Archive for month October, 2009

My house was foreclosed and I did not know…

Friday, October 23rd, 2009

In the last week I have received many responses to the last blog that I wrote (Do They Really Know What They Are Doing?).  The majority of the people (who happened to be homeowners) have told me that after working a short sale with Bank of America for months, and having strong offers, the bank foreclosed and never gave a response to any of the offers.

One of these was a homebuilder who had more than $200,000 equity in his house, and even so the bank foreclosed. Well, BOA clearly shows the it has no feelings involved with these processes. I truly believe, however, that it is my responsibility as an agent to follow up with this bank and make sure that my listings are not foreclosed in the middle of the process. I can say that I have saved each of my listings from foreclosure between two and four times each during the short sale process. It is a long and frustrating process, one in which I spend over three hours doing it each time, but I truly believe my clients deserve this time and effort.

I show the bank that it is a good business decision not to foreclose, and when they see that I do not give up calling and calling until the extension is given (I think I become a pain in their…), then they do it.

Your clients really deserve an agent who is working in their best interest.  Are you really up for all this hassle?  If the answer is no, please refer these clients to an agent who is willing to make this commitment and has the experience to make it happen.  It is better for everyone involved, and could mean the difference between bankruptcy and saving the client’s financial future.

Do They Really Know What They Are Doing?

Thursday, October 1st, 2009

A couple of weeks ago, I contacted Bank of America to try to stop 3 foreclosures on different properties where I had submitted offers about 4 months ago – and all this time they had not “had time” to assign a negotiator.  Usually, I need to call three or more times before I am lucky enough to find a person who really wants to help me and make the best of his/her time for the company they work for.

The first person who answered the phone told me that there was no way to stop the foreclosure unless the negotiator said so.  By the way, remember I still don’t have a negotiator?  Between calls, a negotiator had been assigned – who decided to close the short sale without telling anybody.

I hung up in frustration, and called back again.  The person who answered the phone this time told me that she cannot do anything.  I asked her to transfer my phone call to her supervisor, and she asked me to hold.  10 minutes later, she returned saying her manager was too busy, and after looking at the file her manager stated that the offer was too low and they needed one more than 30K higher in order to stop the foreclosure.  It was now clear that the only goal she had in mind was to get rid of my phone call and move on – the numbers did not make sense at all and were considerably higher than the outstanding principal.  I hung up again.

Calling for the third time, I reached someone who really wanted to work and do what she was being paid for.  After sharing my frustrations with her, she explained to me that her company received 400,000 short sale packages every week!

The numbers do not fit in my mind, but let’s assume it is accurate.  I said – with these kinds of numbers, the company must be hiring like crazy.  She said “Yes, indeed, they are hiring.”  But who are the people who are in charge of these files?  I realized that every time I make a call, I need to talk to at least three or four people before I find someone who really wants to work and deserve their monthly paycheck.  So how much are the banks losing for their lack of interest or ability to hire people who really care about doing their jobs right?  Employees who really care about the bank and have the knowledge to do the job.  Do they really know what they’re doing?

Tell me: are you hearing the same volume from your lenders?  How often are you speaking to the same person you spoke to in the past?  Do the people you talk to have the knowledge to be able to do their jobs, or are you training them – saving Bank of America the training expense?