PNC keeps responding with "It's in processing"

I need some help.  In the past, PNC short sales have always worked well for me.  They get me to a negotiator fast and I work one on one with them until we close.  This one has been a major pain.  Not sure if it's because of HAFA or what, but nothing is working.

The assigned negotiator never answers the phone, never calls back and never lets me know if an issue has come up (like, we don't have this paper that you've already faxed and emailed a dozen times).  She mails a letter to the homeowner who then calls me.

To get anyone on the phone, I have to call in to the negotiator, then press Zero.  At general CS, I now get the above response, "it's in processing" whenever I ask why hasn't the BPO/appraisal been ordered.

We have been confirmed for 60 days that all paperwork is in.  We are well past the 30 day response time required under the new law (which, unfortunately, doesn't have a penalty for ignoring).

The buyer is ready to walk.  Is there a way I can escalate this so we can get them moving or am I just stuck?

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Permalink Reply by Jerry A Cook on July 12, 2012 at 9:32am

Not sure what state property is in.  That does cause some issues.   Here is a tip that I do on some files with difficult banks.

I make a 'conditions' list.  Similar to what the lenders do when underwriting a file.  I list all the items that I have sent them, and at the bottom it has my communication journal with the bank.

I prepare it in Excel so I can add lines as necessary. And I mark the times sent,   and acknowledged as complete on the sheet in one of the columns.

Now I have a running list of what was sent, when, that it was received and a line item of call/fax's to bank.

(here is the carrot, I closed a deal this way in 8 weeks IN CALIFORNIA without ever speaking to the banks negotiator!)

The seller was impressed (and has since referred me a buyer that I have already closed an escrow with) and the buyer was releaved that things went so 'smooth!' on a short sale.

It also tells the bank that there are issues on a file, and they are NOT from the REALTOR!

Hope this helps.

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