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Comment by AMY GERRISH on September 10, 2010 at 6:00pm

So we asked them what the BPO came back at. She told us they aren't allowed to share it. Which is total BS, they shared one about 3 weeks ago on another proeprty! She said to submit our highest and best. We also found out that her counter offer came from her, not the investor...nothing has even been shown to the investor yet.

Comment by AMY GERRISH on September 9, 2010 at 3:26am

BPO Challenge - This is the 2nd home is 3 weeks that we were countered an unrealistic sales price. The 1st one the home was in major disrepair coupled with market declination. This 2ND one is in the same area and we only have market declination to deal with. The first one I senT Adjusted comps in a full bpo style report to show the difference in cost with the repairs needed and a full photo report of all the repairs needed and they still denied it.
ANY TIPS before I send in comps with recent sales on the next one?? AM I DOING SOMETHING WRONG?

Comment by Melissa Colvard-McKinsey on September 8, 2010 at 4:55pm

Edward, can you calculate the difference between their payoff on a short sale vs. foreclosure based on how many months it will take to foreclose, attorney's fees, etc.? That's the kind of numbers that the "higher ups" want to see. You can go to lead411.com and sign up for a free trial and get email addresses for WF VPs if this guy won't listen. I've called their customer service number for escalation contacts and searched through this site before too. Hope that helps!

Comment by AMY GERRISH on September 8, 2010 at 4:44pm

Edward, that's a crazy situation. If they close the file, send them a new offer for $950k lol. I think they're just getting greedy.
Before that happens though, try and escalate to their superior or someone higher up. Anyone know who he can appeal to?

Comment by AMY GERRISH on September 8, 2010 at 4:35pm

Thank Brigitte :)

Comment by Edward Pham on September 8, 2010 at 3:50pm

Hi all, Alex (the listing agent) and I (the selling agent) are working on a short sale where
1st is Wells Fargo $981,000.00
2nd is CitiMortgage $338,000.00

Offer is $1,035,000.00

Wells demanded a full payoff and disregarding the 2nd. Suggested if ever short sale is used only $3,000.00 to CitiMortgage.

What is the best way to convince Wells Fargo to accept a short of $22,000.00 versus foreclosing on the property where they get a lot less? The WF negotiator is threatening to close the file in 48 hours from today. Advice, please. Thanks.

Comment by Brigitte Powell on September 8, 2010 at 11:57am

Escalate! Call the corp office and escalate. Don't forget to get a confirmation number from the person you speak to. They will attempt to talk you out of it by saying you won;t get a response for as much as 72 hours :-) but you usually get contacted before then. Escalate!!!!

Comment by AMY GERRISH on September 8, 2010 at 4:20am

Grrr...so this one totally through me for a loop this morning. My partner called to check in on a file. It's gone through their first phase, paperwork complete, bpo done yada yada yada. We we're told 2 weeks ago it would be assigned a negotiatior to the next phase. My partner was given their name & contact info. In the past, we email our new negotiator and get the dialogue going.
WELL the email keeps getting bounced back. Partner calls this morning to verify email. She was told that we are not authorized to contact the negotiator, they will contact us. That's just so wrong, there are no updates in the system, our file could just be sitting there in la la land.........ANY ADVICE?

Comment by Brigitte Powell on September 5, 2010 at 12:02pm

Right on as usual :-)

Comment by Ben Benita on September 5, 2010 at 7:37am

ALWAYS keep this in mind too:
"The People We Deal With In Loss Mitigation Are Called "NEGOTIATORS" for A Reason....they get paid to negotiatei with you.....don't let them down, negotiatie, make them earn their money!!"

If the Seller has an FHA loan, get HUD Form 90045 from teh Seller or Servicer, this shows you EXACTLY what the bank needs to net in order to get the short sale approved.

Bull dog -- nice, or pit bull, be either one when you are fighting for your clients (and your pay check)

Negotiating short sales - -know that EVERYTHING is negotiable on a short sale.

The "shared loss" -- much like knowing if there is mortgage insurance and what the coverage ratios are thereon, you REALLY should get some basic info. before EVER AGREEING TO A LISTING!!!!!

As you can plainly see, you can go to bat, bring in a good offer and expect to close in 1 to 4 months, THEN, find out the bank makes more cashola by foreclsoing and bye-bye commission check, and more importantly, bye bye "hope" for your clients....don't let this happen to you.

ALWAYS best to set reasoanble expectations and get your client through as efficiently as possible, short sale is NOT always the best solution.....if you know the bank will make more money foreclsoing b/c the loan is heavily insured, or, part of the "shared loss" program, advice your Seller of this, and, let them know a DIL or foreclosure with "cash for keys" may be their best option.

Keep fighting guys.....

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