Are short sale banks starting to reduce their staff?
I've been processing short sales since 2005 for not only my own files, but for other agents and brokers.
It may be just me, but it seems that the expediency and responsiveness from the short sale banks is not exactly what it used to be. Also, I've seen a lot more mis-handling and unwareness from one department to the next on some files.
I've had this theory that the banks have maybe started to reduce the number of staff allocated to short sales since in general the amount of short sales have reduced in the last 18 months significantly.
I had one file recently that has a first and second lien with the same bank that after 35 days of processing, I questioned why the 1st lender was involved since they are getting paid off in full. The negotiator's response was basically "Oops". They then killed the file and told me it would be re-assigned to the 2nd. That never happened, and I had to become Chinese water torture and called in every day until someone did something.
I also had another file recently with a different bank that was right at the point of approval. I then never heard back from the negotiator. When I finally got a response from someone, I was told that the negotiator left the company. Turns out no one knew about my file and it just sat there. Then I was told that the valuation had expired as a result, and we had to start all over again.
Just wanted to patch in with my peers and see what your responsiveness has been lately with your short sale files.
Inquiring minds want to know.........
Mahalo!
Ralph Gorgoglione
Los Angeles Homes For Sale
Los Angeles Condos For Sale
Los Angeles Townhomes For Sale
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