ONE WEST BANK GETTING TOO COCKY BECAUSE OF BIG BROTHER FDIC?
Is the FDIC deal with One West Bank resulting in OWB asking for ridiculous things like $75,000 cash contributions or promissory notes? I am now seeing OWB related discussion boards flooding the internet with this magic number $75k... Which I see as a strong arm from a bank who knows they will get bailed out of trouble if they can't juice as much as possible out of every short sale. In many cases, and especially in California, this company wide attitude can hurt OWB if they are not careful. For instance the file that first drew this to my attention... We have buyers who want to move next to their family and are paying $150k over current market value on a property to do so. Both the buyer's independent appraisal and the 2nd lien's BPO shows this to be true. After 8 month's of the run around (waaaaaay over my companies avg turn around time) and matching two different counters the bank came back and said in addition to the $1,197,500.00 purchase they want a $75k cash contribution! If you have been doing your homework on OWB you know why they are pulling something so BOLD. The sad thing here is that because they are stuck in "JUICE" mode they are failing to realize the details. If they take this property on as an REO they wont get above market value like they have now and the current homeowner's are in California with a non-recourse loan. So.... they have no right to obtain any judgment... They, out of their own inability to think before trying to maximize their company's profits will screw everyone involved. I have been searching the internet and putting together a list of OWB emails/faxes and am almost done. Hopefully I can make some common sense roll down hill. If you have had to go through this and know of better ways to rectify this, perhaps this would be a good place to share it.
Replies to This Discussion
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Permalink Reply by Brett M. Swenson on
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first they asked to have the seller's do it.. and when I said you mean you want people who cant pay the mortgage to come up with $75k? lol! They then asked to see if I could get it from the buyers! So I responded with many of the key points I made in this discussion... and let them know they can have fun explaining why this one went to REO when we cancel the file on our end. I also stated that an REO of over a $1M price tag would not yield many so cal realestate investors who are now hovering closer to the $400k price tags. I don't plan on getting a response until Monday morning. However I value the realtors that my company negotiates for and I know better than to leave this one up to a couple of screw balls in the short sale department. I have been scrubbing the internet for exec emails and fax numbers (not that hard to find if you look right) and will be sending an email and fax blast in regards to this file timed for early Monday morning so its on top of their inboxes and machines when they light up their offices. I think you are right and I wish we could stop OWB. But i'm afraid the FDIC just made Mr. Dell, Mnuchin and Soros the biggest bullies in the nation. I guess we'll just have to find ways to manipulate them as good negotiators usually find a way to do...
Pamela Seley said:With all the trouble they've been in, I am really surprised they are pulling this. I'm curious, who do they want the 75K cash contribution from? The buyers or sellers? Either way, I'd tell them to go pack sand. If OWB can't continue get away with this crap, they'll learn the hard way if buyers and sellers just say "No." Just my 2 cents.
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Permalink Reply by Nate Gerard on
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This is very interesting. I'm going through a smaller sale now with Indy/OWB and will let you know how it goes.
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