REOs, Short Sales, Banks... Who Ya Gonna Call?! Some Contact Info Please

By
Real Estate Agent with Coldwell Banker Schmidt Realtors

Hello...

Waking up this Thanksgiving morning, I am thankful for one thing... the banks are closed! As our market sees a mixture of bank-involved properties, the interaction with the various departments (or lack there of) can make you want to pull your hair out. I am involved in quite a few and if you reference my picture, you'll see that its been a while since I have had an easy bank interaction. I find that with each new bank or servicer the process changes. The departments have different names and the numbers are never published. As a bonus, when you think that you're making some progress talking with a human and they give you the "right" number to call... you get transferred to silence. Then, of course you call the number back and again... silence.

Home Retention Dept, Loss Mitigation, Workout Dept, Executive Team... all the usual suspects when trying to submit an offer to the bank. But, with ActiveRain I think there may be a light at the end of the tunnel. We are fortunate to have a network of top-producing agents, title agents, and lenders here. It seems to me that we can tap that network and compile a list of contact numbers and departments for the various banks, asset managers, and loan servicers here that can help to streamline the process and make life easier for the overburdened banks and frustrated real estate agents. I think that in the end this will also help to keep the borrowers out of foreclosure and keep those buyers that are hard to come by, interested in the bank-involved property.

So let's get to typing and pool the resources to get some info in a concise blog, here. If you have had some experience, either bad or good, in communicating with a bank... speak up! Help your fellow agents and share your experience. Most importantly, share which bank/servicer you dealt with, the department that worked best, the most appropriate number to call, and if you have a contact that did a really great job... let's get his/her name also.

With FannieMae holding off on foreclosures for a short period, this gives us a moment to circle the wagons and really figure this process out before the backlog that will likely start '09. We can make some lemonade out of the banking lemons and take it upon ourselves as real estate agents to help these banks move through REO inventory and prevent foreclosures. If we do all of that, we might even get some good media coverage as an industry. Let's have '09 be a time to shine for housing markets all over this great country!

www.markhagan.com

Comments (4)

Pam Marzano
Keller Williams Realty - Puyallup, WA

I so agree. If all of us from different areas in the country shared information, we would not be competing but helping other fellow agents get   to the source sooner. We may be able to help our sellers as well as keep the buyers interested.

 

If short sales continue to be a long drawn out problem, buyers are going to be less interested to. Why in this market with so many homes on the market would buyers want to submit an offer on a home with no assurance that the lender is even remotely interested in accepting that price. Unless that is your only choice, it's hard to understand why you'd or your buyer would want to go through that process. Lender need to get moving quicker to prevent the expense of foreclosures.

Any one have any contacts for bank to call about bank owned properties or BPO

Nov 27, 2008 03:45 PM
The Somers Team
The Somers Team at KW Philadelphia - Philadelphia, PA
Delivering Real Estate Happiness

Mark,

Great post and a great attitude.  I think things will turn around a little faster than most of the predictions out there.  The short sales are a nightmare.  We do our best with the ones that we do in Philly to get all the info from the seller up-front so when we submit a deal there is not any request for additional info.  It just seems to be potluck depending on which bank, which loan person gets assigned to your deal (if one gets assigned at all).  We have had some successful closings which reinforces us to do more to help out our clients and help eliminate some of the inventory at the same time and to eliminate that potential foreclosure !  

Nov 28, 2008 12:51 AM
Demetria Scott, Baltimore, MD -- SRES, ABR
Long & Foster Real Estate - Baltimore, MD

Great idea, Mark!  For the most part things semm to be turning around.  The banks appear to be more forgiving with owners although the process is still quite lengthy.  This is a big turnaround from the beginning of the year -- when many lenders had unrealistic expectations and prospective buyers had no idea what to expect from the process.

Dec 24, 2008 07:15 AM
MARK HAGAN
Coldwell Banker Schmidt Realtors - Traverse City, MI

Hello...

I have found the banks to be completely overwhelmed with business on my end and the process seems to be very slow as we come out of the Holiday Season. I can only imagine when 9 Jan rolls around and the foreclosure floodgates open again to see what's going to happen with dealing with banks. I have found that the banks are not really willing to modify loans for most people. This was a media ploy, I believe. My banks are telling me that maybe 1/3 of the people that call qualify for the programs available. Maybe we'll see something new this year to help homeowners!

Jan 06, 2009 04:25 AM