Comment

Comment by Jan Sanderlin on April 11, 2013 at 5:52am

Amen Thom and well said.  My entire business was short sales from about 2005 on, but no longer.  I only do them as a referral or favor and even then with a grimace...The banks have gotten greedier and greedier and for the most part have become a real pain in the butt. 

Comment by Thom Colby CA Brkr 888-391-5245 on April 11, 2013 at 4:16am

Tara - the underwater lenders expect the market values are increasing faster than they really are.  In my market, short sales are evaporating very quickly - in fact - it's getting hard to find short sales because values have increased to a point where people are not underwater anymore.  I think banks are willing to push as hard as they can to get a higher price - appraisal supported or not.

 

Good luck, only you can decide whether to move forward or not.  I'm NOT giving my income to multi-billion dollar financial institutions - period.

Comment by Tara Samney on April 11, 2013 at 4:11am

I meant i should have earned...

Comment by Tara Samney on April 11, 2013 at 4:10am

Not good to hear Thom.  I agree that I will never reduce my commission again. I feel like I earned a 10% commission if this ever closes.  They told us we were approved at a value, got an offer at that, said a letter was coming them just bumped the number up $19000.  I'm still in shock even though their negotiator ServiceLink tried to explain new values weren't uploaded which wasn't true.  The appraisal showed the value didn't go up.  Sigh....we are only $3,000 away from an agreement. 

Deep down I really feel they don't want to do this short sale. The offer price is about $10,000 less than what is on the 1st loan, no closing costs, no relocation, reduced commission.... I'm just shaking my head in confusion. The borrower even put 20% down so no MI.

Comment by Tara Samney on April 11, 2013 at 3:47am

Thank you Kevin, I just sent the approval letter to the escalations email with a summary of where we are.  My situation doesn't seem to fall into the valid reasons given though.

Comment by Thom Colby CA Brkr 888-391-5245 on April 11, 2013 at 3:44am

1) Do NOT cut your commission.

2) Deutsche Bank is viciously unfair to work with and will likely want more and more. That transaction will likely never close.

3) Find another property and walk away from this one - you are all wasting your time.

 

If we all think about how many times agents have reduced our income to "help the transaction",,,,,,,  these are multi-billion dollar financial institutions that got themselves into this predicament.  When was the last time any of these buyers, sellers, or lenders "helped" agents with their income?  This is YOUR INCOME.

The last transaction I had where the lender told me I had to reduce my commission (also Deutsche Bank) I told the rep, I would reduce my commission - only if - the bank's rep reduce her salary by an equal amount and put it on the HUD as a contribution to Deutsche Bank.  She said "No" and guess what,,,,  I said NO also.  They foreclosed many months ago and are trying to sell the property for 30% of the debt owed which is also less than the offer we presented.  That property will likely not sell for another 6 months and a reduction of 30% from the current price.

Comment by Kevin - Greenville, SC on April 11, 2013 at 2:56am

http://www.realtor.org/topics/home-affordable-foreclosure-alternati...

Comment by Tara Samney on April 11, 2013 at 2:43am

I have a HAFA approved short sale- through IndyMAC (private investor Deutsche Bank). They won't give Citi more than $5500 (sadly had to cut commission and no seller relocation just tp get to that number).  Buyer is already paying in cash $5,000 more than appraised value. IndyMac kept insisting on $24,000 more than appraised value (with an actual appraisal in hand).  I just got off the phone with Citi and they said their guidelines are they can not go lower than $8500 even though guidelines for IndyMac are that they can pay up to $8500.  Any help on how to get this through? I'm having a new HUD done and will take it to IndyMac but hold no hope.  It is being run through a third party negotiator Servicelink which I am wondering if they aren't getting a good chunk as there should be $$ to make this work.  Should I get an authorization signed by the seller allowing the collection agency for Citi and ServiceLink speak directly to each other to negotiate this.  I hate to see this foreclose and getting close.  Also, I was very worried about the Citi file in recover...Pennrose and Assoc (collection agency) is the contact.  The rep was incredibly helpful and got everything to Citi same day.  She had Citi on the phone the next day and was able to give me an answer.

Comment by Tara Samney on April 9, 2013 at 4:35am

Hi Patricia,  I encountered the same thing last year with the reconciled market value, it took maybe an additional week or 2.  We got an approval letter, so I don't think it is anything to worry about. I know only one agent was at the property, so I am inclined to think it is just a quality assurance process.

Comment by Anna Parker on April 5, 2013 at 10:33am

Anyone have contact info for escalation department or higher ups -- have offer in with Citi, purchase price is over valuation with a cash buyer asking for no closing costs. Negotiator was re-sent file on 3/18 -- but hasn't made any moves on it since! Sellers are starting to lose their cool & want to throw in towel.  Any help is appreciated!

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