ALICE IN SHORT SALE LAND....SHE WOULD HAVE NEVER MADE IT BACK

By
Real Estate Broker/Owner with People first then business! Ran Right Realty Riverside, Ca BRE LIC #636943

 

I FELL DOWN A SHORT SALE HOLE.............

 

WHAT HAPPENED............

I just closed a short sale that was started 14 months ago. If you divide the time spent by the hour, this comes under charity, community volunteer work. Having to hold onto my buyer, keep the seller focused and communicate with the bank  just causes you to wonder. I have 14 months worth of stories would take 3 months just to explain. Resubmitting paperwork alone must have of caused a tree shortage somewhere. 

THE BANKS MENTALITY........

The BANK was telling me we are in this mess because the seller defaulted. I explained the seller defaulted because the market crashed. It is a national problem and not just my seller. Her comeback, if your client would have kept his word, we wouldn't be talking now. I said if he still had a job, you may be correct. At some-point I became aware on where this conversation was going, so I went low profile. This was the tone of this transaction all the way through. My seller was wrong and the bank was an innocent victim. 

BUYERS FEELINGS GET HURT.......

The bank doesn't realize that by moving so slow, it interprets to we don't care about you or your money.  My buyer became offended because they were not getting a timely response and started to take it personal. So, I had to hold my buyers hand while dealing with the banks indifference. 

WHAT I DID ABOUT IT..........

Three BPO's later and then one day, I wrote a letter to the bank stating that I would be very pleased if you do not go through with this deal. I am losing money here, It is consuming a lot of my time and I could have closed my buyer on another deal. So please tell me whether we do or do not have a deal. Thirty days later it closed after re-signing and resending all the paperwork (again).

HOW I MADE A DIFFERENCE......

I finished what I started and documented it all the way. I wrote our two State Senators on the plight of foreclosures and how it affects everyone. I thanked my buyer and put them in for Saint Hood for all their patience. My experience plus thousands of others...... is what will be bringing much needed change this April 2010 on these transactions.

close

Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Andi Grant 04/01/2010 03:58 PM
Topic:
ActiveRain Community
Tags:
short sales
clients
banks
bpo

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
1,364,983
Vickie Nagy
Vickie Nagy, Broker Associate Realty ONE Group BMC Associates | BRE#01363932 - San Ramon, CA
Broker for San Ramon, Danville, Dublin, Pleasanton

Richie, we all have war stories about short sales, but in the end you've summed it up nicely. Banks blame the owners and it's a pervasive attitude that I believe leads to slow service and 'lost' documents in many situations.

Mar 25, 2010 08:21 PM #1
Rainmaker
1,376,183
Richie Alan Naggar Author PEARLS SERIES of books
People first then business! Ran Right Realty Riverside, Ca - Riverside, CA
on LIFE and LOVE plus Real Estate too!

Vicky fellow agent....I am forming a club (SSS for short sale survivor) that meets up once a year that discusses how we (Real Estate) agents survived a short sale. To join, you must have done one and admit it in front of the group. I wouldnt be surprised if a few bank employees joined and end up buying us several rounds (of premium wine). 

Mar 25, 2010 09:17 PM #2
Rainer
47,489
Brian L. Nelson
AllTrade Home Inspection - Lake Tapps, WA
Seattle WA - Tacoma WA Home Inspector

Interesting Post! Good information, thank you for sharing.

Mar 26, 2010 12:00 AM #3
Rainmaker
944,803
Lottie Kendall
Today | Sotheby's International Realty - San Carlos, CA
Serving San Mateo County and San Francisco

Hi Richie -- It's great that you stuck with it, held it together, moved it along -- you've made friends for life with your clients, I'm sure.

Love the idea of a Sainthood Award!

(And thanks to Andi Grant for sending me over here.)

Apr 01, 2010 09:01 PM #4
Rainmaker
1,376,183
Richie Alan Naggar Author PEARLS SERIES of books
People first then business! Ran Right Realty Riverside, Ca - Riverside, CA
on LIFE and LOVE plus Real Estate too!

Hi Lottie and welcome to my post. I learned a lot by sticking with it. In the moment, you wonder why? After words, it makes for a great war story. Yes..... My client worships me............ and I adore them too! Also, the bank told me that they look forward to working with me again. I asked for referrals and they told me to join a certain site as they pick them from there. So, they love me, and then put me in a pool with 50,000 other agents. Oh, I feel loved. As far as Andi Grant goes....she is the go to girl for Long Beach, Downey, and Lakewood for all your professional needs. Thanks  & see you around the Rain.....

Apr 01, 2010 09:33 PM #5
Rainmaker
1,376,183
Richie Alan Naggar Author PEARLS SERIES of books
People first then business! Ran Right Realty Riverside, Ca - Riverside, CA
on LIFE and LOVE plus Real Estate too!

Brian...I forgot to thank you for stopping by and commenting......Thank you now

Apr 08, 2010 07:20 PM #6
Post a Comment
Spam prevention
Show All Comments
Rainmaker
1,376,183

Richie Alan Naggar Author PEARLS SERIES of books

on LIFE and LOVE plus Real Estate too!
Ask me a question
*
*
*
Spam prevention