Short Sales.....We Should Rename Them L O N G Sales....Don't You Agree?

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Real Estate Agent with Reece and Nichols Realtors

Short Sales...Don't we mean  L       O     N     G  sales? I've had it with the Bank of A_ _ _ _ _ _ I have presented 3 different contracts for almost full price, and guess what? I have lost each buyer due to the "circle jerk" method this lender seems to have taken on. By the way, we are talking about the same property and get a contract together..falls thru....get another one...falls thru..you know the routine.

The 1st contract seemed to mysteriously get into the hands of a mitagator that took it upon herself to give the homeowners a better rate and a new mortgage....Problem, the homeowners don't live in the house or even in the same state. This without any verbal communication with me.."she had stone walls around her" and there was no phone number that had her name on it! The sellers were not even notified...a package was found in the door at the vacant property..papers to be signed. Crazy!

Next contract, was put into the hands of a mitagator that put them into the "Buyers Walked" pile...without the buyers knowing they had walked...guess what they Walked/Ran!

Third just gave up before it even got started again...........

I have my CDPE, (Certified Distressed Property Expert) but I refuse to work with this bank due to the method of madness; the system is so frustrating when in reality, the 1st mortgage would of been paid in full and the 2nd mortgage with this same lender, as well, would of had more money..than they will now get...NONE!

I love to help people and I am not a quitter; however, I don't know how I can beat or even work with a system that is so confused.........

Until next time, Becky Alumbaugh, The Diva Team, Reece and Nichols

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Topic:
ActiveRain Community
Location:
Kansas
Tags:
short sales
realtor
real estate
real estate agent
listings

Comments 6 New Comment

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Rainer
19,247
Becky Alumbaugh
Realtor, SFR
Reece and Nichols Realtors

A crazy process...there needs to be people that can look at these quicker. This really was a No Brainer! Thanks Kim!

August 27, 2009 07:34 PM
Rainer
115,058
Monika Depalo
REAL ESTATE Agent/Stager
GAFF'S REFERRAL'S INC.

Personally, I think it should be illegal to hold offers and escrow funds like that--at the expense of the buyer and sellers time (the seller can end up in foreclosure for time wasting).  No one else has the privelege of having an unknown closing date or making their own rules or putting it in the wrong pile without getting fines. 

August 27, 2009 07:34 PM
Rainer
19,247
Becky Alumbaugh
Realtor, SFR
Reece and Nichols Realtors

Well put Monika...I wish they could see the pain that these "Distressed Sellers" are in....It is so rewarding to get it completed, but when it doesn't like this one....it is defeating. Thanks, Becky

August 27, 2009 07:37 PM
Rainer
2,140
Becky Anderson
SP Real Estate

Becky, I now have an assist that does weekly follow up calls, it does help and it is part of her schedule.  We negotiate nationally so maybe the money we pay her makes more sense with more files-it depends on the work load.  I like the new BoA system that tells you where you are at in the process, its automated so the homeowner and any agent Im negotiating for can check up on the process themselves.  Im working here in Ft Worth-where one of the loss mits offices is located on getting a panel together with BoA so we can work on streamlining the process.

August 27, 2009 07:54 PM
Rainer
19,247
Becky Alumbaugh
Realtor, SFR
Reece and Nichols Realtors

That would be so nice and take some pressure off of everyone, including myself. I, too, have a weekly or twice a week call into them. I did not however, have the luxary of the automated system. I think that is a great idea!

Thanks, Becky

August 27, 2009 08:23 PM
Anonymous
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Rainer
19,247

Becky Alumbaugh

Realtor, SFR
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