An Effective Contract Since October 2007 on a REO Property............................

By
Real Estate Agent with Realty Pros & Associates

 

 AND IT STILL CAN'T CLOSE AS AN EMPLOYEE  at New House Title SAYS THEY LOST A QUIT CLAIM DEED and can't find it, after waiting 3 weeks after the 2nd closing date went by, to get something they could have emailed back and forth in a day.  DOES ANYONE OUT THERE KNOW WHAT Federal and Florida State Law APPLY TO TITLE COMPANIES AND REO COMPANIES SO THE NEXT TIME I CAN PROTECT MY BUYER FROM THE EXTREME INCOMPETENCE by being one step ahead of employee's who could care less.   What Guide Lines protect me the Real Estate Agent? What agency governs the behavior of REO Companies & Title Companies in the State of Florida? I'm tired of running after adults trying to get them to do their jobs.  www.ThisIsDaytonaBeach.com  Also when I ask an employee to give me the name of the Seller's agent who produced then executed the Quit Claim Deed is there a privacy Issue that does not allow them to give me this vital information.  They are a party to the contract and I am the Selling Agent. 

 

Joy and Bailey at "The Beach"

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Rainer
164,544
Gary McAdams
GMAC Schwartz Property Sales - Key West, FL
It's stories just like this that make me realize I made a good choice when I decided I will not show REO's.  I closed one and had over ten fail because the banks were being so difficult.  Let's sell homes owned by people not banks.  Great picture.  The doggie looks so cute.
Feb 29, 2008 12:29 PM #1
Rainer
164,544
Gary McAdams
GMAC Schwartz Property Sales - Key West, FL
It's stories just like this that make me realize I made a good choice when I decided I will not show REO's.  I closed one and had over ten fail because the banks were being so difficult.  Let's sell homes owned by people not banks.  Great picture.  The doggie looks so cute.
Feb 29, 2008 12:29 PM #2
Rainmaker
45,667
Ida McCarthy
Ida McCarthy-Lombard Real Estate - Lombard, IL

I hear you Joy.  I'm in the same situation.  Contract is dated 10-1-2007.  Still no closing.  This entire transaction has been based on rumors.  The bank said this, no the bank didn't say that, oh, and now the bank changed their mind.  Oh wait, it's ok.  No, sorry bank says no.  Oh, no they say ok.

                  BANKS SHOULD NOT BE IN THE HOME SELLING BUSINESS!  (had to highlight that)

Luckily my buyers are living with their parents, so they can wait.  But if I had a client who had to move on a specific date, this would have been a joke. 

Good luck with your deal!

 

 

 

 

Feb 29, 2008 12:42 PM #3
Rainer
6,176
Joy Mitchell
Realty Pros & Associates - Ormond Beach, FL

 

Thanks for the response Ida and Gary,

My position is to stop the insanity. I want to know what laws are on the books to protect my buyer and myself.  My position is to stop the idea that Real Estate Agents need to stop working for payment that was not suffered during the 1929 depression.  We have a license to protect the public.  I want to know what is protecting me from them. 

So unless we as Realtors don't stop the behavior The REO Companies will not clean up their act and the acts of the multiple organizations they hire to perform  or I really should say don't perform for them.

For Instance a Realtor from Orlando or Miami from First Services Realty another division of GMAC, throws a combo lock on a house in Daytona Beach then simply walks away.  He has a great answering service with music.  But in all these months he personally has never returned my calls.  I get his number two man that knows nothing or  the other broker who doesn't get anything done or their very nice assistant that trys  but can't do anything and placates. They List unsalable houses in the Multiple Listing Service that are not really for sale because your buyer can't buy them even after they have an effective contract.

The Owner on record is Sun Trust in Richmond, Virginia. The REO Agent who signed the Contract works for GMAC.  Her and Her  Manager work in Texas.  By the way it took her one month to sign some paper work I needed and it would not have been signed even then if I had not got a hold of her and explained it to her. Stupid me sent the paper work overnight to her.

There are at least two Title Companies involved one in Tampa, New House Title and First American Title in Texas.  The Title company in Tampa is a special work of incompetence.  All I needed to close was a quit Claim deed they have been working on for almost a month to get.  When they could have produced it in one day. The Title Company has been telling me they did not get the quit claim deed when I was told by First Service Realty It would be there no later than Wednesday.  The HUD IS DONE.  We could have closed today.  I put a trace on the quit claim deed.  They got it at @8:12 am Monday Morning.  It is officially lost and surprise , surprise the processor who probably has it as I speak in her possession, it was her last day  today at New House Title.  She has lied to me for a solid week almost. She didn't count on me tracking the DEED.

 When I asked the manager in Texas what the phone number was to the division of sun trust was who executed the wuit claim deed.  He tells me that is privileged information and will not give it to me. I'm the Buyer agent with an effective contract.  Oh I am badgering him.  What a joke!  So I told him that the only one being injured in this transaction and is being badgered is the buyer not him and I'll find out the information myself since he will not cooperate. Privileged Information what a joke!  It is always privileged information when they don't want to get off their rear ends.

Believe me I got the person who executes the Quit Claim Deed at Sun Trust.  And it is not going to end for me if this transaction does not close.

to be continued later .......................I want the laws to protect buyers and Realtors.............That is the KEY. 

I'd appreciate anyone who is familiar with laws on banking and real estate to point me in the right direction.

I am fed up.  Joy Mitchell Century21 Sundance Realty Ormond Beach , Florida

If we band together we may be able to get something done.  They are misusing the mls and you as a real estate professional and the public at large that is called buyers.

Feb 29, 2008 06:28 PM #4
Rainmaker
45,667
Ida McCarthy
Ida McCarthy-Lombard Real Estate - Lombard, IL

I so agree!  I personally am so exhausted from this transaction I'm involved with I just play along because there is nothing I can do right now for my buyers. Just sit tight and hope we do close.

The attorneys in my transaction said there really is nothing we can do, it's all up to the bank.  Why doesn't that surprise me? 

We as realtors do have a strong voice because there are so many of us, wouldn't it be nice if we could change things? 

The contract is your legal agreement with your buyer, but the banks DO NOT CARE about the contract.  They know they have all the power. 

In my transacation the home is in Illinois and the bank is in California.  The home is in the suburbs, the listing agent is in the city.  He has no clue what the home looks like inside, I took pictures and emailed them to him. 

Oh, and did I mention, the bank reduced my commission?  I am starting to tell buyers who want to see a bank owned property, that unless they are willing to wait 6 months to a year to get in the home, we should look at other homes on the market.  There sure are a lot of them.  Maybe we should boycott the bank owned properties, but that would be against the license law.

I would love to hear other peoples' thoughts on this.

 

 

Mar 01, 2008 12:21 AM #5
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