Comments on: Cute And Cuddly Clients

By: Matthew Rathbun

Matthew Rathbun — Sat, 13 Sep 2008 02:55:11 +0000

BTW: Vicki – My wife would never let me work with the cute / cuddly clients

yes…I’ve actually had clients I worked with just because they “needed” me; not because it was a good business decision. Almost always these lost puppies took forever to housebreak and than I still had to give them to some rookie SPCA Agent

By: Matthew Rathbun

Matthew Rathbun — Sat, 13 Sep 2008 02:51:15 +0000

Mack / Benn: These bottlenecks would be resolved if the government would put the money they are using to bail everyone in the world out – and instead would take that money to put government employees in the banks overseeing unnecessary delays. There is NO acceptable reason for these decisions taking months on end to get denials for. The numbers work or they don’t.

I really believe that the banks are dragging their feet in all these processing, simply awaiting more bailout money.

The more Loss Mitigators I talk to, the more I realize that they are under trained, overworked and lacking in oversight. They simply don’t have the authority they need to make a decision and the few real decision makers are busy do too many other jobs…

By: Jamie Geiger

Jamie Geiger — Fri, 12 Sep 2008 05:28:11 +0000

I have closed one short sale, canceled one, and now have a new one in escrow-they are hard to avoid in many areas. I warn and educate buyers of the short sale process, give them the statistics and then pray if we end up waiting for the bank.

if there is a choice in the area-and enough homes for my buyers to look at- I stay away from the short sales.

By: Mack

Mack — Thu, 11 Sep 2008 19:15:20 +0000

Thanks Benn. Another bit of information that the attorney brought out was that the banks are getting paid to do short sales instead if foreclosing on properties. This of course increases the number of files that each person in the loss mitigation department has to deal with. Just another clog in the drain of short sales.

By: Benn Rosales

Benn Rosales — Thu, 11 Sep 2008 18:27:30 +0000

Mack, that’s a really great point you make. I’m wondering when these companies will realize that the market could move if they would simply remove the bottlenecks. Agents across the country are so damn frustrated at the entire system and the drain in resources that they’re avoiding these things like the plague.

There are some who are making great headway however, as their entire focus is now shortsales- so, it can be done, but it would still be a hell of a lot easier if someone would apply a little draino to the situation.

By: Vicki Moore

Vicki Moore — Thu, 11 Sep 2008 18:21:47 +0000

Irina – I hope so too! It’s been a long road already.

Chris – Isn’t that the truth. It makes me question – again – the banks’ ability to be involved in real estate.

Mack – There are so many roadblocks to getting a short sale closed, I’m surprised that any of them actually do.

By: Mack

Mack — Thu, 11 Sep 2008 13:08:46 +0000

Last week I attended a class on short sales and the loss mitigation departments at the banks. The class was taught by an attorney that specializes in short sale transactions. One item that came out was that the loss mitigation departments are so covered because they by themselves can not make the decision. Most of the time there is also a mortgage insurance company who also has to approve the transaction and may nix it if they will have to fork out too much cash.

By: sheilabragg

sheilabragg — Thu, 11 Sep 2008 08:36:49 +0000

Cute And Cuddly Clients: Come comment on this article or the interweb leprechauns *may* publish embar.. http://tinyurl.com/5o7heu

By: Chris Shouse

Chris Shouse — Thu, 11 Sep 2008 05:08:13 +0000

LOL on the puppy. I am in the middle of a short sale right now so I feel the pain. I made closing 3 months out because the one before this was a nightmare and did not get resolved to my clients satisfaction. I do not understand the lenders reasoning as before it is over it will cost them a lot more than just negotiating the short sale.

By: Irina Netchaev

Irina Netchaev — Thu, 11 Sep 2008 05:06:44 +0000

Vicky, what an adorable analogy! Love it!!!! I will go above and beyond for my referred clients. It’s the nature of the beast. They continue being adorable and cuddly & will send their adorable & cuddly family and friends my way. It’s all worth it in the end. BTW, I’ve seen some success with short sales in Pasadena. Hope this one will work out for you all.