Replies to This Discussion

Permalink Reply by Jeff Payne on January 3, 2012 at 6:35am

Call him and discuss, if that does not work, ask to speak with his supervisor.  Time to escalate this file. Go to jigsaw.com and look up every exec at Nationstar and start contacting them

Permalink Reply by Lamanda Jones on January 6, 2012 at 6:03am

Thanks Jeff. Did not work. I am frustrated at the response I am getting from Nations Star. BPO supersedes all other information you may provide. Except a full blown appraisal. Who would foot the expense?

Permalink Reply by Lamanda Jones on January 6, 2012 at 6:00am

Called negotiator, sent message through equator, sent message via outlook. After 3 days he still did not respond. Sent another request for him to respond via equator and "cc"ed a few others in the loop. He responded with...."The counter offer is justified through the BPO ordered (ha). If you dispute then you must have a full appraisal done." Who is going to pay for this appraisal? The seller is not going to foot the expense given their financial hardship. The buyer is not going to foot the expense if there is no guarantee the bank will accept.

I called the Nations Star and even though I asked to speak with manager of department, I was transferred to a "team" member. He in return refused to listen to my pleas for it to be resubmitted to investor. His response was "you are beating a dead horse. You either provide us with a full appraisal or we go ahead with the foreclosure." If what they are wanting is a full appraisal then why are they spending $60 for a BPO? Most of which are done from agents outside the area who have no direct knowledge of the market condition. It is like they do not get it. We are not benefiting by trying to get the banks to take less for the properties than what they are worth. The common goal, as I see it, would be that we keep the values where they should be so that we can get out of this mess.

 

Permalink Reply by Jeff Payne on January 6, 2012 at 6:46am

Call a local appraiser and ask what they would charge for an appraisal.  Keep in mind that most appraisers do not get $400 to do an appraisal after it goes thru a third party, the fee is much less.  I have a team of great appraisers who always are willing to help out for reasonable fee.  Tell the appraiser that you will do most of the leg work and help them as much as you can.  Then get the buyer to pay for it if the buyer really wants the house

Permalink Reply by Kristy Hamilton on January 18, 2012 at 9:35am

I currently have a NationStar short sale where the first buyer walked due to the loan app requirement.  The listing agent put the house back on the market and wasn't getting any interest.  She lowered the price over the several months and got an offer that was $100 more than her listing price.  Keep in mind that I was completing marketing tasks about the property and keeping NationStar informed of the listing price changes.  I submitted the offer and NationStar has countered back.  I told them repeatedly that the Buyer was not willing to offer any more than the current offer(of course, we asked them).  You know that NationStar has declined the offer?!  There is a 2nd mortgage which has issued an approval letter which matches what NationStar wants to allow them; closing costs are reasonable (no seller credit to Buyer), and increasing HOA dues.  I keep getting the same negotiator on this file.  I understand how NationStar would like to net as much as possible, but continuing to refuse fair offers does not help anyone.  The first offer (May 2011) that they would not accept without the loan app was for $15K more than this one and I suspect the next offer will be even lower than this one.  Could this be a ploy to try to get Sellers to pay for the appraisals?  I think not, because on another file (not NationStar), the lender ordered their appraisal after we provided them with the appraisal paid for by the Seller. 

 

I have had the same negotiator on this file from the beginning.  Thanks to this site, I have other numbers to attempt to contact someone else to verify the best route for the success of this file. 

 

Best of luck to you in finding that niche that works for this file!!

Permalink Reply by Tiffany Cloud on February 22, 2012 at 4:58am

I just got a counter from a BPO value 20% over market value with NationStar.... sigh.  They are telling me the same thing, bring us an appraisal.