Working a short that was recently transferred to Planet Home from BOA. Planet Home asks me today to convince my short seller to give up on short sale and do a deed in lieu...and then they would fix up the house to resell and still keep me on as agent. I found this incredibly odd. First of all, I have ZERO interest in entering into such a huge conflict of interest situation, or being an REO agent. My interest is with completing the sale for my sellers...we are tail end here. I plan to push back and complete the short sale - but I am totally curious if anyone else has had this happen? This is a first for me, and I am no newbie.
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Yes. Had it happen with a Rushmore serviced loan where I spoke to investor and bypassed Rushmore and they said the plan was to just get a DIL or FC because they were sending out builder to renovate and get the profit. Interestingly this happened two years ago and the house is still sitting vacant. In these cases I would LOVE the seller to go to small claims and SUE the lender. Mind you they had a value on the property for 224,000 and we got buyer to go to that amount for the short sale and then, they foreclosed for 235,000.
Also had it happen on a Mass Housing loan. So weird.
Interesting. Planet Home just bought this loan. They also refuse to order an interior valuation, they have no counter, and simply keep repeating their response of "we want more" to the contract in hand, which the buyer has already increased, and quite frankly is more than fair.
I cant imagine they would drag it through foreclosure which here in CT could take a year or more and costs lenders a fortune. I also don't see how they have a successful strategy or estimates of fixing up for resale when they've never even seen the interior of the property.
Just none of it makes sense and now we've been at stalemate for weeks.
I've had this suggested to me a few times, but it was never a "convince" your seller. My experience with Planet Home Lending is limited, but I do recall at least one transaction with them that they put me through the ringer and were doing things no other servicer had ever done to me before. Doesn't mean it's wrong though, just non traditional.
I wasn't implying it was wrong, just very unusual. And yes it was "convince your seller" type situation ...which was even more weird.