Orlando Real Estate

Short Sale? Really?

February 9th, 2010 7:46 AM by David W. Welch

I may be the most stubborn man alive, my wife and daughters think so anyway. I saw a sign the other day that read "behind every man is a woman rolling her eyes." I have further proof of my obstinence, a Bank of America short sale. This particular short sale has been my cross to bare for about 18 months now. We are on our third contract, and have actually received an approval for one of the offers about three months too late. The latest offer has been in the works since August, and you will not believe where it has been. I'll skip the usual details about how many times I had to fax the package to them before they would acknowledge receipt, or the typical issues I had with getting them to acknowledge that the seller's had authorized me to negotiate for them.

I will pick this one up two months into the short sale, when the file was moved to HRD. That is the Home Retention Department. This is where loan modifications are negotiated. I did not request the move and neither did the owners since they moved out of the area more than a year earlier. A loan modification package was reportedly mailed to the owners, which they never received because it was sent to the property. That did not deter HRD from continuing to work the file, while I was still working with the short sale department. In December, four months into this contract, I was told by the short sale department that the loan modification had been approved and the file had been taken out of short sale. This was actually the first time I had heard of the loan modification process going on behind the scenes. I requested the file be taken out of HRD and put back in short sale, and was told that would be taken care of when they discovered that the package had never been returned. (Keep in mind they approved the loan modification without receiving the request or the loan modification package?)

Late last month (January 2010), I was told the file was in HRD, and that I would have to have them release it back to short sale. I explained that I was already told that had been done. Apparently HRD has trouble letting go of these files. After being transferred to HRD, I was told they could not release the file because I could not verify the last four digits of the seller's social security numbers. I was reading them directly from their tax statments, but HRD had something different. I had the sellers call, and they told me that they were successful in having the file closed in HRD. I called short sale yesterday to follow up on the file being moved back, and was told that it was still in HRD. They transferred me to HRD, and they promptly transferred me back to short sale since that is where the file was headed. When I got back to short sale they kicked it up a notch to a "supervisor." The supervisor said the problem is that the seller's and I had not registered in the new "equator" system. This system will make the whole process much shorter he said. I asked myself if they realized that the equator is the longest line of lattitude around the globe?

FYI another agent in my office is also working a Bank of America short sale, and she had to upload her file to REO Trans. She was told that was the new system they were using to track short sales. REO Trans is typically used for bank owned properties. After loading her file to this system, she received nothing. No confirmations, no updates, nothing. When she called to check on the status, the short sale department said that since she had loaded her file into the system they could no longer help her. I have not spoken with her recently, but I can only suspect that she is having similar success.

Orlando Real Estate, David Welch Real Estate Optimist, As Seen on HGTV's House Hunters

Posted in:General
Posted by David W. Welch on February 9th, 2010 7:46 AM

Very informative real estate blog. Thanks I have bookmarked this one.
Posted by Property for Sale in Coral Gables Florida United S on February 19th, 2010 4:16 AM


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