I have been working on a short sale since the end of September we still do not have an answer back yet. How asinine is that? Well needless to say the first buyer has since backed out. I had an investor waiting in the wing, the lender finally calls me and says I am going to forward over the offer to the investor to make a deicsion I need one thing from you. At which time I informed them that the original contract is no longer a deal but I had a replacement. He said great I will present this and within 24-48 hours we will have an answer. That was last Monday December 17th. Guess what it's Wednesday December 26th and nothing. This investor wants to close on the 31st and it's all cash, cutting it but still possible. I have my title company with all the paper work together in the slim chance this poor excuse for a loss mitigation department gets their act together.
Today I called my rep at the lender every hour left messages and emails and have yet to receive and answer and nor does he ever answer the phone or return emails. Even called from another phone number with a different area code, still nothing. I emailed him and his supervisor looking for an answer. The offer isnt far off the BPO, will close by the end of the year in a just a few days and all cash, what more could you ask for in this Orlando Real Estate market especially when it's a condo conversion. I just dont understand people sometimes, but my day today trying to get through to these people reminded me of one of the best sales speeches ever.
There is adult language but if you havent watched this you must. REMEMBER COFFEE IS FOR CLOSERS :)
Specializing in First Time Home Buyers, Short Sales, Bank Owned Real Estate, REO & Foreclosure Properties
Servicing Real Estate Needs in: Lake Mary, Longwood, Winter Springs, Sanford, Altamonte Springs, Oviedo, Orlando, Downtown Orlando, Thornton Park, College Park, Winter Park, Maitland, Windermere, UCF, Lake Nona, Baldwin Park, Apopka, Ocoee & Winter Garden
I love it. GlennGarry GlennRoss, a classic. Short sales can be real frustrating. In our office we figure if we can close 1 out of 3 short sales we are doing good.
Posted by Rob Arnold, metro Orlando full service, investor friendly & foreclosure Realtor (Sand Dollar Realty Group, Inc.) over 2 years ago
Heather, hadn't seen this before, great piece. Just keep your sense of humor and you'll be fine. Good luck!
Posted by Peggy K - Illinois Virtual Tour Provider and Real Estate Photographer (Grand Property Virtual Tours) over 2 years ago
Not in defense of the "sorry excuse for a loss mitigation department" but I hope it's not me! Loss mitigation departments at every sub-prime lender are SLAMMED. Seriously, there are not enough hours in the week to return the emails and phone calls some of them get in a day and that is not an exaggeration. Hiring temps only makes it worse because they aren't experienced. Take your one decent offer and add 100 ridiculous offers sent in the wrong format making all kinds of demands, add that to 200 people calling saying they can't make their payment this month and then get 5 people to handle it. Let me guess, does the lender's name rhyme with Nell's Largo? If no how about Monkeywide?
Posted by Ken Cook, 678-439-8683 over 2 years ago
One of my friends had been working on closing on a short sale since September also. Last week it fell through and now the house is back on the market. After all the problems with it the buyers lender wouldn't do the loan for the house. It was awful!
Posted by Your Local Alabama REALTOR® Kim Wilbourn (Kim Wilbourn Realty) over 2 years ago
Glengarry Glen Ross is one of my favorite movies about real estate sales. Classic stuff! My wife and I use the "3rd prize is you're fired" line all the time.
Posted by Jason Crouch, Broker - Austin Texas Real Estate (512-796-7653) (Austin Texas Homes, LLC) over 2 years ago
Heather, that was a very interesting post indeed, thankyou for that reality check and concept, and be well, - Lance
Posted by Lance Winslow (The Car Wash Guy) over 2 years ago
One of my friends had been working on closing on a short sale since September also. Last week it fell through and now the house is back on the market. After all the problems with it the buyers lender wouldn't do the loan for the house. It was awful!