Don't tell them the buyer is ready to cancel

I called Flagstar this morning to check on my short sale file. I mentioned that the file has been with them since September 2010 with no movement on the short sale. I said the buyer is getting tired of waiting and may cancel. The loss mitigator said FYI "Do not mention that the buyer is ready to cancel because they have been advised to close the file if they hear that the buyer is thinking of cancelling"

This is so crazy. I have had my short sale file open with them since February 2010. I have lost 3 buyers because they keep on dragging their feet. My Sellers are so tired of updating the file every month they are thinking of doing a DIL.

They have been impossible to work with!

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Replies to This Discussion

Permalink Reply by Ben Benita on January 24, 2011 at 8:52am

I would bet it is a TOTAL BLUFF by your negotiator.....don't buy it.....even if a file getts clsoed they are VERY easy to get re-opened.

As always, esclalate accordingly, find out who the Investor is, get it closed, get paid and move on......

Keep fighting!!!

Permalink Reply by Janet Nelson on February 6, 2011 at 7:33am

Ben...Have you ever worked with Flagstar???....Their negotiators don't even know what to do, and esculating is a joke...At least it was last Summer...2010.

Permalink Reply by Ben Benita on February 6, 2011 at 10:47am

As always, I would suggest finding out who the Ivnestor is behind Flagstar and reaching out to them (contact me off here, [email protected] for specifics.

We have only done 2 short sales with Flagstar and have not found them particualalty hard OR particularly easy to work with.

I know their stock symbol is - FBC, you can Google that and get some great upper level contacts.

Permalink Reply by Jon Paton on May 6, 2011 at 5:17am

Nancy, was wondering if I could get the contact info you used for Flagstar and any tips on how to approach them so I can get it to my realtors.

Thanks,

Jon

Permalink Reply by William Short on October 23, 2011 at 4:09am

Nancy,

What do yo mean by no movement? Has the BPO been ordered or performed?

-William (buyer in the process of a flagstar short sale)

Permalink Reply by Nancy Fung Martin on December 7, 2011 at 8:10am

No movement, nothing not even a BPO. It took 17 months and 3 buyers later to finally get an approval and I had to contact Flagstar headquarters to get the file moving and now the contact I had at Flagstar is no longer there. Good luck and have patience.

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