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In My Case, Foreclosure is the only Option...

Real Estate Agent with Exit Realty Properties

I have no choice, I am frustrated, I am mad!!mad!!mad!!  What right do the banks have to cause bad things to happen to really, really, really good people?  I just experienced the worse short sale nightmare since the start of this mad economic nightmare. Watch out realtors. I baby-sat the process, the bank, the paperwork and all I got was "rubbish". Here is my story...

November 20th - Submitted an offer to the bank for a short sale. BTW, this was a cash buyer. Three days later, I get confirmation all info has been received. 

Nov 27th, a negotiator is assigned but I am not allowed to have the contact info. One week later, I call and I am told it would take 3 MONTHS. With such disbelief, I just said OK. A week later, I get another offer and on advice, I fax it to the bank and they confirm receipt. 3weeks later, my cash buyer withdraws because they can't wait any longer.

I faxed a copy of the withdrawal letter to ASC (Wells Fargo) so at least, they can now focus on one offer. By end December, I start to count down;  6 weeks to go. I have a nice Xmas and on my return, I am told, no word yet. This continues week after week until Feb 25th and I am told FILE CLOSED, DENIED and the reason: CONTRACT RESCINDED. I thot this was the joke of the century. After speaking to 3 supervisors over 2hrs, they tell me they only review one offer at a time. To this, I screamed "BULLOCKS". How dare they? They spend so much money sending letters every week to my seller about non payment and various bloody options but no one bothered to tell me in three months that they were reviewing only one offer at a time. Yet, they have a record history showing I called them every week for three months. I am still in shock. As if it wasn't bad enough, they said it would be up to the negotiator to re-open the file and if he refused, we would have to start from scratch and that would be three months again to review. They have asked for all the documents again including an addendum to the contract since the initial submission had expired. I asked them to go to hell and my seller says they can go ahead and  foreclose. This is bloody ridiculous.

BE WARNED FELLOW REALTORS. Some of these banks are bloody useless. My conclusion is that the negotiator never reviewed the file. He must have started on the file at the end of February, saw a withdrawal letter at the top of the file and decied whoopee, this is an easy one and just closed the file. Never even bothered to look through 45 pages of documents. While some banks review more than one offer,some don't. It costs nothing for them to notify you in the beginning. If I didn't fax the withdrawal letter, I bet they would come back three months  later and tell me they have to start again because I should have notified them. It is crazy.

Afie Makinde

Exit Team Realty


Jennifer Hillegas
Sign Your Deed Realty - Rome, GA
Every Seller Does It!


Mortgage companies are NOT organized enough with the procedures you can make 10 different calls and get 10 different answers.  I once negotiated a check in protecte escrow insurance dept of Wells Fargo after 2 months of getting the run around I GOT MAD and went to the Better Business Bureau and filed a complaint.......7 days later the Wells Fargo Executive Depratment CALLED ME.......wow lights were turned onto the fact that WF was holding over $45,000 of my client's money for over a month.......holding up a cash closing that would cover the payoff if WELLS FARGO would just give us an updated payoff applying the insurance funds to the balance.  It was amazing how I received that corrected payoff in 1 hr after talking to the WF executive.  So NEXT time you deal with Wells go ahead and file the complaint with the BBB if they lag on the decisions or you can't get a decision maker......

Mar 19, 2008 01:54 PM
Christina Moock
Cutler Real Estate - Canton, OH
REALTOR - Cutler Real Estate
Sounds frustrating!  I have shied away from short sales.  Some people say they are a great way to get a deal and others just say they are a headache.  I haven't had much luck yet.
Mar 19, 2008 01:58 PM
Suzy Britz
Nextage Lincoln Ray Realty - Keller, TX

UGG! To SHORT Sales! Frustrating was my experience!

I had a similar situation take place with a lender in Houston Texas.

I had a listing in Euless Texas last year. 

I spent probably 30 hours on this file and made 0 dollars.

The lender was horrible to get in touch.

The seller had to call day after day and send certified letters. After months of chasing the lender responded and we began negociations. The seller filled out the hardship packet and returned it to the lender giving me the listing agent permission to speak to the lender also. 

After submitting the offers the bank came back and said that the property or house was worth more than the seller was asking. The comps did not show the we had it under priced. This property was priced within comparables in the neighborhood and the seller had not discounted for all of the problems found after inspections. Issues like foundation and termites!

The lender did not care! The lender let the property go through foreclosure!

A year later the home has not sold! 

Mar 19, 2008 02:03 PM
Afie Makinde
Exit Realty Properties - Coral Springs, FL
Realtor, Broward County, FL

Incredible. I see that I am not alone in this short sale nightmare. I will take your advice Jennifer and see where it leads. I know of a colleague who has decided to file for bankruptcy because this process will just kill him mentally.

I would stay away from short sales if I can but taking a look ath the MLS and you can see that a third of the listings are either short sales, pre-foreclosure or owned by the bank. It is unbeliveable.

Afie Makinde

Mar 19, 2008 02:07 PM
Eric Reid
Renaissance Realty Group of Keller Williams Atlanta Partners - Lawrenceville, GA

OK not to be the odd ball but I love short sales and have had great success. I could have told you that the minute you submitted the 2nd offer is was going to blow up. You have to remember that the short sale offer was made to the seller not the bank and the with draw of the offer was from the buyer to the  seller not the buyer to the bank The seller still wanted to negotiate a reduced loan pay off. If the bank had stayed on track and approved the 1st offer then your seller would be able to go seek a buyer that meet the lenders limits.

Heck if you don't want the short sale .. send them to me I have a team working in GA FL NC SC VA

Happy to be of help.

Mar 19, 2008 02:21 PM
Billie Dalessio
Home Run Realty, LLC - North Haven, CT


so sorry- we have all been there. Have the clients tried the HOPE line, maybe it will buy them some time while you try to get the second contact through.

Mar 25, 2008 03:23 PM