The Short Sale sagas continue. Over and over and over.  Like a car, careening out of control with no brakes..it continues and WILL continue. 

I have read too many posts about the sour practices of these banks when handling our Short Sales...the one that really got my attention was written by Missy Caulk today.  What it showed me was that yes, they CAN get the job done if wanted.  The first processor to handle her short sale did her job AND kept her updated on the file.   Read her post to hear the rest of the story.

The lending institutions need to get a grip here.  WAKE UP LENDERS...guess what?  We are in a housing crisis.  We will be for quite some time and it will take a village to dig us out.  If you need to hire more people to help dig us out, DO IT!  Many  Most Realtors are getting paid less than a full commission to sell your short sales and working 10 times harder.  Many times, we get next to nothing, because YOU say so.  We don't care how busy you are, because we are busy too!  At least you get paid by the hour and are guaranteed a pay check.  Wish we could say the same.

Many of these homes could have been saved form foreclosure, but were not.  Many times it was simply because the short sale process took far too long, or the person handling the file simply didn't give a crap, and stated so. 

In the past months, I've read horrifying tales about GMAC, CitiMortgage and Wells Fargo, just to name a few.  I am starting a list and you are ALL on it as a reminder of who I will NOT do business with.  Look at it as me doing you a favor. Obviously you have far too much business to tend to.  I'll help you out and stop giving you mine.

We all need to be much more selective on who we choose to do business with in the future. It may be a great experience on the front end, but we MUST start thinking about how we are treated on the back end, literally.

 

Courtesy of Elizabeth Cooper-Golden  Huntsville AL Realtor (R)

Broker/Owner @ Homes Realty Group

475 Providence Main Street   Suite 302                                                   

Huntsville, AL  35806

Huntsville Real Estate 

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16 Comments on Wake Up Lenders! Rant!!!

JAN
31
2009
338,910 Points 49 Featured Posts Outside Blog

Elizabeth, I agree 100% about paying attention now so that we may be more selective down the road. As I wrote in my comment on Missy's post, the stories we are all hearing are beyond ridiculous. Sadly, I have no reason to expect anything is going to change any time soon!

 
4:48pm • #1
518,534 Points Outside Blog Attended Rain Camp

You are saying what we are all thinking, it seems like they would find a way to stream line the short sale process, I know they are losing money....but it is going to happen anyway, if the house goes into foreclosure.. :
4:51pm • #2
489,776 Points Outside Blog Called Shot Master

The last foreclosure rate i saw was 2.3% of total loans in foreclosure. This is compare to 1.3 in 2005, if this is correct, what are they so scared of. Anyone can correct me on these stats. I don't know if they were location specific. That would fit here in New Orleans area.
4:57pm • #3
199,817 Points Localism Sponsor Outside Blog

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.
5:03pm • #4
187,485 Points 20 Featured Posts Localism Sponsor

Elizabeth, they make me nuts. They make no sense at all.  Just think if you handled their transactions this way, they would be livid. We need to have a word with someone.
5:15pm • #5
813,093 Points 243 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

I remember in the refi boom the banks were short-handed also and loan apps rotted for weeks.

Banks are clueless. That's how we got into this mess.
5:15pm • #6
1,949,326 Points 477 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

How true.  Their "guidelines" are draconian and arbitrary.  I have one under contract now and I've warned my buyers, who are so cool, about what could happen.

We'll see.
5:27pm • #7

Elizabeth: you are so right about watching who we give our business to.  There are so many companies doing bad things and they should not be rewarded with repeat business. Seems that all too often we overlook these companies flaws because to go elsehwere would be an inconvienience for us as consumers!  Drive an extra 10 min to go to different grocery store, no way!  If a company continually disappoints us, we should NOT give them our business, and then they go away!
6:32pm • #8
373,580 Points 40 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Elizabeth, I hear you girl...I'm still waiting on a short sale approval from CW that's been on their desk since OCTOBER.  I mean really - in all that time someone can't figure out if the offer is acceptable to the bank or not?
9:11pm • #9
169,889 Points Outside Blog Hit Router

If the banks were smart they would realize the better they process the short sales the more and higher offers they would get. Agents would push harder on getting more showings if they were not so discouraged.

Richard
10:14pm • #10
FEB
01
2009
874,487 Points 154 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Go get um Elizabeth...

You better to speak out on the issues we are ALL incuring in our sale of short sales.

The consumers don't know until we sit down with them. The media doesn't know.

So it is up to us to post and let them know it needs to CHANGE.

I think someone ran on CHANGE so bring it to the mortgage industry.

Oh I got the listing, coming on in March. Thank you so much.
8:36am • #11
244,898 Points 22 Featured Posts Outside Blog

Excellent vigor Elizabeth!

It's true. Short sales are quite the work... and it could be made easier. The system only sort of works... and the average person does not have the stomach to make it through the process. Trudge on, and through it, we'll go... but it's nice to ask for a little help from the other side.
2:05pm • #12
FEB
02
2009
396,963 Points 17 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

That was a funny quote - "I'll help you by not giving you mine (business)".  Sorry to hear you are having these issues.  Seems like Short Sales are really tough to get done.  I've only worked on 2 as an originator, but worked for 2 years on the lenders side.  Its quite a process to get them approved, but things could certainly run smoother and be improved.
10:05am • #13
FEB
11
2009
621,279 Points 11 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Huntsville, Alabama Real Estate Agent Elizabeth Ramsey Cooper-Golden-Sorry to hear that Liz. What can I say some banks are very ungrateful and don't appreciate us. If some people in banks don't want to do their jobs,let somebody else do it-There are people out here looking for a job. Great post.
1:40am • #14
FEB
17
2009
471,130 Points 26 Featured Posts Localism Sponsor Called Shot Master

Elizabeth! I feel your pain! Someone needs to get the banks on the same page...stop the foot dragging and get in there and take care of business!
8:54pm • #15
AUG
17
2009
596,136 Points 70 Featured Posts Outside Blog Called Shot Master

Elizabeth - AMEN!  I'm feeling your pain.  After some extremely troubling loans (that shouldn't have been) with the lenders you mentioned (and I'm going to add BofA), I stopped sending my loans to any of those lenders six months ago.

For the past six months, I've been sending all of my business to my smaller, local, correspondent lenders who didn't get billions of dollars in bailout money - lenders who actually WANT to lend money to my borrowers.

At this point, I don't see any reason to send my business to lenders who don't want my business.
6:34pm • #16

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