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5 Top Short Sale Lender "Goofs" of The Week

As a Destin Florida short sale listing specialist, I've seen almost every crazy thing that can happen waiting for an approval. This week was no exception. Here are the top short sale lender goofs of the week:

1. Bank of America: File Erroneously Declined in India. Destin short sale appraisal in March was $950,000. “Drive By BPO” done in August was 1.5 million, $100,000 higher! File was then declined as “insufficient” offer. After I pointed out the minor discrepancy (our market is still declining, not going up 10%), the negotiator is re-opening. She said the decision to close the file was probably done in “India” without looking at all the facts, to “keep down underpriced offers”.

2. Suntrust: Counters Wrong Offer. I received a counter offer $180,000 from Suntrust on a Destin condo. The buyer stayed firm at his original $170,000. The negotiator said the buyer’s offer of $140,000 was too low. HUHH??? Suntrust imaging department had sent her the wrong file in my seller’s name. If she had known, she said she would not have countered. Buyer almost walked.

3. Regency Credit: Lets File Lapse and Go Back to Chase. Seems like I was dealing with Cousin Vinnie at this collection agency for a Santa Rosa Beach short sale. They’re offered $5000 as a junior lien, reject it, and ask for more documents from seller. All this while they knew they were losing the file back to Chase the next day, and they have nothing to show for it.

4. ASC Rejects HUD After Closing- Threatens to Rescind Approval. ASC’s approval letter states a required minimum net and closing cost limit, but nothing more specific. On this Navarre Florida short sale, the day after closing, ASC said that although they exceeded their net, they would refuse the closing because the appraisal credit was over $400, and that is all they would allow, among other HUD issues. Attorney for seller told them they would lose in court, but changed around the HUD to appease them.

Those were my Top "Short Sale Lender Goofs" this week, what were yours?

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Destin FL Real Estate

Tags: america, asc, bank, beach, chase, destin, navarre, of, rosa, sales

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Permalink Reply by Evelyn Broxterman on September 11, 2009 at 7:58pm: Wow, sounds like you had one heck of a week! Nothing from my neck of the woods to chuckle about. Maybe next week.....; ▶ Reply to This

Permalink Reply by Mori Langshaw Sr on September 12, 2009 at 10:09pm: WOW!!!!

I had the "concession" "commission" confusion where my negotiator said that the agentSSS had to reduce there COMMISSION to 3% (fannie mae loan, mind you). After saying heeeee*** NO, the asset manager came back and said that we had to reduce the seller CONCESSION to 3%, not COMMISSION. But Im sure we've all had that happen...Geesh!; ▶ Reply to This

Permalink Reply by Wendy Rulnick on September 13, 2009 at 11:06am: Mori- That is TOO FUNNY!! I had the EXACT same thing happen - the negotiator was not fluent in English and I repeated multiple times- you said "Commission" 3%? I later found out it should have been concession, too late!

Mori Langshaw Sr said:
WOW!!!!

I had the "concession" "commission" confusion where my negotiator said that the agentSSS had to reduce there COMMISSION to 3% (fannie mae loan, mind you). After saying heeeee*** NO, the asset manager came back and said that we had to reduce the seller CONCESSION to 3%, not COMMISSION. But Im sure we've all had that happen...Geesh!; ▶ Reply to This