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So frustrated! Going to the court house steps!

By
Real Estate Agent with Century 21 Lake Tulloch

This has been one of those days that makes agents quit!  I have been working on an escrow for nine months.  The bank will not close.  They have had one reason after another.  I had a full price all cash offer $100,000 over appraised value.  I could not get the asset manager to call back or answer emails.  I kept getting messages asset manager out of office for next 3 weeks to a month.  No one covered for them and the bank didn't think it was necessary to put anyone in charge.  Then a week ago after 30+ emails that asset manager sent an email say they were no longer the asset manager and the new one was lllllll.  They also would not answer emails or phone calls.  After many attempts I was able to get someone on the phone in management who could not for two days get intouch with the asset manager.  Even in house.  They then said if I wanted to send in all th paperwork and reapply they would stop the sale tomorrow at 10 am.  As it was not after 5 their time no one would review the paper until after 9 tomorrow.  This would mean starting all over with at least 100 pages of documents.  Many of which would need to be updated like bank forms.  The buyer said "I give up let it foreclose, I'll get it for a lot less anyway".  I quit.  The banks really don't want to short sell.  As another asset manager said we have pmi insurance on the loan so we don't loose if it forecloses.  What a load of xxxxx the American people are paying for.  I think the real kick in the back side is that after I got home I received 2 calls from companies that are sending people to the auction tomorrow and wanted all the information I had spent 9 months collecting.  So I just spent hundreds of hours on a deal that I will not receive any commission for.  Worse than that is that my seller will now have a foreclosure on his record rather than a short sale and a wonderful buyer that will not get the home of his dreams.  I am discussed with banks and this system!!!!

Posted by

                      

Elizabeth Benefield
Montana Country Real Estate - Libby, MT

They wonder why the banks are needing bailed out.  I had a cash offer on a foreclosure a few months ago . The bank would not answer not they have it on the market for less than what my offer was. Bad management.

Nov 17, 2009 12:05 PM
Vicki Lloyd
The Lloyd Realty Group - San Diego, CA
(619)452-9798, Real Estate San Diego California

Unfortunately, the best and brightest people did not go in to banking as a career!  I share your frustration - it just doesn't make any sense that they can ignore the situation for months, then foreclose and sell for less!  Grrrrr!

Nov 17, 2009 12:13 PM