Does the bank know how there assets are being managed?

By
Real Estate Agent with First Weber Group/short sale/cdpe/gri

I just completed a sale on a REO.  The customer got a good de1al. The appraisal was over 35% higher than the purchase price.  The bank received a offer from one of my other customers 22% higher 3 months prior.

IS THIS HOW A PROPERTY SHOULD BE HANDLED TO MITIGAGE LOSSES!

What I do not understand is when the lender pulled the listing from one agent to another, the first agent would not submit it to the lender, indicated that I should wait to see who it was listed with when it got relisted.  So I waited and saw the list price get reduced by 10% !   Then the lender played games with credits even when the price was a full price offer!

After the offer finally got accepted, there was a requirement for the lender to do work.  After the work was done the purchaser was going to get an inspection.  The work done was done the specifics of the contract.

When the inspection was scheduled, the lock box was differnt then the one provided, (no one was available to provide correct combo for lock box). 

Set up a second inspection and the water and gas was  suppose to be on, so the inspector could complete inspection.  The correct combonation was give but the water and gas was not connected and thus inspection could not be done (no one was available to address the issue)

Called again and the dewinterization had not been done and now AGENT was going to get the city involved to get water meter connected.

They finally got the water connected and there were  A serous leaks and needed to get two bids to the bank to get approval.  They then went to get the leak fixed.

Was told by agent that the gas was on and that I should go to the property to check to see if the furnace worked. When I WENT to the property I found a notice indicating that the gas had been disconected. Called agent and told them that the gas was off gave them the information so they called we energies to connect the service.

After the appraisal, the new lender wanted the inspector to go out to address mosture in the basement, water leaks and gas being conected.  When inspector went back to the property ,when agent indicated that the property would have work completed, he found the work was not done.  Inspector had to go to the property a third time.

Finally all condition items were completed and then the bank indicated it would not close the transaction if it did not close in the next 5 days!  Even though the title or closing numbers had not been provided.

Finally the closing happened!  But the buyer was given the wrong keys and that issue had to be resolved!

 

This should not be how the reo process works!

 

 

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Rainer
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Darren Kittleson
Keller Williams Realty/MAPS Coaching - Madison, WI
CRB, CDPE-Madison, WI

Keith-It's amazing to me how inept this get handled in almost every instance.  I have no sympathy for the lenders who claim their losses are so great--if they could get their act together on the front end they wouldn't need to be.  I had an example similar to what you wrote about just last year.  We had the property listed and knew it was in a short sale situation.  The lender wouldn't even let us communicate with it until we had an offer.  The 1st mortgage was for $825,000.  We brought them an offer at $812,000.  We waited, we waited, we waited, 6 weeks went by before we even got a response.  They buyer walked as they were a relocation buyer and needed a place to live.  The property went to Sheriff's sale and was relisted this spring with the brokerage that handles Countrywide's foreclosures.  The property ultimately sold for $605,000 in August.  OVER $200,000 less than the offer we submitted 12 months prior. 

This might be an extreme example but I doubt it.

Oct 30, 2008 06:52 AM #1
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Rainer
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Keith Manson

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