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#418143 - 01/09/13 09:30 PM best/worst short sale banks
papa lou Offline
Veteran Member

Registered: 04/23/06
Posts: 889
Loc: Los Angeles, California
What banks/servicers etc. gets short sales done quickly based on your experience?

Who is the worst?

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#418148 - 01/09/13 10:18 PM Re: best/worst short sale banks [Re: papa lou]
sacbroker Offline
Member

Registered: 10/31/07
Posts: 330
Loc: Sacramento
Worst I have dealt with, Pentagon Federal Credit Union. Don't even try.

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#419200 - 01/28/13 04:04 PM Re: best/worst short sale banks [Re: papa lou]
realtorWayneBroo Offline
Member

Registered: 01/22/13
Posts: 10
Loc: West Palm Beach, Fl
Best, for me: Chase, WF, Homeward Res
Worst, for me: Ocwen, Nationstar, SLS

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#419316 - 01/30/13 06:00 AM Re: best/worst short sale banks [Re: papa lou]
Scintillion Offline
Member

Registered: 01/26/12
Posts: 437
Loc: Colorado, USA
I would imagine that banks such as Chase and Wells Fargo would be easier to deal with due to the sheer volume of loans that they have.

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#419573 - 02/03/13 11:08 AM Re: best/worst short sale banks [Re: papa lou]
Musa Opondo Offline
Member

Registered: 09/24/12
Posts: 210
Loc: USA
Wells Fargo is foreclosure friendly.

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#419579 - 02/03/13 04:50 PM Re: best/worst short sale banks [Re: papa lou]
PacificBreeze Offline
Member

Registered: 07/22/07
Posts: 484
Loc: CA
Anyone have experience with Capital One?
So far (75 days), my experience is not good. They don't respond to negotiator's emails or calls very often and will not disclose how much the appraisal came in at, nor will they counter, reject or approve the offer. Buyer offered $237k on a $225k list price, which is pretty much full value on "closed" sales but low based on newer current listings. It would be nice if they would at least counter so buyer can decide to walk or accept!

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#421714 - 03/16/13 04:57 PM Re: best/worst short sale banks [Re: papa lou]
Rainbowtyedye Offline
Member

Registered: 01/15/09
Posts: 128
Loc: NJ
Best: Chase

Worst: TD

Hell: Chase 1st lien, TD second lien. Luckily I used to be a commercial lender at TD and am well aware of their consumer policies and regs, so I was able to teach the TD negitiator a few things about his job, like the difference between regulations and bank policies (yeah, I'm sure fed regs state RE commission on a short sale can not exceed 5%, and little banks like Chase are unaware they are breaking a Federal law when they pay that much out. Yeeah! Just like it's illegal to post-date a check, Junior! It's not illegal, it's just not a valid contract that can be negotiated until the date. Now quit playing Candy Crush between phone calls and learn your job!)

Me, bitter I was laid off from TD? Nah!
_________________________
http://LisaDArnold.com

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#421817 - 03/18/13 11:52 PM Re: best/worst short sale banks [Re: Rainbowtyedye]
Scintillion Offline
Member

Registered: 01/26/12
Posts: 437
Loc: Colorado, USA
Originally Posted By: Rainbowtyedye
Best: Chase

Worst: TD

Hell: Chase 1st lien, TD second lien. Luckily I used to be a commercial lender at TD and am well aware of their consumer policies and regs, so I was able to teach the TD negitiator a few things about his job, like the difference between regulations and bank policies (yeah, I'm sure fed regs state RE commission on a short sale can not exceed 5%, and little banks like Chase are unaware they are breaking a Federal law when they pay that much out. Yeeah! Just like it's illegal to post-date a check, Junior! It's not illegal, it's just not a valid contract that can be negotiated until the date. Now quit playing Candy Crush between phone calls and learn your job!)

Me, bitter I was laid off from TD? Nah!


Too funny - especially the part about playing Candy Crush - LOL!

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#431258 - 12/26/13 06:07 PM Re: best/worst short sale banks [Re: papa lou]
Kirk Craig Offline
Member

Registered: 12/02/13
Posts: 31
Loc: Illinois
Bank of America is not good. Chase was good. They just switch over to some new management system that pretty much wastes 30 days before they even see the file. The people at Chase don't even like the system however they have now paid for it so we're all stuck with it. I assume they will learn how to sreamline this process once they really get their hands around this system but for the next few months you can expect Chases process to be a little longer

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#442681 - 01/24/15 02:04 PM Re: best/worst short sale banks [Re: Kirk Craig]
VABroker Offline
Veteran Member

Registered: 11/02/10
Posts: 1024
Loc: Virginia
Anyone EVER heard of a bank 'assigning' a real estate agent to do a short sale as the listing agent? Trying to figure out if my past client's leg was just pulled.


Edited by VABroker (01/24/15 02:05 PM)

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#442682 - 01/24/15 03:23 PM Re: best/worst short sale banks [Re: VABroker]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7447
Loc: Vermont's North-East Kingdom
Originally Posted By: VABroker
Anyone EVER heard of a bank 'assigning' a real estate agent to do a short sale as the listing agent? Trying to figure out if my past client's leg was just pulled.

Prior to Foreclosure, some of the Banks may tell the Mortgagors that they can select a Broker from an approved list, or persuade them to use someone that they've worked with in the past . . . . or maybe a Broker who also sits on the Bank's Board of Directors.

Sometimes, they just suggest that the Mortgagor play ball, if they don't want to be removed early, or walk away with a Deficiency Judgement.

Usually, if the Owner is under water, they're not going to be much for arguing.

In reality, we're only fooling ourselves if we think that the real "Client" is still the Owner of the property. It's going to be the Bank whose money pays our Commission; but you still have to treat the Owner of Record with respect and pretend that s/he has some say in the matter if you want to maintain cooperation . . . . and if you don't/can't do that, the Bank will arrange for someone else.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#442683 - 01/24/15 03:52 PM Re: best/worst short sale banks [Re: VABroker]
Grampa Offline
Major Contributor

Registered: 06/30/09
Posts: 2276
Loc: Margaritaville
Originally Posted By: VABroker
Anyone EVER heard of a bank 'assigning' a real estate agent to do a short sale as the listing agent? Trying to figure out if my past client's leg was just pulled.


3 years ago we were involved with a pilot program for an undisclosed bank (which wants to present Sunny and Trustworthy image) and for about 6 months we would get assignments to go to peoples houses, and if they were occupied by the mortgagor we had a script of what to tell them. Then we leave and, if they wanted to, they could call us back to list the property. If they did not convert to a listing I think we got a $50 or $75 trip fee. After 4 or 5 months they discontinued the experiment. I know there were some other banks trying to basically do the same thing. I do not recall exactly but I think we got 1 or 2 listings out of it.

HOWEVER, the other agent could be lying.

Interesting slant. Look in public records for lis pendens and go contact them and introduce yourself as the CHOSEN BY THE BANK agent there to assist them with a timely disposition of the bank's asset.

I can think of 20 different ways to script it. And I can think of at least 20 different agents who would give it a try.

Unless they could show you something in writing, I would be suspect.
_________________________
"Be who you are and say what you feel, because those who mind don't matter and those who matter don't mind."
Dr. Seuss

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#442687 - 01/24/15 05:14 PM Re: best/worst short sale banks [Re: Grampa]
VABroker Offline
Veteran Member

Registered: 11/02/10
Posts: 1024
Loc: Virginia
Oh, I am suspicious, indeed, that somehow he was tricked. I spoke with both owners last year. They had been paying religiously on time, nothing missed; yet, now, suddenly, less than nine months(!) I am shocked to see the a short sale. The list price was under its true value (shock again!). When I spoke with them last year, they could have at least walked away free and clear after a regular sale (with some bucks in their pocket!). I'm afraid they have been duped. I reminded him this would affect his credit rating (he is military). Checked records - no legal proceedings pending. Such a nice couple; such a sham.


Edited by VABroker (01/24/15 05:17 PM)

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#442706 - 01/25/15 08:30 AM Re: best/worst short sale banks [Re: VABroker]
Grampa Offline
Major Contributor

Registered: 06/30/09
Posts: 2276
Loc: Margaritaville
If the person is an officer it will impede them getting future promotions also.

There is also the little issue of a deficiency judgment.

Tell them to talk to their JAG. (I have a long lineage of military in my family)

If this is a con the agent needs to lose their license if not also go to jail.
_________________________
"Be who you are and say what you feel, because those who mind don't matter and those who matter don't mind."
Dr. Seuss

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#448379 - 10/20/15 08:00 PM Re: best/worst short sale banks [Re: Scintillion]
Christine Lamb Offline
Member

Registered: 10/20/15
Posts: 11
Loc: NJ - Nationwide
Not necessarily true. The larger conglomerates have so many layers of management which often complicates dealings. You're also likely to speak with a different individual each call, someone who's not familiar with your circumstance or past communication on your transaction. The larger institutions also have higher overhead so you see more costs associated and also stricter rules and more stringent guidelines. Sometimes it's the mid-size banks that get it just right.

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