A Bank Says That They Don't Do Short Sales…In 2012? Really?
May 16, 2012 / /
http://KevinandFred.com
Kevin and Fred discuss a recent short sale experience, reminding us that Nothing is ever what it seems.
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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.
Great advise and video, Nothing is ever as it seems.
Kevin/Fred,
I actually dealt with Washington Federal last year. They never told me they Didn’t do short sales verbally, but based on their actions they basically were non-responsive for the most part. I submitted a full package, called to follow up, and eventually got a hold of a contact in one of their local offices here in Vegas. That contact said they Do short sales, but the seller would have to sign a prom note, no exceptions. I didn’t like that answer so I went over her head to a manager in Washington state (Ron Miller). After many attempts I finally reached this elusive manager, and he told me to send him the package via his direct email. After months of follow up and basically no progress on their part the sellers decided to file a BK (at the advisement of their attorney). They eventually foreclosed on the property a few months after the BK. They’re a private portfolio lender, so they keep all their loans from what I understand and I’m assuming they’re some type of insurance involved because they acted as if it was in their best interest to foreclose. I have some contact info for their people over there, and I’ll be happy to pass it over to you.
Can you give me the contact info you have . I am trying to do a short sale for a client – one loan, purchase money in the state of AZ…(anti-deficiency state) the division manager for Washington Federal said we rarely do short sales – send me your package- 5 minutes later he rejected- it – then he went on vacation for 10 days and supposedly he makes the decsion for all loans in AZ- no one else!
That reminds me of a lender who just recently told me, we only do short sales on people who are current with their mortgage.
I love it! Just change the language to short payoff!!!
Hi Guys! Yes, I represent a buyer who is currently under contract with a short sale purchase and the listing agent just called me Friday to say the second lien holder (Tempe Schools FCU) will only accept a full payoff and nothing less, because they don’t do short sales!. So, I told the agent to let them know the seller’s would be going to foreclosure since my buyers are not willing to pay $40K to the second lien holder to purchase the home. What yahoos!!