Foreclosure Date is 14 days away
With the foreclosure date looming we did a price drop to get us to a point of getting an offer. We got that offer and PNC said they are rejecting the offer since it's too close to the foreclosure date and they would not have enough time to review and that the offer that we submitted was to low that they wouldn't have accepted it anyway. It is a Fannie Mae Loan. Our MLS has a Fannie Mae Help Desk, but not sure if they can help since it didn't fall under any of their escalation check boxes of 20 days with no response etc...
The owner did get go to the Court and got an Order Staying the Judicial Sale for another 30 days, but PNC still said they would not review the current offer and that we needed a higher offer, and that they would not review this offer to even let us know what they might accept.
Any other advice, besides getting a higher offer.
Replies to This Discussion
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Permalink Reply by Roger Johnson on
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Do you have a negotiator yet? Who are you speaking with at PNC? How do they know the offer is "too low" unless they have already performed a BPO/Appraisal on the property? It may be time to escalate to a higher authority within PNC.
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Permalink Reply by Ken Bailey on
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That's a good idea Roger, and my company escalates routinely for the other major banks, but who do you escalate to at PN?. Nobody seems to know. PNC mortgage doesn't appear to have an escalation process. They don't have a social media escalation team like the others (BoA, WF, and Chase). PNC Bank has a Twitter Group, but they handle just the 2nds. Who would you suggest escalating to? Have you done this for PNC?
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Permalink Reply by Jessica Sulliman on
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Ken, I am in a similar situation. Did you have any luck?? HELP!
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We STILL are striking out trying to locate a helpful escalation resource. On our PNC file that was going to sale, the seller had to file BK to stop the sale. It shouldn't have to be this way. Ridiculous. It would be better for all if PNC went the way of Aurora Bank--being bought by another (better bank). They are terrible at short sales--one of the worst. It would be nice if someone could reply with recommendations based on their success story, rather than general suggestions what we're all already aware of, as one of the previous commenters posted.
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