What a breath of fresh air !  Probably the deepest breath of fresh air I’ve had in over a year or so.  Finally, a lender that “gets it”.

So many of us working in the latest round of foreclosures and short sales will appreciate this post.  Wachovia has all the right moves in facilitating short sale negotiations and REO transactions to a successful and almost “pleasurable” escrow closing. 

No fighting, wrangling, senseless negotiating and the ever present attitude shown by most banks that Realtors are nothing more than a burden or liability that only gets in the way of their day to day asset management duties.  We are treated as if we are rodents that should be exterminated or a bug ready to be squashed.

Wachovia Bank has learned that the Realtor is a valuable asset that can be used to HELP the process, not hinder it.  Instead of taking the approach that so many lenders have by continually ignoring us, placing our files in a perpetual “hold” pattern for “x” amount of days, telling us that they don’t have the third party authorization to speak with us that you know for a fact has been sent over several times or better yet, they inform you that your file has been closed due to the inability to contact us on numerous occasions.

Shall I go on?  I think many of you can relate to the various frustrations we experience when dealing with the major lenders that hold the majority of the inventory hostage as we beat our heads against the wall trying to get our buyer’s offers accepted.  We attempt to gain an acceptance that we know will eventually come but often too late for our once loyal and dedicated buyers to hang in there for.  The buyers walk away days before the final approval arrives leaving the listing agents holding the bag, beleaguered by the thought of having to start all over again. 

I submitted a complete short sale package including all the necessary financials, hardship letter, estimated HUD-1, offer to purchase, buyer’s financing qualifications, proof of funds, credit scores, etc. to Wachovia Bank last Friday after taking a short sale listing a few days before.  Wachovia confirmed receipt of the completed package the following day and explained that their turn around time on processing approvals is typically 30 days out.  30 days already leaves me with a sense of hope that we might be able to complete the process in time to keep the buyer’s interest.

On Monday I called for a typical update that the file was in the right hands and if there was anything else I could provide to help the process.  The gal on the other end told me to just hold tight and I would be contacted as soon as they had a final decision.  That was what I expected to hear as the clock continued its “clicking”.  Well, to my absolute surprise and amazement I received a call from Wachovia’s loss mitigation assigned negotiator that afternoon telling me that the file has been approved!  APPROVED IN TWO DAYS!! 

And to top it off, Wachovia Bank would pay an additional percent for a total of 7% if I could get the file closed within 45 days!  Unbelievable!  Now, that’s how it SHOULD be done; incentives, not deterrents.

What sense does it make to cut, cut, cut every last available closing cost to the point that the agent is left wondering if all the time they spent waiting and working to keep the deal together for the sake of preventing a foreclosure action from occurring in the best interest of the lender makes any difference to the lender at all? 

Instead of casting this preponderance of doubt and unwillingness to work together as if the Realtor is the enemy only looking out for the depths of our pockets, why not adopt the Wachovia mentality of ease and speed?  Banks cannot gain by continually causing unnecessary delays and unsubstantiated reasons for their inefficient procedures in obtaining a timely approval that secures the enthusiasm of the buyer as ready, willing and able purchasers of this overbearing inventory the banks complain so often about.

My hat’s off to Wachovia and those who follow this logical and obvious method of creating a win-win solution to a system lacking in ingenuity and vision clearly necessary in today’s market.