but by then a different negotiator was assigned. If you've got a week to spare, you could consider closing the file, heh, heh.

Send a Fax to Wells Fargo Corporate, CC: The Processors Office: (Daily until you get a response)

#########

ATTN HUMAN RESOURCE MANAGER or DIRECTOR OF LOSS MITIGATION, or HOPE PROGRAM SUPERVISOR:

Is (PROCESSOR NAME) OK?

Is this person Missing In Action? AWOL? Dead?

I am sorry to alarm you but I could not help but wonder.

We are trying to help your bank avoid further losses on (ADDRESS).

We sent a good offer but are not getting a response from (PROCESSOR NAME).

Can anybody else help us with this?

###########

: )

Missy--What a frustrating experience. Thanks for making this a public post. They deserve to know what a frustrating process it can be and what can happen if a dead line is not met.

Wow! 71 comments in 24 hours! You've hit a nerve.

All you can really do is be the squeekiest wheel possible.

I stil lcannot believe the arrogancy of the mangers of the top 10 servicers in the country.

Isn't it smart business to put your best people on your worst problem? Banks aren't doing that.

This example of lack of leadership is exactly why our banking industry has fallen on such tough times.

I have no advise only commiseration with some that I have went through. I have always thought we should write a book on what goes on so that the general public can see how it really is and why the inventory does not decrease. In fact, my nephew found a home he really wants in Ypsi and it was turned over to an asset manager and he is told he can't list it and the story goes on. I know how totally organized and thorough you are so I can only imagine the deep frustration.

Fun with short sales -

Short Sale Offer of $65K on small condo - offer refused

Two months later same condo REO at $49K....

Missy, it's astounding that a legitimate effort is killed by some incompetent, but it's happening every day- and with each instance, that's another potential real estate agent that'll wait for the house to foreclose, rather than beat their head against a wall (while they lose a good buyer)...absolutely heart breaking that sellers, too, are put through this abuse. I hope that you get it worked out.

I agree that you should make this public so others will know the name. I've heard Wells Fargo is nuts to deal with before. You must have gotten the mitigator's 'evil twin' this time around.

Girl, I feel your pain! I'm working with Wells Fargo right now on a SS. My problem is with HFC that has the 2nd mortgage. The whole deal may fail because of them.

Some of the comments suggest that the banks/lenders don't know what they're doing, and they got us into this mess.

I tend to disagree. I think the "mess" was when buyers got in over their heads, saw "everyone else doing it," (i.e., cashing out on home equity lines of credit, pretending they didn't understand what their ARM meant, getting 125% loans, getting three loans). We can all point fingers, but I'm NOT a lender. I wasn't approving these things.

What troubles me, and I've not heard anyone with any sound answers, but what happened to PMI?

Property Mortgage Insurance . . . hmmmmmm . . . that was typically a stipulated "insurance" policy that buyers had to obtain -- and PAY FOR -- when they weren't coming up with large down payments.

Where is the "insurance" on the mortgage?

And . . . what happened to the stream-lined HUD homes? That was a good system with FHA coming in and acquiring the home in a "quicker then this" system. And HUD homes sold quickly. Of course, one had to be "approved" to sell a HUD listing -- and by the way, am I using too many "'s??

Anywho, just wanted to say that this is a HOSTILE takeover the the financial industry, and it's down with the ink of the pen of the Presidents -- whomever he may be.

Banks have been chomping at the bit to get into real estate and sell and make more profits. Keep in mind folks, that the majority of people are still paying INTEREST for the first 7 years of the life of the loan before real amoritzation starts to break-even and reduce and take off the principle.

And who designed that system?

Hmmmm . . . the banks/lenders?

You don't say?!?!?

Hmmmm . . .

The banks/lenders know exactly what they're doing. Too bad Realtor(r), real estate agents, buyers and sellers aren't picking up the scent.

Hmmm...

Does what Lonn Dugan have to say on this post actually work? Just wondering. If it does work I could get a job writing letters like that. I'd be good at it. It would give me the chance to use the word CRAP more :)

TLW...ROAR!

TLW, just copy and paste. I don't know but I am going to try to get in touch with someone higher up on Monday.

Lizette, usually the first one works it out with second one so it doesn't go into foreclosure.

Robin, same thing we me we had an offer for 99,000. on a condo. They said no, now on the market 9 months later at 68K. Smart. real smart.

Cathy, Josh? Been waiting over a year on a lake lot, the listing agent tells us weekly they are getting it but don't have it. I know they are waiting the 6 months redemption period in Mi.

Elizabeth, I hope we don't resort to that.

Missy - I have have to work with wells fargo, I'll expect the worst.

Short Sales Can be very furstraiting, The banks should understand, the effecincey of selling short sales will help our economy as well as our banks.

Lets keep working to make this econmy better.

FEB

2009

Missy, I would give you some advice if I had a clue what to say! If the lender knew what this asset manager was doing there would be he&^ to pay! But, we are at their mercy. Good luck and let us know what happens with this lady (speaking loosely).

Later in the rain~Deb

Missy, simply AMAZING, isn't it! And we wonder WHY these banks are losing so much money and need our tax dollars for a bailout! INCREDIBLE. MIND-BOGGLING.

Join my new AR group and post your blog at http://activerain.com/groups/virtualoffice

Regina P. Brown

Missy, I feel your pain. I have had my issues with the Short Sales and how inefficient they are dealing with them...NOT

I too had an offer in October sent it in along with all the necessary paperwork. Last week the buyers found something else and this week IndyMac Bank called and suddenly wanted to do business.

A little too long and a little too late. Now, I'll have to start a square one again and i noticed that they put a pre-foreclosure status on that one.

It's really too bad that we all have to deal with such incompetence. IF you find a wonderful secret, please write a blog in bold with the secret on how to get these banks to do their job!

Wow....I would be wanting to annialate that first Agent that didn't get the paper back on time. Yea, I know it doens't do anyting for your current situation....but you wouldn't even have this situation if the Agent had more tenacity.

I have found that, with short sales at least, it's best to be persistent and try not to apply logic to the process... they rarely make sense. (ok... that second part was more sarcastic than helpful.) I'm waiting for the day of the "pre-approved short sale price."

I've worked with Wells Fargo before and it was a constant headache. I don't do my own short sales anymore because of the time involved.

On the other hand, I would never turn them over to just anybody... I work with a mortgage broker who I have invested with in the past, and he works using an automatic notification system that keeps all parties in the loop as he negotiates the sale. I still get my commission, the house still gets sold, AND I saved myself lots and lots of time. I agree though Wells Fargo has some really aggrevating employees on staff, which is really unbelievable because they do get paid bonuses when a file closes. I guess this particular person doesn't need the money?

It is a terrible shame that it's all in the hands of what ever processor the file ends up on the desk of. I find we have the same problem with the processor of our bank owned properties. Sometimes we get a great one and get an answer immediately and then sometimes we wait for weeks. How do these people keep their jobs?

So frustrating...I hope you get this one together eventually...without further trauma! :)

Missy-SS madness, I'm telling ya, somethings got to change! It's enough to make you go bonkers! I hope you sort it all out soon!

Hi Missy...I'm in the midst of writing my first short sale contract. Woe is me!

Kate

This kind of stuff makes me crazy! Good luck with this one!

Well, Missy, sounds like Countrywide has a competitor for the 'worst bank to deal with' reputation. It is insane to close a file for lack of one piece of paper. Think of the hundreds or more dollars that went down the drain. I go straight to the top, to the President's office when people are incompetent. Last summer we held off a sale at the courthouse steps by going to the top at SunTrust until we could get the loan through. Sounds like Barb will be able to help and Lonn's idea is hysterical!

Another thing is - our Congressmen need to hear about this sort of nonsense. This is very poor Business 101.

frustrated Missy... just making my rounds now... lol Seriously though, this is just not called for. I am having some issues with loan officers in Florida that have ruined a few borrowers lives... these people should just be lined up and shot. I guess this proves that some people just don't take pride in their job. Sorry that I have no suggestions, except those that might land me in jail.. And yes, I am dead serious... hey, I am okay when people make a legitimate mistake... but when they are lazy or purposely lie, etc, etc... just not acceptable. good luck with this.

Jeff Belonger

FEB

2009

We have been waiting for over a month for approval for 2 short sales - one with CW, one with Chase. We don't even have a short sale negotiator assigned.

The banks need to get with it - this is insane. The buyers we have are too few and there is just no excuse for this approach.

I've had & heard of other issues with Wells Fargo & getting anything done in a timely manner...LSR's, submittal to underwriting, funding...you name it! The buzz going around our community is that Wells Fargo is harder to deal with than Countrywide (and I didn't think that was possible!) LOL

FEB

2009

I have had good luck with Wells Fargo until a current short sale. We submitted our complete package on an FHA short sale two days before HUD changed the rules. They had the complete loss mitigation file for two months, last week we were told by the person on the front lines that it was approved and we needed to have the sellers sign and send back a fax. After days of calling to try to get them to actually send a fax, they just yesterday sent us an approval for the seller to participate in the new PFS program with an inflated sales price that is 15k over the three most recent sales and requiring a net that exceeds our offer. The buyer has at least 6 more active listings to chose from for less than that price. We followed the prior HUD PFS guidelines to the T. Now the negotiator is trying to use the 88% net that is outlined for when the home is on the market less than 30 days, and it was on the market 95 days before we could get an offer, making the new 84% ratio apply. With a correct appraisal, our offer would net them more than the 84% so we would still meet the new guidelines. We are on our second loss mitigator and can not get him on the phone to have a discussion. Remember, this is after having the complete file (nothing missing!!!) for two months. Our prior ones with WF closed in less time than this. I definitely think it comes down to the negotiator assigned. This one is terrible. Our last one was awesome.

FEB

2009

Guys

Why we don't do something about this situation.

Below is my proposal. Do you want improve it? Give me feedback! Copy and mail e-mail to anybody you know. If we do not push the issue we are facing situations where even eqipped with number of ready, able and willing buyers we will not able close transactions for long, long time.

Saturday, February 07, 2009 Senator Dick Durbin U.S. Senate 309 Hart Senate Office Building Washington, DC 20510-0001

Subject: Reviving the real estate market must include provision to force banks to dispose of repossessed real property in timely manner.

Dear Senator Durbin, As practicing real estate agent I can report that selling real property in market dominated by banks disposing out their repossessed homes become absolutely nightmare due to lack of timely response from most of the banks. Buying real estate becomes something close to lotto game. We never know if we going receive an answer to an offer. We are waiting for simple “yes” or “no” several months, sometimes not receiving any answer to an offer at all. “Short Sale” is becoming something to avoid by most buyers since even Full price offers are not being accepted or refused for several months and very often homes are foreclosed regardless of waiting ready and willing buyer. Foreclosed regardless of several offers waiting to be accepted. Already foreclosed homes often face similar fate with offers not being accepted or refused for months, counter offers higher than listing asking price and similar nonsense. 1) Apparently in addition to banks inability to streamline the process the biggest problem is responsible bank employee motivation not to risk their regular paycheck when accepting an offer. Next problem is: 2) Complete lack of transparency in bidding process. Real estate agents hired by banks to sell “REO” properties keep the properties advertised (listed on MLS) as “active listings” regardless of number of offers already received. They know that “bank approval process” takes months and number of buyers is their insurance to have still interested buyers lined up in very likely case that patience of some of them will run out. This is practical remedy but not up to rules and regulation of MLS. (Multiple listing services) (For example house on 3055 N Oak Park Ave, Chicago, 60634 MLS #: 07032471 where the agent in answer to my inquiry about submitted by my client offer said that currently this is the highest offer($205k). The previous highest was $240k but the client run out of patience waiting for Countrywide to approve) Lack of transparency in bidding process gives opportunity for unscrupulous agent to pick and choose offers submitted to the bank and this way manipulate property value. I have no intention to describe in this short letters all problems related to bank procrastination. They are significant. There is very simple remedy to improve whole situation. As Real Estate Agent I would like to propose. A) Require “selling agents” to register offers submitted by their clients on line and have them attached to the MLS information of the property. (the information listed could be just indication that an offer exist and name of selling agent ) This would allow clear oversight for all parties interested, and would eliminate possibility of price manipulation by “listing agents” (representing seller) not submitting all offers to the owner. B) Require banks to answer to an offer in certain time frame (no longer than 30 days from the date of the offer) and automatically accept highest offers if the match the asking price or are in (for example) $5-$10k range below asking price, or pay fine - face automatic removal of the listing from the market. We need to address the problem in effective professional fashion. This would insure that number of foreclosed properties will not stay for months on the market dampening other property values. Current situation is intolerable.

This blog does not allow anonymous comments

Missy Caulk-Ann Arbor-Realtor® Ann Arbor Real Estate

Ann Arbor, MI

More about me…

Keller Williams-Ann Arbor

Address: Ann Arbor, Saline, Dexter, Chelsea, Milan, Whitmore Lake, Ypsilanti, Manchester, Washtenaw County, Ann Arbor, MI, 48104

Office Phone: (734) 926-9797

Cell Phone: (734) 216-2822

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A blog about real estate in Ann Arbor, Michigan and the surrounding area's of Saline, Dexter, Chelsea and Ypsilanti.

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