Comment

Comment by Terry Parrish on July 29, 2011 at 8:48am

Does Lender have a time line to reply once an offer is submitted?  I have been trying to research and cannot find the answer.

Thank you!

 

Comment by Michael Schneider on July 27, 2011 at 5:05am

Rather, PFSP -- Preforeclosure Sale Program....  PSFS was a bank in Philadelphia/Wilmington. No relationship....

Comment by Jim Stewart on July 27, 2011 at 5:02am

Andy, my experience right now is exactly in line with yours. Paola, while I agree with you, I'm not talking about listing REO's, I'm talking about dealing as a buyer agent with an unfair process that as Doug below says "unfortunately no one cares at HUD.." or the title companies or at PEMCO.

Comment by Michael Schneider on July 27, 2011 at 5:02am

Don't hold your breath waiting for FHA/HUD Asset Management.  Not sure, frankly, that they care about unnecessary losses.

I wrote to FHA/HUD on the related issue of valuation and FC/DIL.  IMHO HUD handling of valuation causes HUD to acquire property, with unnecessary and large losses to the FHA insurance fund.

Got a callback from the Director of Single Family Asset Management, I believe.  She said to me: "We have never heard of these problems.  No Servicer has ever said there is a problem.  I don't think there can be a problem, because we are following our guidelines."

When PSFS works, it is great, no question.  And variances can be approved.  When PSFS fails, all bets are off.

Comment by Doug McVinua on July 27, 2011 at 4:55am

HUD REO Purchases are one of the most difficult right now.

I had a cash buyer wait 3 months trying to buy a HUD REO only to have HUD cancel the contract.  HUD stated the property was going back to the lender as they could not get the title cleared, 3 days later its back on the market active.

The buyer was furious, unfortunately no one cares at HUD, BLB, Title Co etc.

Comment by Paola Martinsen on July 27, 2011 at 4:48am

The grass is always greener on the other side of the hill. If you are a short sale agent you are probably wishing you did REOs and vicev-ersa. My take on it is each game has its rules and in the distressed property game we are in rules are constantly changing, processes change, more red tape, etc for both short sales and REOs from what Im hearing. We simply need to learn the changes and be flexible to adapt and provide the best quality of service out there in spite of all the changes, challenges and frustrations. We make a huge difference in the community and we will continue to do so at the level that our mindset and commitment stands. Thank you all for the wonderful agents out there that each day have the courage to go through every challenge we face with banks and home buyers to help our sellers avoid foreclosure.

Comment by Andy Morris on July 27, 2011 at 4:48am

Jim... i was just going to say... boy even though this is off topic... I really hope someone from HUD reads these things, because most REO's go smoother from a buyers perspective.  The hassle causes many realtors to redirect their clients from these.  I bet HUD loses a lot money because of their process.

Comment by Andy Morris on July 27, 2011 at 4:43am

I am dealing with the same thing.  They have this funky rule that says you have to schedule to close 5 days before you want to close.  They filed extension because of an issues they had but they didn't officially grant it to themselves until 3 days before it was expired so we couldn't techinically get the extension in the 5 days before everything expired nor could we close in that time because we have to schedule 5 days before closing.  We ended up having to get 2 more extensions because of this strange conundrum.  Total BS.

 

In this deal there was a title issue.  I was following up with the asset manager and the title company to make sure it was taken care of.  The asset manager called me up and told me that if I wanted this to close I had better be calling the attorney handling the extra lien that had managed to not foreclose and negotiate the release myself as both her and the title company were way to overwhelmed with the number files they were handling to make this all work.  The listing agent also is to busy to have any input which is to bad considering hud now pays listing agents in our area a full 3 percent. 

Comment by Jim Stewart on July 27, 2011 at 4:39am

I'm posting this here in the half-hearted hope that somebody from HUD is watching/listening to this board (Hello! Hello!).  ;-)

Comment by Jim Stewart on July 27, 2011 at 4:37am

I agree with both of you: I'd much rather do an FHA short sale than buy a HUD foreclosure.  The title company is a disaster.  Getting our contract signed was a disaster.  No communication from anybody.  I actually get the title company to answer their phone once every 10 to 12 dials!  Now we have to pay for an extension even though it's the title company's fault we can't close.  Train Wreck!!

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