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The Bank Has A 'NO' Mindset

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Real Estate Agent with Group 4610 Network

The bank has a 'NO' Mindset. The bank employees are paid to make decisions. They can say yes to your file or say no to your file. Every time you send a file in the bank is looking for the easiest way to make a decision. If you don't have a complete file or you don't follow up on a file, the easiest thing to do is say no. This isn't anything personal, they just want to make a decision.

This information comes from our Crush it short sale classes. A former Citi mortgage manager shared with us that they are supposed to decision 10% of the files that they had. Those decisions could be loan mods, deeds in lieu, short sale approval, or short sale denial. The bank employees are just trying to move the paper.

Do you have short sale questions? Read the Short sale FAQs.

Are you a Realtor? Then get free short sale training from Kevin and Fred at Free Realtor Training on ShortSalePowerhour.com

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Damon Gettier
Damon Gettier & Associates, REALTORS- Roanoke Va Short Sale Expert - Roanoke, VA
Broker/Owner ABRM, GRI, CDPE

Kevin, I have been successfully doing short sales for a couple of years ago...nothing compared to your volume but I have closed a couple of dozen and never had one foreclose.  I have one now that is a Wells first and a Wells second....they are fighting over what the second will get.  They have been fighting for a month and a half now.  I think this will end up foreclosing simply because the bank will not get out of its own way.  Any ideas?

Mar 14, 2011 01:48 PM
Kevin Kauffman
Group 4610 Network - Tempe, AZ
Kevin Kauffman

My ideas are this.. escalate within both departments..... They will get it done.. Don't back down..

Mar 14, 2011 03:20 PM
Shannon Coe
exp realty of California, Inc. - Oceanside, CA
760-586-5268, San Diego Realtor
I seem to get the NOs lately but I have a big sign in my office ESCALATE! that works. I have a question if you have time: I closed a BofA short sale about a year and a half ago. One loan purchase money here in California...the bank is calling the former selller non stop to get payments? The bank is telling the former owner that the short sale is not closed and she still owes the money. We have sent the documents from title to the bank 3 times and they are not stopping...help! Client wants to sue me for not closing the short sale...
Mar 15, 2011 02:31 AM
Kevin Kauffman
Group 4610 Network - Tempe, AZ
Kevin Kauffman

@Shannon - First off, the client is ridicoulous if they think they are going to sue you.   If you have an approval letter, and closing documents from the lender that is all the proof that is needed to provide to the lender.

Mar 15, 2011 05:40 AM
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