Well, as Realtors, we have many relationships with lenders, home inspectors, home warranty companies, and a large well of other resources. As you are all aware of, some of them can make our life feel like a blessing, and others...well...let's be nice and just say they make our life a bit difficult.
A new area where we are often meeting resistance is short sale departments. After hitting several road blocks with different banks, I actually understand one reason why foreclosures are on the rise...homeowners can't get the banks to even talk to them! My latest challenge is American Home Mortgage. Here's the scenario. We were working with Citi Residential. We have a ratified contract, a loan commitment from the buyers bank, and an approved short sale from Citi. A week out from closing, Citi packaged up several hundred or thousand, one can only imagine, and sold them off to American Home Mortgage. Of course, my deal was part of the sale. Surprisingly enough, the buyer is holding on. American Home Mortgage is making us start from square one. We sent the updated short sale package right in and call everyday. So far I have not even been able to make it past the customer service. If I make enough fuss, I can get transfered to the ecelation department, but it's still not the short sale department. If we could get assigned to one person, maybe then they would understand the uniqueness of the situation. We have a ratiified contract, a clear to close from the bank, and a willing buyer...why would the American Home Mortgage continue to stall. Their typical response is "short sale is a process. It will take 14 days to be assigned to a negotiator. It will take 30-60 days to complete the sale." What that really means if that it will sit in a pile until day 14 when someone finally looks at it, then get placed in another pile until someone gives the approval. This is the easiest short sale they have ever had if someone would just take the time to listen! Banks don't want to be in the house business, but if they don't find some common sense soon, the buyer will walk and they will waste their money on a foreclosure and REO sale. WHY?
So, now that I have released some anger...does any have a working extension for the American Home Mortgage Short Sale Department?
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I know how frustrating these short sales are; it is like the banks would rather jsut foreclose than accept a decent offer!! I try and avoid short sales as much as possible and my clients agree after hearing some nightmare stories from friends or co-workers. I hope a bank person will respond to you.