Compass Bank rudely will not participate in short sale - won't even discuss value.

I was to negotiate a short sale whereas Compass, the only lienholder, rudely shot down the offer (signed contract) to particpate in a short sale.  They wanted $150K more than the current offer.  The listing agent is exerienced and there is no way that the property will appraise for anyone to obtain a mortgage to purchase at the over-valued price.  There is a Lis Pendens of record and the two older, rude gentlemen seem perfectly content with proceeding with the foreclosure.  I asked the one gentleman where he obtained his value and he wouldn't tell me if it was a BPO, appraisal or if it was an appraisal that was 5 years old.  He got flustered, mumbled a few sentences and then hung up on me.  One of our attorneys even called with pretty much the same results.  Any suggestions?  Any similar experience with Compass?  Should I recommend that the listing agent cut her losses, now, and cancel the listing?  Thank you for any suggestions!!

 

Kristy Hamilton

Short Sale Coordinator

Views: 442

▶ Reply to This

Replies to This Discussion

Permalink Reply by Kimberley Kelly on July 22, 2011 at 3:46am
Never heard of Compass, but I have heard of impossible Lenders!  If I were the List Agent, and the Lender did not seem to want to participate, I would escalate to the Investor.  If nothing happens, there is something going on with the notes and the Investor is NOT ready to write this loan off the books.  It is a mysterious lending world and the Banksters hold all the cards..
Permalink Reply by Kathleen Couch on July 22, 2011 at 5:06am

Unfortunately, the banks make the rules.  I have dealt with some smaller banks that will bend over backwards in cooperation, and some who will not cooperate at all.  In the beginning of doing short sales, I could take a property off the list to be sold at the courthouse, (or sheriff's sale), with as little as 3 days lead time, and get the bank to postpone the auction, for a possible short sale.  Now, that has not been possible for the most part.  Unless there was a closing before the auction. Not all banks take that stance, but the smaller ones do, it seems.

If the investor is a Fannie or Freddie, or FHA, you can talk to them directly to get clarification.  If it is a private investor, you usually cannot.  Often the bank will tell you the investor, but with the above mentioned investors, you can do a search on their site.

Permalink Reply by Richard on July 22, 2011 at 10:51am

Compass Bank is one of the smaller guys, however they've been around for at least a few years or enough to know what's going on.  Sounds to me like they're fed up with the short sale process.  I got lucky (not).....my short sale is with an investment banker.  I'm ready to jump out the window.

 

 

 

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************