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How many Realtors were promised a short sale by a lender who lied?

Asked by Voices Member, Mon May 10, 2010

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Unsure of how one would be able to obtain such information but from our experience this is a quite common occurance...............

Funny but ....I don't think it's viewed as lying by them??
1 vote Thank Flag Link Mon May 10, 2010
When that happens, it is most likely due to a misunderstanding between a lender representative and a Realtor or negotiator that is inexperienced in negotiating short sales. In most case, the borrower’s Realtor is negotiating with a lender representative, while a completely different lender representative is coordinating the foreclosure with the lender’s attorney or Trustee Sale Company. The problem is one of faulty communication between the parties. My team has handled over three dozen Short Sales on behalf of our clients and we have closed every one of them. A communication disconnect happened on several of our transactions. We kept everyone honest by keeping in touch with the Trustee Sale Company to make sure that the trustee sale had been postponed as represented by the lender representative.

When you decide to “short sell” your home, make sure that you are dealing with an Realtor that is an experienced “short sale” expert and not someone who plans on farming out your transaction to a “negotiator” who will be happy to close a percentage of their transactions. The Realtor you hire should have personal knowledge of how to get your short sale approved.
0 votes Thank Flag Link Sun Mar 18, 2012
THEY DID NOT LIE. YOU WERE TALKING TO A BOILER ROOM. THE FDIC IS FORECLOSING ON YOUR PROPERTY. GET THE FACTS MAN AND SEARCH FOR ANSWERS WIN BACK THE ALE.

MSOLIMAN
EXPERT.WITNESS@LIVE.COM
0 votes Thank Flag Link Tue Jan 4, 2011
THEY DID NOT LIE. YOU WERE TALKING TO A BOILER ROOM. THE FDIC IS FORECLOSING ON YOUR PROPERTY. GET THE FACTS MAN AND WIN BACK THE ALE.

MSOLIMAN
EXPERT.WITNESS@LIVE.COM
0 votes Thank Flag Link Tue Jan 4, 2011
Lenders don't lie.....its not the lender your dealing with . Remember that .
Go to the source and you can get it. If you don't the lender will AFTER THE FACT!.

expert.witness@live.com
0 votes Thank Flag Link Fri Sep 3, 2010
It seems it depends on the bank, the investor and the processor at the bank working the case. There are different departments working the case and sometimes they do not communicate or code the loans properly to make sure the deals can go thru. Also they seem to have procedures that are hard rules that do not take into consideration the differences in the case or property value. The accountablity seems to be one sided. You realtor is held accountable but the bank can do what ever they want.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee

http://www.milwaukeebailout.com
0 votes Thank Flag Link Sun May 23, 2010
Short sales are indeed enough to drive someone over the edge of patience. It is difficult because the banks were not set up to deal with this. They are slowing getting better but still a mess. You have to stay in contact with the banks and watch for the auctions. Many times the short sales dept does not talk to the foreclosure dept so you have to stay on top if it. It is an enormous amount of time but most go through.
0 votes Thank Flag Link Sun May 23, 2010
Those damn Short Sales make us all look bad.
0 votes Thank Flag Link Tue May 11, 2010
I don't think it's so much a matter of lying as a matter of one hand not knowing what the other hand is doing. In my experience in dealing with MANY short sales, the people you speak with at the bank more often or not don't have much of an idea what is going on. I've told my clients that it is a matter of which talking monkey picks up the phone today vs yesterday vs tomorrow. My counsel is that if you don't get the answer you are looking for, call back tomorrow and talk to someone else. You are likely to get a different answer.

When you get the answer that you want, be sure to document and get the name of the person with whom you are speaking. Don't assume that when you call back next week he will remember your conversation and still have the same information.

We are dealing with a rapidly moving target. New regs, new rules, new marching orders. What is true today may not be true tomorrow..

scott@scott-schroeder.com
0 votes Thank Flag Link Tue May 11, 2010
I dont think it's so much lying as that the banks are a total disaster altogether. The left hand never knows what the right is doing. The loss mit department might be working on a short sale, while the foreclosure department is moving through with a foreclosure. Just be prepared to babysit every department when you get involved with a short sale.
Web Reference: http://www.homesbyminna.com
0 votes Thank Flag Link Tue May 11, 2010
twice and two different banks stated they would accept the short sale and wait and wait for teh paperwork, set the closing date only to see the condo on an auction list for the week and it sell at auction $40,000 less than the offer in the short sale. Way to go bank employees... sink your own employer, that should help with your bonus
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon May 10, 2010
There is a lot of confusion and disorganization in banks right now, and this directly transfers over to how they handle short sales and foreclosures. Some banks have their systems and personnel in place and the short sale process is smooth sailing. More commonly, however, the short sale process is an exercise in frustration for agents. I have had contracts "accepted" one week, only to find out the next week that the bank employee I was working with is no longer in that office and I have to start the process all over again. Some bank employees distrust the realtors and just sit on the contracts while they wait.....for some unknown event to occur. I would doubt that they purposely "lie" to realtors...I just think they don't know what they are doing, have no training, and are scared to make a decision. Good luck!
0 votes Thank Flag Link Mon May 10, 2010
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