Replies to This Discussion

Permalink Reply by John Treadwell on December 28, 2010 at 7:48am

I am having the same deal here with them.  I was at letter and they change the Neg. on me  No return call in a month now.  It was a HUD house ,so i call HUD housing and they took my compliant and I'm waiting to see what happens now

Permalink Reply by Ben Benita on December 28, 2010 at 8:07am

Jeffrey - not uncommon, and, you will continue to get the run around until you demand to speak with a supervisor, get in touch with teh executive offices, or, find out who the Ivnestor is on the note and contact them directly....short sale business can be VERY nasty........ if this is one of your first short sales, best to learn a little more about what goes on from the bank's end and why they play the games that they do.

 

Mr. Treadwell - your negotiator likely quit (average length of employment is 2 to 4 months for negotiators), be patient, or, ESCALATE ESCALATE ESCALATE your file!!!

 

;-)

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on December 28, 2010 at 8:10am

Folks -

 

Be patient !  Short Sales take "a while".  Wells Fargo is usually very good if they own the loan.  I have received approvals within 37 days and closed within 14 after the approval.  Is your Short Sale package 100% complete - the way they want it?  You should only call Wells about once a week.  I call all the debt collectors (banks) on my listings every Wednesday morning and call agents in the afternoon to provide updates.

 

Quite frankly, 5 years ago when this started, I drove myself nuts calling the debt collectors (banks) every day and escalating at every opportunity.  I soon realized it made only made ME crazy.  This is also year-end, and the debt collectors (banks) are trying to work on the transactions that are going to Auction the soonest.

 

All will be OK.  There's no "Magic" to getting it done faster.  They will get to your file.  Most negotiators are working on between 50 - 600 files at any given time.  They are just trying to do their jobs like all of us.

 

Best of luck,

 

Thom Colby

Broker

Newport Beach, CA

Permalink Reply by Elva Branson-Lee on December 28, 2010 at 1:50pm

Nothing good to say about Wells Fargo processors. Nothing at all.

Permalink Reply by Jeffrey Burnham on December 29, 2010 at 10:16am

Let me start with this for all to see:

I have done MANY well over 100 short sales since 2001. Long before the crisis. I KNOW that they take time. I also KNOW what is being looked for by the servicers and investors.

My packages go in 100% complete. Along with a cover letter and table of contents outlining EVERY item included so the Negotiator cannot tell me it wasn't included. For good measure, I also include a BPO, pictures of the property and any supporting items to encourage acceptance of the offer. When the underlings, "processors, C/s reps or whatever you want to call" them acknowledge that they have ALL that is necessary and that the file is being sent to the Negotiator and" you should expect a call WITHIN 10 days", I EXPECT a call within 10 days. IF NOTHING ELSE, JUST THE COMMON PROFESSIONAL COURTESY to say, "Mr. Burnham, I'm buried I have your file and I will get to you soon, someday, 2 years from Thursday..". BUT when the guy doesn't answer emails from his own c/s dept or calls from me in excess of 45 days... I start to wonder. Does this person even work for the company anymore?!

I understand the process and timeframes. It's just a matter of PROFESSIONAL courtesy to, if nothing else, send an email ackowledging the files existence. If the servicer is TOO BUSY to perform this basic function, then they have the obligation to surrender the servicing of the loan to a company that can handle it! Too bad investors aren't smart enough to recognize this and pull their loans and place them elsewhere. The longer these packages languish, the less the property is worth. The more likely the property is to be vandalised if left vacant. MY professional duty is to my Seller if I have the listing and to the Buyer's agent AS A PROFESSIONAL to keep things moving. So while patience is a virtue, inaction on either my part or that of a Neogtioator is not!

I would also like to mention that after numerous phone calls I did manage to locate this Negotiator's supervisor and miraculously got a call from the Negotiator after just ONE EMAIL to his boss relating the time frames involved of the Negotiator's inaction!! It shouldn't take this type of action to solicit a response.

Thom Colby said:

Folks -

 

Be patient !  Short Sales take "a while".  Wells Fargo is usually very good if they own the loan.  I have received approvals within 37 days and closed within 14 after the approval.  Is your Short Sale package 100% complete - the way they want it?  You should only call Wells about once a week.  I call all the debt collectors (banks) on my listings every Wednesday morning and call agents in the afternoon to provide updates.

 

Quite frankly, 5 years ago when this started, I drove myself nuts calling the debt collectors (banks) every day and escalating at every opportunity.  I soon realized it made only made ME crazy.  This is also year-end, and the debt collectors (banks) are trying to work on the transactions that are going to Auction the soonest.

 

All will be OK.  There's no "Magic" to getting it done faster.  They will get to your file.  Most negotiators are working on between 50 - 600 files at any given time.  They are just trying to do their jobs like all of us.

 

Best of luck,

 

Thom Colby

Broker

Newport Beach, CA

Permalink Reply by Ben Benita on December 29, 2010 at 10:27am

Jeff...nice work...the sweet sweet sweet smell of success.....amazing what happens when you take the time to find out who the supervisor is....SUDDENLY YOU BECOME IMPORTANT TO THE NEGOTIATOR!!!!

 

As far as "courtesy of returning a phone call".....in the negotiator's defense, and I can assure yu I will RARELY defend them.....they simply do not have the time to return phone calls to every client they had.

 

As you noted, say they are working on ONLY 100 files, that is countless hours just calling to say "hi, I got your file".

 

For most of those calls, they will hit voice mails, for others, the agent will actually pick up and want to talk to them.....

 

Again, keep in mind, they are buried, ALWAYS play nice, but, DO NOT LET THEM PUSH YOU AROUND!!!!

 

Best of luck

Permalink Reply by Jeffrey Burnham on December 31, 2010 at 10:12am

The antics continue....

Now that I contacted the supervisor, the Negotiator INSISTS I get an update HUD to him...INCLUDING THE HOA DEMAND on 12-30 or HE WILL HAVE TO CLOSE THE FILE!!!

This after waiting for a response for months. I don't know about anywhere else... but almost all the HOAs out here are off early or closed. It's totally unrealistic to expect an immediate turnaround on anything THIS week.

Where do they get these "Negotiotors?" Too bad their not paid on commission like we are!!

If I were an investor, I would sure as heck like to know about these antics. It's no wonder our industry is in turmoil!

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on December 31, 2010 at 12:29pm

Jeffrey,

 

 I doubt they will actually close the file before Monday so get it first this on Monday morning and uplaod it into EQUATOR - send a note through EQUATOR to the Negotiator and their manager.  If they do close the file - just start a new one right away and upload everything again, it will move quickly.

 

Best of luck,

 

Thom

Jeffrey Burnham said:

The antics continue....

Now that I contacted the supervisor, the Negotiator INSISTS I get an update HUD to him...INCLUDING THE HOA DEMAND on 12-30 or HE WILL HAVE TO CLOSE THE FILE!!!

This after waiting for a response for months. I don't know about anywhere else... but almost all the HOAs out here are off early or closed. It's totally unrealistic to expect an immediate turnaround on anything THIS week.

Where do they get these "Negotiotors?" Too bad their not paid on commission like we are!!

If I were an investor, I would sure as heck like to know about these antics. It's no wonder our industry is in turmoil!