Hello Fellow Short Sale Agents:
Just looking for some feedback from everyone on which banks you consider easier to work with and which ones make you want to pull your hair out?
I know that every file is different and every negotiator is different as well, but just wanted to hear what some of your experiences out there are like.
Also anything you want to mention about certain banks that you have noticed are getting better and quicker about approving short sales.
Happy New Year,
I would have to say Aurora is alittle difficult. But once you learn their process you can work your way around it. I've learned you get alot more with honey than you do with vinegar. Aurora is the servicer and gets paid as long as they are servicing, which means strap yourself in and hold on for a long ride. But they do eventually get it done.
Going out in the newsletter today
My least favorites lately
There are a bunch more not added here, but it's 8:00 am on Sunday and I am just sipping my first cup of Joe.
BOA for me is most improved. They were on my worst lender list last year. Now I really like dealing with them.
I agree although I think Chase has started getting their act together as well.. SLS has always been pretty good for me to deal with but Suntrust and MetLife/First Horizon are on my worst list definately. Otherwise your list above is exactly what I would have said.
I agree with your list 100%. I would add to the number 1 on the worst list is Astoria Financial. They make the seller pay for the appraisal (certified funds up front) They only pay out a total of 4%. The negotiators talk to you like your a five year old deadbeat. Of all the files I closed they were the worst.
Thanks, Bryant, and Sheyenne and Smitty make a couple very good points. One, learning a bank's system can make a huge difference. Not just which documents they want but how they want them and how to follow up. Two, BoA has made a commitment to setting the standard and has gone from one of the worst to the best. Three, Chase is still and nightmare. And four, coffee does take priority over everything else right now. :)
I think everybody has favorite and not favorites. Sometimes I think it is understanding their system or just finding the right about of honey (thanks Sheyenne) to make it work.
On my list of best is: Chase, Citi and then B of A (would have not said that a year ago)
On my not so fun list is: US Bank, Aurora and US Bank
I am not bitter about US Bank it is just that they are sooo slow and the only answer I can get on what I can do to help is that "nothing sir, we have a very long process and we are busy...." Really, 9 months on a short that gets you 80% of loan value and offer is 10% above BPO? The top tier people would be sending everybody fruit baskets to get this this closed in the same month.
BEST: GMAC, Wells Fargo
WORST: Aurora, Green Tree
Flagstar requires that I (as the listing agent) check in with them to see how the file is progressing. If they think they're missing something they "put the file on HOLD" although they haven't communicated their needs to anyone. If you don't call and ask you'll never know they've stopped working the file. This has happened twice...although they actually already have been eFaxed the documents they say they're in need...OMG! So, the moral of this story is, calendar a bimonthly call to them to inquire if they "need" anything...
I know this thread is old, but I say, ...call every lender weekly. Every time I miss from this standard, it bites me with a delay. Another advantage, I start developing a relationship with people on the other end. "Its me again, how are you? How can I help move this forward?"
Worst: Aurora and Ocwen
Best: HSBC (approval in less than 30 days) and B of A
My worst experience last year was with Chase - but meanwhile I had two other Chase short sales approved while suffering thru the one horrible one. I think the negotiator was the problem.
It's amazing how much better B of A is. They used to be the worst and now they're the best. At least we know they listen, unlike many other lenders. Their 'Twitter help' is amazing.
Karyl, What is Twitter help?
I had good luck on my Aurora loan, 60 days and done, guess I got lucky.