Replies to This Discussion

Permalink Reply by Cheryl Calhoun on June 9, 2010 at 2:15pm

Awesome tip. Dare I ask how you learned this today?

Permalink Reply by Ben Benita on June 9, 2010 at 2:24pm

Mine was with Indy Mac. Our file got closed out apparently last week sometime by our negotiator (who happened to quit last week).

Apparently he never uploaded the documents we sent into the main imagaing system and decided to close all of his files before he left.

I called in to complain and get the file re-opened and escalated. The supervisor I spoke with (and have known for sometime) said she can not escalate b/c documents are missing.......

I forwarded her the e-mail I had sent to the negotiator with the documents attached, and, she said.....

"Sorry, can not help you, if documents are missing, and were missing at teh time of the closing of the file, you will need to start over......"

I am not giving up THAT easy, but, she did say it was a lost cause......I sent one of my sarcastic e-mails out to persons at Indy Mac and Deutsche Bank (the ivnestor), and am HOPING they do not make us start over

LOVE LOVE LOVE me some short sales!!!!!

Permalink Reply by sherry on June 9, 2010 at 2:31pm

Adding to GREAT TIP:

Make sure you always have an updated BPO on file. I've been working with Chase for an approval. I took the file to the executive level by calling the number I got from this webiste (THANKS) and have gotten first class service since then from my neg.

I received a call from her on Friday saying the numbers looked great and she should have an approval for me by Monday. I received an email from her on Tuesday saying the BPO was too old so another BPO is scheduled for tomorrow Wednesday. If the numbers looked great from the old BPO from February, they should be GREATTTTTT with the current BPO getting done tomorrow....

Permalink Reply by Ben Benita on June 9, 2010 at 2:41pm

Sherry -- I would still STRONGLY suggest you make an effort to meet hte BPO agent at the property.....a bad BPO will kill a short sale quicker than anything.....meet the BPO person there with a packet including:

Hardhsip letter -- page one on top of the packet
Comps. justifying your offer
Repair list if applicable
Sales contract

a little charm and some humor go a long way as well.......remember, just like ANY negotiation, make it as easy as possible for teh BPO agent to get you your number.

Permalink Reply by Pacita C Dimacali on June 9, 2010 at 4:11pm

Thanks, Ben.

Been doing that, and they still claim they don't have the documents. >SIGH<

I had received an email from one negotiator who said he had been assigned. So I communicated via email AND fax to the guy's fax as well as the general fax. One month later, I find out I have a new negotiator. And the process begins again since the financials are now outdated, and we have to submit updated letter, financial statements, bank statements, pay stubs, short sale addenda, etc, etc....Did I mention this is Wells Fargo ?!?!?! Who knew?

Permalink Reply by Katerina Gasset on June 9, 2010 at 6:38pm

OOOh, Deutsche Bank is the worst, nope, the worst is Etrade and then Deutsche is next.

Permalink Reply by Pacita C Dimacali on June 9, 2010 at 7:16pm

Three years ago and the first (and LAST) time I tried a to do a short sale with Downey Savings, I was told they sold their note to Deutsche Bank who won't approve a short sale and won't even accept deed in lieu of foreclosure. I gave my sellers the bad news. It was either bankruptcy or foreclosure at that point. They packed up and left and let it foreclose. The sad part is, it closed for $100K less than the offer I received when I listed it as a short sale. And the even sadder part is that Downey Savings wouldn't even talk to me until I had that offer in hand! and it tooks weeks before I finally got through. So when I see Downey Savings, I shy away.

Permalink Reply by Ben Benita on June 10, 2010 at 1:05am

Pacita - -2 things - 1) when a negotiator quits, that is often when documents end up "lost" or they tell you they never received them.
2) If a Seller EVER decides to just foreclose, tell them to stay put, through foreclosure and then get PAID to move out via cash for keys.....at least they can then get a little something for the BS their lender puts them through.

Permalink Reply by Terry L. Osburn on June 10, 2010 at 10:50am

OMG! you have got to be kiddin?
Alas................a very good tip.......