Short sales...need I say more?
Trista at EMC Mortgage? I almost dropped the phone today when I heard her response to my gingerly asked question.
Some background details: I get a call from a client two weeks before trustee's sale date. "If you can sell it and help us avoid foreclosure, have at it." I list at a competetive price relative to the REO action in the area. Nobody really wants to subject themselves to a short sale in our market since REO properties abound. One frustrated buyer decided to take a whirl, the day before trustee's sale.
At least he won't have to wait long for an answer.
They postpone the trustee's sale with 2 hours to go and rush order the BPO!
10 days later, Trista has an approval! You think that's great so far? She hasn't done anything yet!
During the appraisal and inspection, the buyer comes across some information that makes him think twice about the value he is paying for the home and requests a pretty big drop in price. Mind you, this is supposed to close pretty quickly! I call Trista and explain the situation. Her response:
"Well, I can see how that would affect value. I will see if this was taken into consideration during the BPO. If not, I will order a second one and have these items checked out and we will consider it. If it is on the BPO then it will be tough but I will see what makes sense."
Why can't all servicing companies operate the same way to mitigate a loss? Regardless of Trista's final decision, I am confident that she is making a strong effort to gather facts and make a decision based upon what information she gets.
She communicates effectively (and sternly) and is working to save an American from foreclosure and American taxpayers from shouldering a loss caused by poor mitigation policies.
Great job Trista!
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