Samantha Jam…, Real Estate Pro in Fort Lauderdale, FL

Realtors-Short Sales what are the best banks to deal with and the worse?

Asked by Samantha James-Tharp, PA, Fort Lauderdale, FL Thu Jan 20, 2011

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11
How about... they all stink!
1 vote Thank Flag Link Thu Jan 20, 2011
The banks are all challenged,overwhelmed so what you really need is a realtor who is very knowledgeable about short sales who will stay on top of the listing agent, negotiator, bank. ALthough as buyers agent its "not our job" to do that its important your realtor takes control when things arent happening as they should and taking too long. The buyers agent should be in the loop at all times.
Too many listing agents say they know how to handle a short sale but they do not and things fall through the cracks, they dont do what they need to do in a timely fashion which can kill deals. Also be careful of the HOA's many of them make it difficult for all of us to close a deal.
Let me know how we can help. Forbes Realty specializes in short sales and foreclosures (my broker even teaches classes nationally). Best, Diana
0 votes Thank Flag Link Tue Aug 14, 2012
Samantha,
Check out Short sale superstars, a great site that break down each bank including forms, strategies and message boards discussions on various situations. Lots of training too.
0 votes Thank Flag Link Thu Feb 17, 2011
Bad experience with Wells Fargo that killed one of my deals. Just ridiculous counter offers and when given correct Comps to back up a legitimate offer they took theri time. Came down to within 2% of where they needed to be and Buyer went "bye bye". Slow and quite poor service
0 votes Thank Flag Link Thu Feb 17, 2011
None of them arre easy. It depends alot on who the investor is for the deal. It requires patience and tenacity. I manage to get my short sale deals done successfully. Never had one not close.

Marsha Montoya Mayer- Realtor
Paradise Properties of Florida, Inc.
Email: marsha@mypalmbeachrealty.com
Cell: 561-329-0428
0 votes Thank Flag Link Thu Feb 17, 2011
Hi Samantha,

We are closing pretty much all of our short sales very smoothly and have been since 2007. The key to closing a short sale is to let a professional negotiator handle the file. You need somebody who knows the system and how to get the job done. In addition, this will give you more time to work with buyers and sellers and make money. You don't get paid extra for your short sale negoatiation work. So, you are really doing two jobs for the price of one.

We close short sales for Realtors, and can close your short sales. We have closed short sales in your town, Port Saint Lucie, as well. Please call us directly to discuss our service. We look forward to hearing from you.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states
0 votes Thank Flag Link Thu Jan 20, 2011
I think like everybody here, none of them is good. But I am currently working on a short sale with Chase and to my surprise from the time I submitted a complete short sale package it took around 2 weeks for a negotiator to get back to me ( I did call the bank twice in the meantime), BUT unfortunately I found out that there is a PMI. It should take up to 10 business days for PMI to get back to me (according to a Chase negotiator), but knowing PMI companies, they will ask my client for a promissory note, and the deal will most likely fall through. If there was no PMI, our chances would be higher, but now..........I am not that optimistic.
0 votes Thank Flag Link Thu Jan 20, 2011
I agree with Jared. All of them are terrible, but B of A is particularly bad.
0 votes Thank Flag Link Thu Jan 20, 2011
Actually, my experience with BoA as an investor--even with Equator--has still been pretty lousy in several markets. Most of the other big banks aren't much better. Actually, lenders who portfolio their loans (typically credit unions, some local/regional banks, and some mortgage companies) are much easier to deal with.
0 votes Thank Flag Link Thu Jan 20, 2011
I hve found Wells Fargo to be the most disorganized - I have been waiting for a month for final payoff figues and no one department has the answer...I have lost buyer #1 because of my inability to give them a time table or what is truly owed. Chase and a few of the local banks seem more organized to handle short sales.
0 votes Thank Flag Link Thu Jan 20, 2011
Bank of America now that they have Equator it makes the process much smoother because there isn't the continuous "lost" paperwork and multiple faxing of docs.

The easiest Short Sale? One in which a Seller has a genuine hardship and he goes under the HAFA program and there is not a Mortgage Insurance Policy and company that has to approve the short sale.
0 votes Thank Flag Link Thu Jan 20, 2011
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