Which California Agents Are Tickled Pink With Their Short Sale Banks?

By
Real Estate Agent with RE/MAX Gold DRE #00697006

Both Inman News and the Sacramento Bee covered a story this morning about the C.A.R. short sale survey in which 2150 real estate agents shared their views about short sales. What I want to know is who are the 1 out of 5 agents who said they were satisfied or extremely satisfied with the timeliness of lender response time?

Because these are the agents on drugs. Or the ones with double-digit IQs. Or the ones who should be locked up and taken off the street because they are a menace to society, and oh, wait, since Reagan days we don't do that anymore.

Or, they could be those agents who have closed only one short sale transaction and that was a Wachovia short sale. Those types of short sales can color perception because they are done so well, so promptly and are streamlined. Wachovia has got its act together. Which makes me wonder why none of it has rubbed off on Wells Fargo.

The truth is if you ask any successful Sacramento short sale agent or any other busy short sale agent in California about his or her satisfaction level with our banks' response times, not one of those agents is happy or satisfied. Not one. The system is flawed, broken, in shambles and needs to be fixed.

Is it better than it was 5 years ago? Sure. Especially with Bank of America short sales. But only a totally crazy person would say it's acceptable to wait more than 60 days for short sale approval or that it's OK to still lose paperwork, fail to respond to inquiries and to make unreasonable demands that change from day to day like the wind.

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

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Topic:
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Groups:
California Short Sales, REO's, and Foreclosures
Posts to Localism
Short Sales Specialists
Lyon Realtors
Legal Aspects of Short Sales, Foreclosures, Loan Mods
Tags:
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elizabeth weintraub
sacramento bee
wells fargo short sale
sacramento short sale agent
wachovia short sale
short sale survey

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Rainmaker
126,582
Will Handley
Progressive Inspection Service - San Juan Capistrano, CA
Certified Master Inspection Services

You go girl!  Isn't the industry average still over six months for short sales?  They're in escrow, they fall out.  It goes on over and over again until the right mixture of sanity finally shows up.

Mar 08, 2011 03:38 AM #1
Ambassador
3,090,260
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

I am usually satisified, but I deal a lot with Wells Fargo who generally sticks to their timelines.  Bank of America isn't bad either.

Mar 08, 2011 05:47 AM #2
Rainmaker
2,189,769
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

I know when it comes to Wells Fargo, we're living in a parallel universe, Chris Ann. You've got the good Wells Fargo on the East Coast while I have evil trolls on the West Coast. A WF negotiator promised us approval last week, this Monday at the very latest. Today she picks up the file and says we're missing documents, and she's updating from a year-old prelim.

My last 3 or 4 Bank of America short sales all required escalation to obtain a release of liability.

Mar 08, 2011 08:30 AM #3
Rainmaker
362,407
Lynn Pineda
eXp Realty - Boca Raton, FL
Real Estate Promises delivered in SE Florida

Hi Elizabeth, oh I hear you...they gotta be on drugs! I just posted on this subject matter in my blog and I want to know where some of these Lenders got their smarts for streamlining a process because the majoity of them are failing and it's pathetic!

Mar 08, 2011 10:00 AM #4
Rainmaker
84,728
Simon Mills
Mills Realty - Toluca Lake, CA

Hysterical.  I haven't talked to a single agent who would say that they are satisfied with the short sale process.  I've had some easy ones, but for the most part they are needlessly time consuming transactions.

Mar 08, 2011 12:08 PM #5
Rainmaker
468,350
Marcy Moyer
eXp Realty of California Silicon Valley Probate, Trust, and Investment Sales - Mountain View, CA
Probate, Trust, and Investment Specialist

It's all relative It is so much better than 2 years ago it seems almost ok.

Mar 08, 2011 12:59 PM #6
Rainmaker
161,892
Satar Naghshineh
Satar - Amiri Property and Financial Services Corp. - Irvine, CA

If you think like an agent and compare a short sale to a retail listing, yes, then you are correct. Other than that, call me crazy!

Mar 08, 2011 02:48 PM #7
Rainmaker
353,982
Melanie Ross
Coldwell Banker Solano Pacific - Benicia, CA
Benicia CA & Vallejo CA Real Estate, 707-319-2828

I loved your comment about Wachovia Short Sales.  I was talking to an agent who said, "yea I had two short sales...Wachovia, they were easy"  I looked at him with disgust and jealousy, What rock was he living under?

Mar 08, 2011 03:15 PM #8
Rainmaker
645,842
DeeDee Riley
Lyon Real Estate - El Dorado Hills CA - El Dorado Hills, CA
Realtor - El Dorado Hills & the Surrounding Areas

Elizabeth - I'd like to know who they were too cause I'm with you - response time is horrible and after this long in the game there should be far better improvement in their response time than what we're seeing.  Wachovia is proof it can be done- so there's really no excuse.

Mar 08, 2011 04:49 PM #9
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