Things that use to make me mad.... cross-qualifying with Countrywide and Wells Fargo and different bank owned properties. It was really frustrating because by the time I would finaly get my cross- qualification letter the house, we were going to offer on went pending.Or the loan officer denied me because my client didn't want to talk to him, she supplied all of her information by fax but just didn't want to talk to any other loan officer. She was comfortable with her Loan officer, so her cross-qualification was denied. This was happening in the middle of 2008, I have since viewed a change from the Listing agent's point of view.
I'm still doing some research. I understand that this could be a RESPA violation but I'm not sure.
Now that I'm a recent REO agent, I can understand why the asset managers want to make sure that this transaction will not fall out of escrow and they have now wasted 30 days. I've been noticing a 25% fall out of escrow rate in the High Desert. Which is not good for the listing agent and the asset manager and ultimately the banks who owns these REOs.
Does anyone have any ideas to facilitate this process?