Experience with Nationstar as a loan servicer- Awful
Hi all,
I am a buyer and just curious on what other peoples experience with Nationstar has been. I put an offer on a home Oct 2012. At the time the loan was being serviced by B of A was sold to Nationstar the first week of Dec 2012.
I've feel like I am getting the run around and I'm not sure if the listing agent isn't being very aggressive or if Nationstar is really that awful. It might be both. My husband and I ask for weekly updates and it is so rare that there is actually an update with information. The updates we are given are usually that a form has expired. The most recent is that the appraisal needs to be redone, because the appraisal expired. That means after the first appraisal someone literally just sat on the file for 90+ days. It is getting irritating and I have no clue where we are in the process. After 7.5 months (6 with Nationstar as the servicer) you would think we'd have approval or at least be close. I live in Reno, NV. I have had multiple friends purchase short sales in under 4 months. My realtor says the average time she see's most often is around 4 months.
Can anyone in a similar situation let me know what their experience has been and if the deal actually closed, what was the timing.
I'm seriously fearing the worst that Nationstar will sit on this file until the house goes in to foreclosure.
-Meagan
Replies to This Discussion
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Permalink Reply by Short Sale Superstars LLC on
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Meagan,
Nationstar isn't necessarily a bad servicer. We have closed over a hundred transactions with them. The time frame is varies from transaction to transaction depending on various factor. It's always hard to know what is truly going on unless you are directly involved. A short sale should not take 7 months unless buyers are walking or if problems are arising in the transaction. Unfortunately most people don't know how to process short sale transactions properly.
310-564-6389
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Permalink Reply by Meagan Sabich on
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Thanks Brett. In this case I am the buyer and have not gone anywhere. :) One of the problems seems to be that the file has bounced around and forms and in the most recent case the appraisal expire. I agree.. 7.5 months is a long time.
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Permalink Reply by 31cg1fw8yxswn on
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Is the listing agent the selling agent? If not then ask the selling agent to get a third party authorization signed for your agent. Then put your agent int e communication loop (or better yet a third party negotiator).
It is not uncommon for Nstar to have files go 12 to 18 months.
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Forgot to mention, have the agent send a NEW and well documented BPO instead of an appraisal. Include 1 year trending analisys if the agent knows how to do that (same as multiple BPO's every 90 days for the entire 1 year period) Also, ask the seller if there is ANYTHING at all wrong with the house, if so get repair estimates from contractors regarding the cost of repair and include it in the BPO.
BPO's must include ONLY excellent comps within 10% floor space and 15% lot space...must be in socio-economicly similar area including schools and local services etc...all teh same level. BPO's should have at least 4 comparables included sold within 90 days ....sales spaced out evenly as much as possible. Sales should include distressed properties, REO sales and Short Sales and only ONE market sale without distress. As a buyer you are purchasing a distressed property and going through a process taking months of your time and energy....that is why you are going to pay less than a retail sale....otherwise why bother!
You should NOT BE WILLING to pay for another appraisal UNLESS they approve your contract and agree to the short sale, with closing docs in the title company hands....PERIOD. The agent should be telling the negotiator that the buyer is NOT willing to spend ten cents more until the approval...that in teh opinion of the parties, the negotiator has failed to perform and is not giving any assurance of approval or completion of the contract...until then no more $$ is spent.
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