Unnecessary Bank Requests Slows The Short Sale Process
September 28, 2010 / /
http://kevinandfred.com/power-hour/bofa/
Fred airs some complaints about the short sale process. Basically, numerous unnecessary bank requests are slowing the short sale process.
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About the Authors
Kevin Kauffman & Fred Weaver
Kevin and Fred the founders of Group 46:10. Over the last 10 years Kevin and Fred, and their team have closed tens of millions in real estate all over the country and have created some of the best training for agents in the market. Kevin and Fred are also highly sought after teachers whose work has helped agents all over the country build their own next level real estate business.
SOOOOO right on the money!
We are just trying to sell a home and save them money! Help the buyers and sellers and run our businesses!
PLEASE help us help you banks!!
When I watched this one, I thought of another “Duhh!” file for that I am working on now.
Servicer for Fannie Mae loan says they need a complete financial package (bank statements, pay stubs, worksheet, etc…) prior to sending it for approval. I explained that I understand the “normal” requirements but if they would look in the file they would see the death certificate from the homeowner and there is no way I could provide that information. They said they could not submit the file without this information. In the mean time, I had the same conversation with the 2nd and in 2 phone calls, I had an approval.
Why do some servicers have people with rational abilities working in loss mitigation while other do not???
Kepp up the excellent work!
Steve
Way to hit the bullseye again, guys. But the servicers need to understand that we are not only helping the seller, but them also by facilitating a sale on the property before foreclosure.
One of my “favorite” banks asked me for photos of any “valuable personal property” including cars and recreational vehicles. Needless to say they didn’t get it.
Wow Jamie! Care to share who that bank was? 🙂
You guys hit the nail on the head. I heard that they have or are going to hire about 700 new employees to help with the overwhelming short sales they are getting, who have no idea what they will be doing. I recently had one of those and had to change from the LLC to the individual’s name for them to acceptt the paperwork. Pain in the “arse” I say.
Banks using logic? Sorry, that’s not in the guidelines.
Flexible reality! I like that. Interesting, BofA was supposed to come to a company wide meeting today in south FL to discuss how they’re streamlining their processing of short sales etc. and to explain how they work. Unfortunately a little tropical storm canceled the meeting. Boy, I can’t wait for them to re-schedule. (I wonder if the representative will be getting hazard pay for coming to a meeting of realtors!)