ARE THEY CRAZY? Can Someone audit these lenders already?

By
Real Estate Sales Representative with Coldwell Banker, Vanguard Realty

This is my last short sale in the pipeline with Countrywide.I use last in the truest sense of the word. It's the only short sale I have left with THEM and it's the LAST one I will take with Them.

Their own people tell me their processes are ridiculous but hey what are you going to do?

Go to jailI had an approved short sale, letter in hand. However by the time they got it to me we lost the buyer. Bet you never heard that before? We immediately got a new buyer for the same offer amount less them asking for closing costs. Hmm..... higher net to the investor. I'm feeling a slam dunk here.

What I really got was "go to jail, directly to jail, do not pass go, do not collect $6000." "no commission for you!"In other words "that's great we will start the file over and send it back to the front lines. Are you joking me? After 8 months of working on this, 500 phone calls, who knows how many showings, and they have the nerve to act like we are overpaid. I'm thinking I'm at .89 cents an hour. Now I'm at .00.

Same offer, bigger net, start over. Are you paid to think? Does the investor audit these people? Our money is bailing them out? In the meantime there are now 2 sales that will bring this one down further and will probably blow this price out of the water by the time "Stella gets her Grove Back".

Why do we stay in this game? For the customers we serve. It sure isn't to help the investors on these loans that constantly have their hands in our wallets and their heads in the sand. Well I'm tired of looking at their rear ends. They need to be accountable. In the meantime they are bringing values down with how slow they are.

I had one home go down $70,000 over the course of all the offers before the bank finally approved. They lost $70,000 because the process is not streamlined, and people are not paid to think. Oh did I mention that was Countrywide and it took a Negotiators Boss to step in to finally get it closed. Hello!

Help

Comments (3)

Chip Jefferson
Gibbs Realty and Auction Company - Columbia, SC

I am with you girl. I am working a sale from chase in pre foreclosure. Offer made 2 weeks ago that will settle everyone. I cant even get them off there tuff to give me a payoff! The attorney nor the bank could care less. Meanwhile the offer expired.

Jan 12, 2009 10:30 PM
Janice Roosevelt
Keller Williams Brandywine Valley - West Chester, PA
OICP ABR, ePRO,Ecobroker

YECH! I have my first short sale in the pipeline. I wonder if there is someplace on line that the "big guns' can see your post and realize the stupidity

Jan 12, 2009 10:32 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Kim, it's long, time consuming and often frustrating.  It even makes me more upset when I see Realtors and others advertising a quick short sale process.

Jan 12, 2009 11:01 PM

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