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US BANK Requires Home to be on market 6 months????

Posted by Sandra Delight Miller on May 18, 2012 at 5:26am in Short Sale Discussions

I am in California and I have a short sale with US Bank that has a 2nd with a local bank, listed on March 23rd, 2012.

Complete package has been turned in to both banks and file is under review.

Seller received a call from US Bank collection department, she said that he was very kind, but wanted her to make a payment to bring it current (currently 2 months behind) if not with in 60 days they will ask for payment in full. He also told her the  property has to be on the market for 6 months before they will accept a short sale??

US Bank is not proactive until you have an offer and then they want a full package and in all my correspondences with them they have never mentioned property to be listed 6 months before accepting a short sale!

 

Any experience with US Bank, suggestions or advise would be appreciated!

 

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Replies

  • Jeff Payne May 21, 2012 at 7:43am

    I have closed MANY US Bank short sales and this is the first I have heard of it.  You are correct that they dont want anything until you have an offer and then send a full package, that is how I want it as a listing agent, I dont want the bank setting their price on the home, I want my price to go thru

     

  • Satar Naghshineh May 20, 2012 at 11:11am

    Not true. I am in Irvine, where their short sale department is located. My short sale with them was normal. There was no listing day restrictions. Once you have a complete package, they will have it assigned. Man, my clients would love the 6 month wait (assuming the NTS doesn't get filed).

  • Katie Johnson May 20, 2012 at 1:15am
    This is bunk. I have a short sale in process with US Bank now. Of course, the collections dept. continued to call the borrower to get them to pay up. The collection's dept. job is to collect. Like most banks, one dept. has no clue what the other department is doing. Keep on top of any foreclosure notices because that department doesn't coordinate activities with the loss mitigation department either. US Bank did assign an account manager to the file as a liason and they do a decent job at keeping in contact with the buyer.

    Good luck.
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