SPS is delaying short sales by using invalid valuations. The BPO reports show 2 different values:..current-30 days As-Is and, 90-120 days As-IS. They are countering the offer at the 90-120 day value meaning they want an offer based on that future value,, not the current AS-IS value. We have submitted our dispute with comparables and contractor estimates. They then say their review takes "up to" 30 days. Then on the 28th day they send out a letter saying they need more time and could take an additional;30 days! Are you kidding me!. Spoke to the ombudsman department and they are absolutely no help. No buyer is going to wait this wrong and will simply cancel the purchase. SPS is turning out to be one of the4 worst servicers to deal with Complaining to CFPB does nothing as SPS just responds that they are following the law
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Finally got some clarification from Ombudsman department. They stated that if the net of the offer is lower than they want they will do a "variance" by reviewing the full offer along with repair estimates and comps. This process goes much faster than doing a valuation dispute
Hi Tony. I'm interested in how this transaction finally worked out. How long did it take to close after your contact with Ombudsman?
I did get it approved 2 weeks after they did complete another review with comps and repair estimates
SPS has a racket going now. ON EVERY SALE it's the same M.O. They wanted 3 comps for a value dispute for one of our sales, and took WELL OVER the thirty days to state they were staying with their original valuation. Even the WORST AGENT IN HISTORY can look at 3 comps and see if they are valid or not but SPS needs 30 days which they run to the end because the clock is ticking on an foreclosure date..
We have had to involved the CFPB and AG's office on every one of our SPS short sales. Don't give up.
Yup, I've literally had 5 SPS listings die within the last year. Trying the AG and CFPB route on one of them now.
SPS has really been going downhill lately with the processing experience and their unbecoming guidelines. They used to be one of my favorite servicers,
Brett@ishortsalenow.com
310-564-6389
www.ishortsalenow.com
mine too they were really good up to 8 months ago. My next step is to contact the actual investor