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When bad banks happen to good people...Foreclosure is the only Solution

By
Real Estate Agent with Exit Realty Properties

In My Case, Foreclosure is the only Option... (edit/delete)

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 This continues week after week until Feb 25th and I am told FILE CLOSED, DENIED and the reason: CONTRACT RESCINDED.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

Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos
Afie,  Yours is not the only nightmare like this.  The banks seem not to have a clue !
Mar 19, 2008 02:32 PM
Gene Wunderlich
1st Action Real Estate - Murrieta, CA
Realtor & Legislative Liaison
They're just contributing to the problem. By making it so difficult to process a short sale, they are driving people to foreclosure - which costs everybody more. In our market (#2 foreclosure market in the country) agents won't even mess with a short sale because they';re such a pain. Just wait a couple more months and the property will be an REO and an easy close. What a waste.
Mar 19, 2008 02:36 PM