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My angry opinionated email to a Short Sale negotiator

By
Real Estate Agent with Broker Associate & Leasing Consultant@ Lions Share Realty BRE # 01815555

After first attemting a loan modification for my clients (which took 3 months to get a final NO!) We proceeded with a Short Sale. The bank in question is Countrywide which has now become BofA. (That in itself should speak voulumes about whats to come) After submitting all requested documentation not once but 3 different times and approaching 3 for sale dates and having to jump through hoops (upside down and walking backwards on my hands)each one barley got postponed because we were able to get an offer in on the property by the skin of our teeth. (low offer but an offer nonetheless) Each offer that came in got better and I sent them all in. I recieved a total of 3 offers. It is listed as back-up offers only in the MLS (Normally I would send highest and best but I needed to submit the offers as I recieved them, we kept approaching a for sale date each time and no responses on any of the offers) Finally, it was starting to look like we were moving along. Interior BPO's were ordered and a negotiator was assigned. A direct point of contact for me finally! I began emailing the negotiator for a response (not obsessivley but once a week since July 7 when she was assigned)

Finally a reply from her recieved on 7/21 (3 weeks later) and this is what it said...(I have removed names and loan numbers)

Hello,   RE: XXXX loan # XXXXX

There is nothing in our system to support any offers nor any of the required documents to continue short sale.  Values has not been ordered for interior inspection,as we cannot accept exterior drive-by's.  I have placed order for two values to be completed, in the meantime, documents required below will need to be in by 7/26/09 to continue with short sale processing.  

Updated  Purchase Contract (new offer)
Updated HUD1--matching with buyer's name
Updated bank statement (May/June)
Updated pay stubs (May/June)
Updated Monthly Financials / expenses
Listing agreement
2 Tax returns (07, 08) or 06 if '08 isn't available
3rd Party authorization letter  

Thank you,  

Sharon XXXX SR Settlement Services Spec 1 LP-Short Sale R--Workout Negotiator III   

Here is my response to her...

Good Morning Sharon,   This concerns me quite a bit. All of the information you have requested has been faxed over numerous times. (Not sure where it goes but it obviously never arrives where it needs to be) Bofa/Countrywide is by far the worst bank to deal with on any aspect of business. Your company has no streamlining process whatsoever and continually makes it difficult for us to do our job effectively.  

 I have submitted a total of 3 different offers along with separate HUD1's for each one. The first one is for 165k and was faxed on 6/15/09 for XXXX The second one is for 170k and was faxed on 7/8/09 for  XXXXX The latest one is for 170k cash and was faxed in on 7/11/09 for XXXX I was told it takes up to 10 days to receive and upload into the system and now you're telling me none of these have been received?!! I have also faxed in all the required documents, pay stubs, bank statements, hardship letter, MLS listing, Listing agreement on 3 separate occasions. Once on 5/11/09 again on6/15/09 and again on 7/1/09 and you're telling me that none of this info has ever been received?

Why should I continuously fax documents over and over and over again if they go nowhere? Can you understand my frustration? If you turned your work in and you know you turned it in and you are constantly told to do it again and again because they never received it, at what point is accountability held? And then to add insult, you give me 3 business days to get all of the above info in as if I have been sitting on my ass for the past 3 months! Then you say no BPO has been done which I know is not true. On 7/7/09 an interior and exterior BPO was done on this home by Ed XXXX. He called me to schedule the appt and the homeowner confirmed that he came. Where is that BPO??? In outer Space with all the other documents?   Now I get another call from a guy today asking to set up another appt to do another BPO and next month will be the same story.

What exactly is it that you do again? Negotiate Short Sale deals? Are there any notes in the system from any of my previous conversations or do those disappear too? I'm sure you are overworked and bombarded with files but understand that I am as well yet I can still manage to get you guys documents that you request a gazillion times!   Can I email you the requested documents so that they come directly to you? I just dont see how on earth these documents that you want me to fax again will reach you by July 26 when your company says it takes up to 10 days to receive anything?   I hope you forward this to your boss, the investors and the CEO!! Let them know It's absolutely absurd that they expect you to handle an over abundant number of files to the point that you cannot do your work efficiently!    

Thank you,

 

After I hit the send button, I felt so relieved, I also forwarded my email to the homeowner (which he felt I couldnt have said it any better) I anxiously awaited her response, which I recieved yesterday afternoon.

Hello,   Yes, I understand your FRUSTRATIONS and you are preaching to the choir:  With close to 600 files,  what loan number is this for?  

Thank you,   Sharon XXXX SR Settlement Services Spec 1 LP-Short Sale R--Workout Negotiator III 

 

As if I hadnt emailed her the loan number numerous times...I replied with a softer tone....

My frustration was not intended to be taken out on you personally but more directed to your company even though I know it falls on deaf ears. It is beyond comprehension how they can expect u to effeciently handle over 600 files!
The loan number is XXXXX.
I don't have a problem resending information as long as I can send it directly to you and not to never never land!

Thank you for trying,
Diane Dames

Her reply....

I truly understand, and yes you can send them directly too me, in PDF format under 4 mb.  Believe me, they are working on hiring others to assist, and I can only do what can be done within the allotted time and ability given.  I know you weren't taking it out on me, as I too have felt and said some of the same things as other employees as well.  We do feel your pain and working six days a week sometimes trying to catch up. I will surely wait for the documents and move file forward, and I do apologize for the delays.   Thank you,   Sharon XXXX SR Settlement Services Spec 1 LP-Short Sale R--Workout Negotiator III 

I have since upoaded all the docs into a PDF and emailed them directly to her. We will see what will happen from this point on. I have a better understanding what they are dealing with on there end but at the same time, i think they needed to hear the frustrations without being yelled at or cussed at over the phone. It took her 2 days to reply to this email. I think she had a few things she probably wanted to say but didnt...lol. She actualy said it perfectly when she said "Youre preaching to the Choir" I just hope we can move forward in this file.

Thanks for reading my drawn out battle in which I know I am not fighting it alone. I just felt like sharing it with my fellow Realtors! Enjoy your weekend!

Show All Comments Sort:
Ralph Gorgoglione
Metro Life Homes - Palm Springs, CA
California and Hawaii Real Estate (310) 497-9407

That's my life story right now.

It's very frustrating and stressful for all parties.

The funny part is if it was a campaign to roll out new bank fees, it would be done in 2 minutes.

But revamping their short sale dept seems to be taking a life time.  they've already had 2 years to get their systems in place.

Jul 25, 2009 06:07 AM
Jean Hanley
Coldwell Banker Kivett Teeters - Hemet, CA
Specializing in Folks Who Want To Buy/Sell Homes

I am practically ROFL on this one!!!!  Good for you!  I have often wanted to jump thru my computer and strangle the first person I come to when it comes to these banks and their "so-called" negotiators.  I truly do understand that the banks were just not ready for the influx of defaults and foreclosures.  I also understand that they are already taking a huge hit when they accept less than is owed, and, therefore, find it nearly impossible to hire more staff to assist, especially when the additional staff would need to be trained.  HOWEVER, why can't they have SOME sort of system in place, at the very least, to have someone be responsible for acknowledging receipt of contact and/or documents, so that we, as agents, do not feel like every time we forward contracts to them, that they are being sent up to the International Space Station.????

So, I feel better having this little "vent" session, and I feel way better that you did what you did.  Kudos to you!!! 

Jul 25, 2009 06:12 AM
Jeff Payne
The Payne Group at Keller Williams Success Realty - Panama City, FL
Panama City Real Estate

I had the exact same email from a negotiator yesterday.  The funny part is that the person that confirmed that my package was there and complete was the PRESIDENT of BofA's loss mititgation department,  he escalated the file and gave me the name of the negotiator almost a month ago.  He confirmed that everything was there.

Standard operating procedure is to do whatever they can to stall the process.

The email that you sent should also go to Ken Lewis, the CEO of BofA.  Ken.lewis@bankofamerica.com

Jul 25, 2009 06:32 AM
Barb Van Stensel
Chicago, IL

If files aren't complete when first submitted, you go to the bottom of the pile.  I have yet to yell nor will yell at a loan modification person.  They have a ton of files on their desks and she was kind enough to respond to you.  She has guided you to do what she needs done to get the file closed, no matter how many times you have filed these documents.  She is asking you to please do this for her/him as she/he is swamped.  They are silently saying to you ... "do this for me please and I will work on it".  Doesn't matter how many times you have faxed it to her the fact that you didn't include the loan number and last four digits  of SS#

My strong suggestion is to send the entire package including the hardship letter, the income tax returns, the W-2's .... along with all three offers.  I attach a review of each contract that says:

Purchase Price:      $____________________________
Down Payment:     $__________________________
Estimated Closing Date: _______________________
Pre-approved with:  Lender: ________________________
                            Contact: _________________________

Will you owner occupy?   Yes          No
What is the Down Payment?               ________________%
Will you be asking for a repair credit?           Yes         No
Home Inspection Required or completed?          Required           Completed
Closing Cost Assistance? Yes         No  
        If so, How Much? $_____________________

You are having a rough time but I have and continue to "jump through hoops" but those hoops are every day normal business.  Find out what or who you are made at or about and don't take it out on the files. 

The systems aren't in place like we would like them but if we work with what we know we are dealing with, the frustrations would be less.

You won't like this statement nor you may not have liked my response, but this is not a professional way to act when you have been given a responsibility to represent someone.   You could have killed the file for you client. 

This LM individual could have taken it personally but let  it wait two days as she has a responsibility.  it is not easy on their end and if we understand more instead of learn about the system as we go along it would be helpful to them as well.  Put yourself in their shoes.  150 calls a day and they have to say the same thing over and over and teach and teach ..... they could say the same thing about us.

 

 

Jul 25, 2009 06:37 AM
Terry Miller
Miller Homes Group - Tyler, TX
Miller Homes Group and Tyler Apartment Locator

Welcome to no accountability hell... They answer too and care about nothing or no one...

Jul 25, 2009 06:37 AM
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Diane - This is why I DON'T take short sale listings, my sanity is worth more to me than a commission check.

Jul 25, 2009 06:57 AM
Diane Dames
Broker Associate & Leasing Consultant@ Lions Share Realty - Victorville, CA
The Real Estate Chick

Ralph- I totally agree with you about the bank fees!

Jean- You are so right about not having enough staff to handle the abundunt number of files but how long are we suppose to listen to that excuse. They want us to beieve they are taking a huge hit in the pockets but with the amount of fees BofA charges and all the bailout money they have recieved, I think they're doing alright...dont you?

Jeff- Thanks for that email. I will put it to use if this file doesnt move along after she confirms reciepts of all the info I have uploaded her.

Barb- Who said I didnt include the loan number on every single document I faxed in. Thats an automatic! I also include a cover letter on every offer that includes the majority of what you listed to make it easier for them but if it's never even recieved then who am I making it easier on? I realize many may not agree with what I said or how I said it but what I do know is every agent that has ever worked on a Short Sale has thought it. I suppose if I never said anything at all I'd just be another file on her desk that goes un-noticed and eventually gets foreclosed on. Thats not to say that she didnt light a match to my file after recieving my email but at least I have a paper trail of a reponse should I need to move it forward. You're right, she didnt have to respond, but she did. I have always been a person to speak my mind no matter what the outcome. A closed mouth doesnt get fed and this is not the first letter I have written to a negotiator. When I used to work on loan modifications, I wrote plenty of "tell you what i think of your process" letters and on all but one, the loans were modified. I stand by my letter regardless of the outcome, it will not be the last time BofA will hear from me. Thanks for your outspoken opinion. I see we have something in common.

Terry- I like the "no accountability hell" slogan. The banks should use that as a welcome mat!

Michelle- I dont blame you.

Jul 25, 2009 07:33 AM
Angela Alfe
ICG Short Sales - Chicago, IL

I just have to say that your first error was only contacting the negotiator once a week.  I call on all of our files no less than 3 times a week and I will keep emailing the negotiator until they email me back.  The reason for this is because they have 600+ files on their desks and thousands of people emailing/calling.  The squeaky wheel gets the grease!  If you have a file, call/email on it relentlessly.

Oct 07, 2009 04:34 PM