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Appletree, Home Buyer in Los Angeles, CA

REO Pending Release from Legal Department?

Asked by Appletree, Los Angeles, CA Mon Mar 14, 2011

Here is the whole story: So I bid on this REO property back in Dec. I was rejected twice before my bid was finally chosen in mid-January, Now 2 months later, the house is still on hold "pending releas from lega department" and " no time frame for resolution has been provided" per the asset manager. No reason was provided either. I already sent them the cashier's check copy for $30k. So I went to their website and found the contact inforamtino of the REO manager and forwarded it to my agent who is at the same office with the listing agent. The listing agent came back with a long email saying "advise you to use caution in discerning any information that comes from outside this office". I am confused. Isn't her job to find out what is going on? Don't I have a right to know what is going on so I can judge if I should wait or move on? What is the problem with contacting the higher-up if the asset manager is not responding? Anybody has experiecne dealing with this PNC bank?

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Answers

63
Thanks Justin. Great points. I'll take a look at that book.

I only wish I was paid the type of commission of the seller agent for doing almost nothing over the course of 6 months. Honestly he could have not even been part of this deal and you would not have noticed. From showing a "greater than thou" attitude, avoiding communication, to simply not doing any work. On the flip side my buyer agent has been great and has done everything he could on this deal.

They really do need to clamp down on banks. The attitude this bank has shown is simply that they do not care. All of us work on timelines and banks should be held accountable to one as well.
1 vote Thank Flag Link Wed Jun 29, 2011
slipperyfrog,
I like all that you have to say, I want to maybe clarify that the recovery of the market is probably not to dependent on professionals doing their job in the industry but more closely related to reality of our market and where prices should be given the current employment rates and household earnings.

However, I would say that when dealing with what seems to be unprofessional realtors in the case of the buyers agent and sellers agent that the buyer should file a complaint to state office who licenses the agents. BUT, if it is like our state, you can have all your ducks in a row, show complete unethical behavior, show "illegal" behavior, and still the state just wipes the complaints under the carpet...SAD...these kinds of things will continue to hurt our industry and the buyers and sellers that work with these dishonest realtors but what can you do....

ps, if you haven't read it yet get the book "Fooling some of the people all of the time" great read, you will like it.

pps. Here is my blog about "expert realtors"
http://blog.house-guy.com/2011/05/is-your-realtor-expert.html

have a good one...Appletree, let us know how it works out in July.
1 vote Thank Flag Link Wed Jun 29, 2011
Call the lender directly. Trust no one, ask everyone, everything.
1 vote Thank Flag Link Wed Jun 1, 2011
@Appletree, yes, I emailed PNC's REO sales dept first, that got me "cc'd" on an email to the asset mgr. asking for her to address my concerns. Ulitmately, I contacted the REO manager listed on their site, via email and things happened quicker.
1 vote Thank Flag Link Wed May 18, 2011
I absoluteley hate this PNC and the seller agent and my agent. I will give them the worst review once I am done with this. Last time I asked the seller agent what is going on she said nothing yet, but another property from PNC has been released so that's a positive sign. That reply was a month ago! Now it has been 4 month since our offer was accepted.. what the heck am I supposed to do???

Slipperyfrog you got a long "no" not a short "no" but it is still a "no idea, no timeframe" answer-:(
1 vote Thank Flag Link Tue May 17, 2011
We finally closed on our deal. It took exactly 3 months, almost to the day, from when we submitted our offer to Online Submission. After patiently waiting for the realtors (ours and listing agent) to get answers and move this deal, I as the buyer, contacted the asset mgr. directly, the bank (REO sales mgr) directly, the closer directly, the escrow officer and her assistant directly, and finally got the deal closed. I pushed nicely.

Ours was a cash deal, and I gambled and had an inspection done (a few weeks in), because I didn't want to keep waiting only to potentially find a problem that would kill the deal anyway. I had my ducks lined up, and once we got to escrow, I pushed the closing. I emailed or called everyone on the list above, every couple of days.

We looked at other houses, and unfortunately, wanted this one. So, we waited it out. It was worth it. You just have to wait with PNC. I don't think it's going to get much better in the near term. The listing agent was good enough to change the status to "pending" with just our offer, so I knew we most likely weren't getting "played". If he had left it "active" throughout the waiting period, we would have withdrawn.

Good luck.
1 vote Thank Flag Link Mon May 16, 2011
The entire REO file review process by lenders and asset managers is pretty much in disarray these days due to 1) major understaffing in REO manager/legal dept positions, 2) constantly changing federal law on rules for REO disposal and 3) general incompetence.

My experience has been that legal departments are running 30-60 days behind file review AFTER contract approval because their staffs are so overworked. I also find that most real estate agents, including those who have listing contracts on REO homes, really do not understand the process nor know how to advocate for their contracts once they reach legal review.

That said, you are in a delicate situation because your real estate agent is acting in a dual agency role, since agency is held by the broker and you've stated that the listing agent is 'in the same office.' This means your agent's primary fiduciary obligation is to the seller, not to you as the buyer.

When my clients encounter this kind of stonewalling, I always recommend they seek outside legal advice from an attorney who specializes in foreclosed real estate. I am happy to provide some excellent referrals if your agent is unable to do so.

As others have stated here, the REO approval process is long and cumbersome so patience is also required,.

Good Luck!

Meredith McKenzie,
Associate Broker #01142186
Keller Williams Realty
Los Angeles, CA

Direct: 323-300-1110
Email: meredithmckenie@kw.com
1 vote Thank Flag Link Wed Apr 20, 2011
So, after 2 1/2 months, we got the "senior mgmt approval", which then lead to finally getting the sellers' signed contract back and opening escrow. Since then, they have been very helpful and cooperative in getting this escrow closed quickly. I'm hoping to close by the end of this week.

The explanation I got was that since the "robo-signing" fiasco, they have to be very careful and their legal department has to make sure every file is air-tight. They should explain that more upfront, but maybe that will change.

My advice is if you want the property, be prepared to wait a couple/few months. You are not alone. Most other REOs don't seem to be going this way, but each bank is different. The number of people that had to touch this transaction is crazy. There has to be a better way.

Good luck
1 vote Thank Flag Link Tue Apr 19, 2011
It is the listing agent's job to represent the interests of the seller only. You, as a buyer, should contact whomever you see fit to get to your goal of buying the property. Nonetheless, I suggest that you first run it by your agent to get their advice but in the end who you contact is your decision.
1 vote Thank Flag Link Wed Mar 16, 2011
APPLETREE:

Hey, if you are reading this in JULY,
If you got the house, would you please delete your question.

If still haven't got it, would you please put an answer in here updating us, we are really interested.

In either case, you have GOT to relax; you are going to kill yourself. we are really concerned.

Good luck and may God bless
0 votes Thank Flag Link Thu Jul 21, 2011
I don't know how to describe this.. So much time and energy were used to cover up their own behind, the bank, the lender and the agents. Let me list a few things:
The lender first wanted a refrigerator to be installed --- then waivered it after we protested
The lender wanted the stove installed. -- seller didn't want to do it. So we had to buy a stove and intall it before we get the house-- and no, we still have not got the house yet.. Remember when they put closind day too close (30) days we said that was not realistic. they threatened to go for backup offer? now it has been 60 days in escrow..
The pool equipment was replaced. That was lender requirement too, but the very next day, the AC were stolen.. Mind you this is not a bad area..the house costs us..let's just say, a lot of money. well over 500k.. The police? well.. basically you are not the only one.. sorry and good luck..
Dealing with the seller like dealing with the government.. It is "hurry up and wait". You hurry up but then you wait.. I am going to take my time to make sure my behind is covered..
Nobody wants to pick up the phone and talk. One communication a day through email. An extension of COE day takes 2 days to sign.
All right..you got the point... I guess the lesson I have learned from this Money screams. If I had enough money, I would have paid in cash and don't have to deal with all these clowns.
0 votes Thank Flag Link Thu Jul 21, 2011
Wow, what an unnecessary drama!
YES, her job is to manage the property and the client. Seems she really doesn't care or doesn't have a great relationship with her client. That's unfortunate!

Hopefully you achieve a desired outcome, and I wonder how good is your attorney? REO processing (in most states) is a legal process and generally those with the credentials better answers and greater attention than home buyer / owners...frustrating as that may be. Yes, keep running your situation up the proverbial flag pole til you get someone who will a) return your call and b) answer your questions accurate, succinctly and honestly.

In Chicago, many of clients are buying REO and foreclosure properties, and your story is not atypical. One of our clients, Cherry Picker, http://www.cherrypickerinvestments.com, even works with cash buyers to acquire properties at the foreclosure auction to help avoid this whole conundrum you have found yourself in.
We also work with a number of Fannie Mae and Freddie Mac REO listing agents and I can definitely say there is HUGE range in the professionalism and ability of those agents. Seems like maybe you got one of the not-so-good ones.

Be Persistent (and when they do finally come back to you, don't hesitate to lower your offer if the market has even marginally declined!)

Sincerely,
Michael

Michael Hobbs
President
PahRoo Appraisal & Consultancy
Web Reference: http://www.pahroo.com
0 votes Thank Flag Link Sat Jul 2, 2011
The problem people are having with PNC is that they will not tell you a straight answer as to what is going on. We hounded them for 4 months before they actually gave an answer that the house was in the legal departments hands and being approved from being held up in the foreclosure fiasco. Up to that point the only thing they would say is, "Please be patient, we are working on it".

This kind of thing should be cleaned up before any of these properties are even listed for sale.

Anyway our house is closed. We are now half moved in. We love the property.

I hope you have the same outcome Appletree.
0 votes Thank Flag Link Fri Jul 1, 2011
One thing to consider.

When the home is an REO it has been foreclosed.

I work for a Real Estate attorney and I know that there is going to be a considerable amount of wrongful foreclosure litigation.

A very big case in Massachusetts was approved early 2011 where a foreclosed home went back to the original homeowner after 1 1/2 years of being foreclosed. It is the Ibanez case very big for those of us in the foreclosure prevention field.

In California we have a lot of pro se litigants who are going in trying to save their home but doing the litigation themselves. they do not know how to put proper pleadings together so they are causing some issues. However more attorneys are learning about wrongful foreclosure and litigating this issue.

You need to find out if this home is in the legal departmetn because of foreclsoure litigation. That could be one reason why the process has taken 6 months.

JoAnna Jensen
Legal Assistant
Realtor
Volo Law
925 699 5041
Web Reference: http://www.vololaw.com
0 votes Thank Flag Link Fri Jul 1, 2011
It is not so much as looks like a duck, smells like a duck. It is not a crooked deal. PNC simply does not care about your timeline. It is the fact that PNC is using viable accepted buyer offers as a springboard to actually spend the time and money to legally clear the robo signing mess they are in on certain REO properties. The fact is they should have a law that says they cannot list these properties unless they are clear before hand.

We just closed and yes it has been a pain the last 5 months. However we got a beautiful house at a great price that fits everything we were looking for. That is a pretty nice duck but was a pain of a wait. PNC will get a nasty letter next week as will the state attorney general. Not that it will do anything but it will make me feel better.
0 votes Thank Flag Link Thu Jun 30, 2011
Sometimes you just have to cut your losses (in your case time) and move on. Too many unknowns and no answers. If it looks like a duck, smells like a duck....well, you get the point. I would advise my client in this situation to move on. Good Luck!
Web Reference: Http://www.sherrykhomes.com
0 votes Thank Flag Link Thu Jun 30, 2011
Yes you do and any advice to not listen to advice is crazy! The fact is that some banks are selling homes and they are not properly recorded as being the lien holder to do so! So sit tight, or find a better property
0 votes Thank Flag Link Wed Jun 29, 2011
Cry me a river on the listing agent not making much. He has sat on his a$$ with this one. Come on now, as an listing agent you can pick up the phone once every 4-5 weeks and return a call. Is that too much to ask. This guy and his office have not done jack for 6 months. The only time we got him to stir was when we figured out his asset manager & contact and jumped over his head. Then all of a sudden he started to respond. Even my realtor has been surprised how little he has provided.

If we didn't love this house so much and have it fit exactly what we were looking for we would have been gone long ago. I won't mention agent names here but if I get the opportunity to tell someone looking who not to choose as an agent...you get the picture.

As you can see I have put a lot of input to this thread but that is me. I get sh*t done. Don't like it then get out of my way.
0 votes Thank Flag Link Wed Jun 29, 2011
Slipperyfrog. You would be surprised how little the listing agents nets after representing a bank. He has to reduce his selling commission to list the property and he has to do the normal marketing and has office expenses.

GAVID COOPER Foreclosure Specialist with 35 Years Investing Experience. For freee list of Bargain Homes
see website or Call +1-702-355-8807
0 votes Thank Flag Link Wed Jun 29, 2011
The escrow company PNC chose is an even bigger joke. They don't seem to know their head from their "tailend". Someone needs to buy their closing officers a daily planner to write down what they did an hour before.

To the regulators of laws regarding real estate transactions. This is what is wrong with your industry. It is messed up to the core. It is no wonder the market crashed and does not show signs of recovering any time soon.
0 votes Thank Flag Link Mon Jun 27, 2011
Just had this issue with a property that was listed for 5 months. Home seemed to good to be true. Turns out they foreclosed on the wrong person so the bank did no actually own the property even though they paid for it. You want clear title so that no one comes back to claim the property. I don't know how long this process will take, no one does, but I can tell you that it has been 6 months later and the problem has not been resolved. Good Luck to you.

Tonia Rahming
Florida Real Assist
772-924-0430
0 votes Thank Flag Link Wed Jun 1, 2011
Move on, unless the home is worth it to you. But keep in mind if you are in a declining market and you stay and wait on this at current negotiated terms, the home will be worth less when you close, jeopardizing appraisal and costing you.
0 votes Thank Flag Link Wed Jun 1, 2011
I had a listing where the bank had made an error on the foreclosure documentation, and we got the run around that the title issues were being addressed through the bank's title curative department. Long story short, the bank found that they had no legal right to sell the property because they could not produce free and clear insurable title. They tried to get the buyers to accept a Quick Claim Deed. I couldn't ethically even suggest it. The bottom line is there are several foreclosed properties out there with title issues. Before spending any money for inspections, I would advise you to check into title and verify that the seller is in fact the owner of record. If the seller has had the property listed for a while then it is good to ask the listing agent the title situation, and if they have opened escrow awaiting a buyer. I am doing this on all of my listings now to ensure that I dont have to ever tell buyers again, that they can't buy the house they sepnt money on the appraisal and inspections after an agreed upon sale.
0 votes Thank Flag Link Wed Jun 1, 2011
Sometimes the bank as seller uses servicers to service their loans. They prematurely list the properties only to find out there are title issues, or they need docs from seller to be able to close or even foreclosure was not done properly.. The agent had every right as listing agent for bank to ask you not to call them. The seller hires us to handle their business and do not have time to field calls like that. they usually refer you back to listing agent anyway. Maybe your attorney should call sellers attorney and find out what the hold up is if in fact you did have fully executed contracts from both parties.
0 votes Thank Flag Link Wed Jun 1, 2011
Hi Appletree:

Most likely the home you made your offer on is caught up in the Robo signing mess
or likely a suit was brought by the previous owner for failure to show original loan docs
and excessive force used by the bank, PNC which foreclosed.

This will take its course, it will likely be outside the Asset Managers or even the Higher ups'
control. This may likely get resolved at the Legal level on files foreclosed using Robo signing.

You have to figure out if the house is worth the wait, now that you have already waited 4 months plus.

Good luck.
Perry
0 votes Thank Flag Link Tue May 31, 2011
Wow. Back in DEC?? Not sure what the market is there, find another REO and move on. I have 3 REO we made offers in May and nearly at closing already, if done right very smooth and FAST process. Unless you are talking about a short sale, which is NOT a REO.

Also, might be time for you to think about start working with another agent, you have been doing their job for them long enough.
0 votes Thank Flag Link Tue May 31, 2011
The bank in question is PNC.
0 votes Thank Flag Link Tue May 31, 2011
If it's a Fannie Mae foreclosure, pick up the phone and call Fannie Mae directly. Make sure you have all of your file numbers, agent names and especially, the asset manager information ( name email, phone number etc.) You'll be surprised how quickly things move once they get on the case.
0 votes Thank Flag Link Mon May 30, 2011
Is the purchase price that good that you are willing to take the property "as is"? I don't know what zip code this house is in, but I am willing to bet there are comp houses for sale that are close to this price without all the hassle. If you really want this house, you are stuck with the agents you have. If you want to check out other options, look for my foreclosure list

David Cooper Las Vegas Foreclosure Investor in Bank Owned REO's at 20% off. For freee list
email: davidcooper@lasvegaswinner.org or Call +1-7024997037
0 votes Thank Flag Link Sat May 28, 2011
@Appletree - Well you know one thing now...the house is clear for sale. There will not be another delay to release as that has already been done. Right off I would advise to dump you agent that is playing double duty to their boss. Get a new agent and put in another offer on the house. They are working you as it appears your best interests are not theirs.

Our agent mentioned this as a possible scenario as another house in the area comp'd lower than expected but had not closed yet. We planned on seeing that one close, getting PNC to release the house we were looking at, withdraw our offer, and then resubmit an offer. The house we were looking at had the A/C units stolen making tough for a loan, thus making other offers a little harder for the seller to procure. It was not to be as PNC released the house before the other one closed so we had no comp to throw on the table. We are not going to risk letting other offers come in and went for closing.

I doubt they will be willing to pay the costs of the pool equipment. More than likely they are looking for "As Is". Hope that helps. I"m not an agent but I would be looking for one that can guide you in a hurry. Look around on this site as I am sure someone will have some skill to help you in your area. Post a new link looking for an agent and evaluate one.

Good luck and glad to here your property got released.
0 votes Thank Flag Link Sat May 28, 2011
We finally got the house released, however the listing agent only gave us 30 days to close it including 10 days "considering time". When we questioned it, she said it was our fault if it is not closed because we delayed the appraisal. We delayed it only because the house was not ready for inspection (they forgot to turn on the gas) and we wanted the inspection done before appraisal. We also asked the pool equipment to be replaced because it was stolen and they pumped out all water. Now it is a hugh hole on the ground. The buyer agent who works at the same office forwarded our letter to the listin agent (essentially her boss and best friend) then we got a nasty letter from the listing agent. She put the house back to the market for "back up offer" so the day we were doing inspection, an agent walked to show the house to her client!!! Any good suggestions everybody? We have never purchased a second hand home not to say REO property. I can't believe the agents are acting like this. We only hired this buyer agent because she said she has access to "inside information" because her best friend is the listing agent!
0 votes Thank Flag Link Sat May 28, 2011
The Federal Attorney General is starting to charge banks and their management with fruad because of the robo signing of legal documents. Everything is being delayed. If the bank can't prove legal ownership, you might not know if you have ownership for a long time

David Cooper Las Vegas Foreclosure Investor in Bank Owned REO's at 20% off. For freee list
email: davidcooper@lasvegaswinner.org or Call +1-7024997037
0 votes Thank Flag Link Fri May 27, 2011
@Kathleen - Escrow was not opened on these cases. The offer is accepted by the seller. The paperwork is signed off the next day by the buyer, a check is provided for escrow and then nothing else is mentioned by the seller. The seller being PNC bank. After a week you start asking what the heck is going on. Then the answer starts coming back, "Please be patient, we are working on it". That is the only answer you get. You are left hanging wondering if the sale is even moving forward.

Escrow does not get started as the seller (PNC) does not sign off a purchase agreement.
0 votes Thank Flag Link Wed May 25, 2011
Was an escrow ever opened?
0 votes Thank Flag Link Tue May 24, 2011
Closing on July 5th. What a journey this has been. If only we had not lived in the dark wondering what was going on for the first 3 months.
0 votes Thank Flag Link Tue May 24, 2011
It's possible the former owner has taken legal action against PNC or a lien was filed. This happens all the time but, I'm surprised no one is telling you anything. Did you receive any preliminary title work yet? You can ask for this from the listing agent to see if a suit was filed as the title paperwork will show it. Then you know if you should move on or not. I had a property I was buying tied up in a suit but, the bank was able to have it cleared up in about a week or two. We ended up closing on it.

Ask for your money back and I bet you'll start getting answers!
0 votes Thank Flag Link Sat May 21, 2011
Once again a person who does not read what is going on. This is not about a cloud or deed issue on a property. It is about PNC not speaking after accepting an offer and escrow check. It is about real estate agents that do not do their job.

PNC needs to be sensible and tell buyers a simple answer as to what is going on with their properties. We don't need a time frame and are happy to know they are looking out for our interests. Too bad they will not even tell us that. Just silence from day one. Too bad it takes hitting everyone up the line to simply get a straight answer.

Judging by the continued answers by realtors here I would not hire any of you. Learn to read. Appletree should not have to be doing the dirty work, his agent should be.
0 votes Thank Flag Link Sat May 21, 2011
Jim is right!
There probably are deed problems or clouds on the title and you do not want a clouded title and your lender won't let you borrow money toward the house if there are extensive conditions on the title policy. Even if the bank does accept your offer, you have to have clear title and that requires source documentation from whomever holds the note. That paper chain is often not readily available and the banks are sometimes holding paper without documentation. I know CA doesn't normally use attorneys because it is an escrow state, but you might want to get advise from your own legal counsel.

If you like my answer, best answer, thumbs up me, Thanks!
0 votes Thank Flag Link Sat May 21, 2011
@Carmen & Jim - We understand what you are saying. In a way this has nothing to do with what advice you just provided. We all seem to be fine to wait and let them clean up the train wrecks. The problem here is no one is saying anything from the seller agents on up on what is going on. The buyer is just left hanging. That is the BS part of this. You put in an offer, the offer is accepted. You sign off the paperwork & provide an escrow check. Then you hear nothing with no response. It took 3 months to get any answer other than, "Please be patient we are working on it".

They do not even elude to what the issue is. The least they can do is have the courtesy to tell us what they are working on. If it is a legal issue or whatever, have the decency to tell the buyer. Further do not list the d*mn property if it is not ready for sale. End of story.
0 votes Thank Flag Link Sat May 21, 2011
There may be a few different scenarios going on here. I have only encountered such lengthy delays once. The fence was not on the property line so there was a legal dispute with the neighbor. There is likely some litigation or legal reason that the sale has not proceeded. Trust me you want the legal department to clean up the issue properly and not just rush into a sale/purchase.
0 votes Thank Flag Link Fri May 20, 2011
I would tell PNC to take their time and get it right. I approved a loan for a buyer that had a signed contract from an entity a lot bigger than PNC, bigger than any bank if that helps narrow it down. They signed a contract to sell my buyer a home they did not own. I was the one to discover the mistake when I reviewed the title report, Opps. You are buying someone else's train wreck, PNC is trying to clean up the mess so they do not make it worse by selling you a mistake. And, they may not be making the final decisions, some banks are being told what to do and what not to do. Chill and double check everything, you are the one that should be taking their time, not PNC. If they screw up it is just one little blip to them. It might be a total disaster for your family if they do not do their job right.
0 votes Thank Flag Link Fri May 20, 2011
This is why I try to avoid dual agency when possible. It may be in your best interest to contact a REO attorney, even if just for an hour and see what may be in your best interest. Do you happen to know how many liens were on the property?

The process for an REO or short sale is taking up to four times as long versus a tradition sale right now though just so you know.

Best of luck!
Derek Raynor
0 votes Thank Flag Link Fri May 20, 2011
@Appletree - Keep trying. Here is the email address of the person that responded with cc's to everyone including our agent & the asset manager to get an answer out on our property. Just tell them you are getting no where with your agent or the seller agent and are only being told to wait. Tell them you want a reason for why you are waiting. Couldn't hurt. :)

kelly . presutti @ pnc . com (take out the spaces)
0 votes Thank Flag Link Thu May 19, 2011
So I emailed both my agent and the listing agent asking them try to contact somebody at PNC. Listing agent didn't reply. Buyer Agent said the same old thing I understand but blah blah blah.. I asked to call the number on the website and she wouldn't do it. I didn't hire her to begin with. When the property was on redfin, I called the listing agent and made an appointment. When I arrived, the buyer agent was there and told me she was the best friend of the listing agent. She said it would be more advantageous if I use her. We didn't have an agent so we said, whatever as long as I can get the house. I don't know why I should still keep her as my agent. She has not done anything other than saying "I undersand. I am mad too." I didn't see the email address of the REO manager. Do they use first.lastname@pnc.com or last.firstname@pnc.com? I think I will cc both hopefully one of them is correct.
0 votes Thank Flag Link Thu May 19, 2011
Put the heat on them Appletree and the squeaky wheel gets the grease.This is a PNC issue with how they have clamped down on all REO properties. This is not a cloud issue or title issue. It is the fact that every property has to be scrubbed clean by their legal department. Make your property go to the top of the list by jumping over people and making comfortable people feel uncomfortable.

@Aaron - This is not a typical REO transaction. In this situation you don't seem to have a clue or have not read this string of comments. Our agent has done numerous short sales, foreclosure, REO's. A typical REO transaction does not take 3-5 months to get the purchase agreement signed after the seller accepts your offer with nobody saying what the delay is. What we are talking about are properties that have not even gotten to escrow or to the title company finding issues. These properties should not even be listed as they are not ready for sale due to PNC's new policy on all their REO's. At the very least there should have been a disclaimer on the listing....but then they would get few credible offers. Funny how that works. Bait and switch.
0 votes Thank Flag Link Wed May 18, 2011
Could be a title issue I have ran into that several times
0 votes Thank Flag Link Wed May 18, 2011
Well, sounds like basic REO Transaction situation. REO files have a chain of command, and these files follow a very strict bureaucratic flow. If your property has a legal issue it may have a “Lis Pendens,” creating a cloud on title. Now, the best advice I can give you is trust in your Realtor and rely on him/her relaying the most accurate and up to date information to you. I have done plenty of REO Files and I can tell you that even if you give him/her the exact contact information the asset manager or negotiator will not give your agent (Buyers agent) the time of day. I know that it seems silly that both agents are in the same office, so why can’t your agent help you. Its simple, he is not authorized to do so, every time the listing agent calls he/she goes through a verification of identity before the negotiator or asset manager even begins to talk to them. You have come this far with your agent; you should have faith that he/she will do the best job possible. Best Wishes.!
0 votes Thank Flag Link Wed May 18, 2011
Thanks guys! I appreciate your help. I guess I need to take some actions instead of waiting forever!
0 votes Thank Flag Link Wed May 18, 2011
@appletree - We first started emailing and calling the phone number and email address found here (remove spaces):

r e a l t y s e r v i c e s.p n c.c o m

I would phone everyday and leave a voicemail, my agent would email everyday stating until we have an answer we were going to continue calling. Then my agent happened to be out on another property and realized it was another PNC property. He knew the asset manager pretty well on the listing and had him send an email inquiring what was going on with our property. Within a couple of hours we had a response from the PNC manager telling all parties involved in our property to handle the situation. It was cc'd to my agent, the seller's agent, the seller's asset manager....blah blah blah. My agent then sent an email to the seller agent stated that he would contact the asset manager directly if they did not give him a better response. Within hours we had the long answer to keep waiting. At now we had a long answer and felt better that we were not being screwed with. Now within in 5 days of that hitting the fan our property gets legal release. Funny eh? :)

I just signed off date changes on the purchase agreement and this should be headed for a close now in 30 days.

Hope that helps. Just have to get mean I guess and dig for any contact you can.
0 votes Thank Flag Link Wed May 18, 2011
How did you guys find the PNC asset manager information? The listing agent wouldn't tell me. I went to their website, they only have the headquarter number but they did list the REO manager's name. Is that how you get connected with the manager? As I said, I have two worst agents (lising and buying agent) here who wouldn't do anything.
0 votes Thank Flag Link Wed May 18, 2011
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