I have been working this shortale since late October and I have had sporadic contact with the shortsale negotiator. I have actually only spoken with him twice.
My first offer was rejected. My counter offer was met with interest from the negotiatior I believe, because he contacted me and requested proof of funds and a HUD-1. I quickly sent that information back and have not heard from him since. Numerous emails and messages have gone unreturned from him. I have sent faxes asking him to get me wiring instructions and an acceptance letter so that we can close quickly(I have cash). Apparently, its working as the homes foreclosure has been postponed for the 4th time. They postponed it for another 12 days. I cant figuire out why they postpone and then dont follow up with me to communicate what they need or want from me.
Does anybody know what the deal is here? Am I missing something? I am working with American Servicing Loss Mitigation(Wells Fargo). Id appreciate any advice to get this deal closed.
Call twice a day and just annoy the hell out of him. If he doesn’t give, ask to speak to his manager, then call him twice a day and annoy the hell out of him. It is a relatively slow process, because the deal has to be approved by three or four levels of management, but persistence pays. They’ll just get sick of the sound of your voice in the end.
If they don’t return your voice mails, one of the tricks I use is to threaten to call their local police dept and file a missing persons report on them. They usually call back in about 30 mins. :biggrin
Right…That is what I am essentially asking. Why do they even bother postponing the foreclosure one time after another if they are not going to make an effort to deal. Also, from my understanding they are in fact losing money because they have to pay for the extension with each postponement…please correct me if I am wrong
When you say that they are paying for the postponement, who are they paying?
They don’t pay anybody.
I haven’t done a thousand of these so I don’t know every trick in the book. But in every one I’ve done, the lender doesnt’ pay anyone.
They’re going to take what they can get and stick the homeowner for the rest (they’ll 1099 them and take it as a write off at the end of the year).
But I like JDS’ idea - call them, call them, call them.
I’m new to this forum so I won’t say anything to get me censored but, pretend you’re dating and you’re calling to breakup. :banghead
Just my .02c.
I have tried the call’em, call’em, call’em tactic. So far it has not worked. They still did not call back or when I did talk to them they treated me like sh!t, well not that bad. That being said I still call frequently as these lenders will forget about you if you let them. After every fax call’em to confirm reciept.
As far as lawyers fees and foreclosurer cost go have you seen a payoff statement? On those that I have ordered the lawyers fees and foreclosurer costs have not amounted to more than $2500, and that one was on a 6 month since filed, 250K home. The home is already set for sale in May so there will not be many more fees asssociated with this property as far as legal/foreclosure fees. Extensions cost nothing except for the lawyers time. I think most of these lenders have worked out a certain fee per foreclosure with the lawyers, though I would think extensions would cost more.
Have you considered that maybe they have another offer on the table that they are talking to.
Is the seller dealing with anyone else or listing with a realtor? If so the lender could have told the realtor that your offer was rejected, and they are looking at another offer. It is the job of the realtor to present all signed offers to the lender. If the seller is desparate and they want to keep all of their options open they will sign any offer that pleases them. If I am incorrect please correct me, but when this happened to me this summer this is what I was informed on this site.
My situation. Made signed (buyer/seller) offer to lender. Broker, who I thought was on my side also accepted offers from others, since the offer had not been accepted by lender. Lender picked the offer they wanted and signed off off it.
The lender has all power in a short sale situation. They may have the P&S on file but they can choose to accepted or not.
I realize they claim they “pay” for all of these extra costs, but we all know who ultimately will pay - the homeowner will at the sale.
The pay upfront (to the attorneys) but those costs are just added on at close - and actually those costs have costs so the fee is in reality higher when it’s all said and done.
My trick; my fax machine is set to stun when I don’t get the response my clients deserve.