Valerie's Belfair WA Real Estate Blog: How can you DO THIS to a SELLER, Mr. Short Sale Lender??? Where is the justice? Who is making banks accountable for THEIR actions!??? And you wonder why people are just walking away from their mortgage. How much more can you put them through??

How can you DO THIS to a SELLER, Mr. Short Sale Lender??? Where is the justice? Who is making banks accountable for THEIR actions!??? And you wonder why people are just walking away from their mortgage. How much more can you put them through??

Soooo you will need to go back to the previous blog to get the beginning of this story cuz I am trying to make it a short story (I tend to be long winded and this IS a long story....) and get to the utter frustration on my part and the sellers part..... Here's the link for the previous blog that starts it off.

Now that you've caught up and we're at the point where I can't get into the house because the short sale lender in their infinite wisdom has literally locked myself and everyone out.  Great way to sell a house- NOT!

The seller and I and lender have been in constant communication working diligently on getting his home sold and getting a short sale approval.

I worked diligently everyday trying to find someone to get me a new key. We were trying to avoid the cost and hassle of again re-keying the home.   My short sale lender contact was working as well on this.

I had an Excellent short sale lender  contact - except it turns out, her management department did not have excellent contact with her apparantly, as you will see as the story goes along....

Two days ago the owner received his accepted short sale approval package from the short sale lender!  YAYYY!!!! AWESOME!!!  We are SOOO excited!!  We adjusted the price accordingly and get our game plan together.  NOW we are getting somewhere - right???  You'd think so........right. up. until.........

The next day, I get an email from a real estate company out of the area.  They were sorry to tell me this, but the  lender I have been working with  has sold the loan to a different servicer/lender and and the new servicer/lender's Management company  has REASSIGNED THE LISTING to them; therefore they went to the house, REKEYED THE HOUSE (again), took my sign down and wanted to let me know they would be taking over the listing and oh by the way "they also have no idea where my lockbox is!!!!!!!!!!!!!!!!!!"    

ARE YOU KIDDING ME???????????      I was actually not sure at that moment WHO to be more upset with!  The "Reassigned" Broker, the new servicer/lender, the new management company,or the original servicer/lender!

(A NEW Asset Management company that was thrown into the mix here as well during all of this! I and the original lender had NO IDEA who they were or how they became involved ).

After 4 hours of phone calls and emails between myself, the owner, the original asset manager, the new asset manager, the new lender and the other real estate company- the story comes down to this....

1) The original lender unbeknownst to the OWNER or the lenders asset manager, SOLD the LOAN to a NEW LENDER; The asset manager had NO IDEA until she went to management with my very terse phone call and email that the loan had been sold off!!!

2) The original lender had issued an acceptance of a short sale price to the owner during the process of selling the loan off. 

3) The NEW managemt company for the new servicer/lender re-keyed the house and then sent a letter to another Real Estate Brokerage reassigning the listing and telling them as well to rekey the house!

4) The Reassigned listing company pulls up my  MLS information, sees that it is ACTIVELY listed with me and without a simple little phone call or email, or investigation of the facts, pulls my sign, rekeys the house (for the 3rd time) and gets it ready to list without the real OWNERS permission or knowledge!

5) Literally ONE HOUR during all of the phone calls and emails  and this happening - the owner receives a Fed Ex package from the NEW servicer/lender that his loan has been sold! So he is standing there with a short sale approval in one hand from the original lender and Fed ex package of his note being sold in the other hand with a totally new lender!

OMG. How can this get so screwed up?????   What is going on with these banks???  Why is NO ONE HELD accountable for DELAYING an owner from selling his property and making such a mess out of this???  How can they issue an approval and sell it at the same time? How can they NOT TELL their OWN asset Manager what is going on??

How can the banks get away with this??  Now I have a seller who has an accepted short sale letter that means ABSOLUTELY NOTHING and will the NEW lender honor it or are we starting ALL OVER AGAIN?????  Plus the extra costs and frustrations the owner is now going to incur awaiting a NEW SHORT SALE APPROVAL????!!!!!!

Not to mention I STILL CAN'T GET INTO THE HOUSE - no one can, so it cannot be shown! And WHO has my lockbox and WHO is going to put my sign back up and WHO is going to get me the key???

The Reassigned Real Estate Company finally emails back with huge apologies left and right ; they should not have touched the listing without looking into the facts and contacting me and tells me that if the owner wants go ahead and re-key the house they will pay for it and they are so sorry blah blah blah blah and their field manager will go out as well and re-hang my sign.  Do ya think?????  

AAAAGGGGGGHHHHHHHH!!!!

I was quite flabbergasted that this poor seller who has jumped through all of these hoops to get his short sale approved and sell the home doing the right thing is being dooped because the lenders seem to have no responsibility for the DELAYS they cause in sales, the sellers loss of buyers and money. The amount of money spent on all of this is ridiculous and extremely wasteful! 

I was equally flabbergasted that someone would just pull my sign and go ahead and spend money and re-key a home because they received a letter from a bank saying to do it.

Crazy. Crazy. Crazy.

 

  

If you would like more information on Belfair, Allyn and LakeLand Village homes for sale or  Hood Canal and Puget Sound Waterfront Homes for Sale, drop me a line, give me a call, or stop on by.  You can also check out the many choices and prices on my website!

~~Valerie~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Whether you are buying or selling a home, don't put your goals off without talking to a local real estate expert with knowledge of homes for sale on Hood Canal, Southern Puget Sound as well as LakeLand Village, Allyn, Belfair and the surrounding area.

 I Build relationships for life. YOUR SUCCESS IS MY SUCCESS!

Windermere Peninsula Properties

My email: vlsallyn@windermere.com

My website: www.valspaulding.with wre.com

My blog : www.BelfairWARealEstate.com

My Direct line: 360.710.5622

 

 

 

Comment balloon 5 commentsValerie Spaulding • September 03 2010 03:46PM

Comments

Holy Crap - now I would be "after" someone - as a start I would be filing with NWMLS.  The brokerage that did this is facing some hefty fines. Banks have no right to property until they foreclose!

Posted by Jo Olson, HOMEFRONT Realty @ LAKE Roosevelt - Stevens County (HOMEFRONT Realty) about 8 years ago

Hey Jo - they just think they can do what they want, when they want and at will...... pretty sad.  Sellers are not being treated fairly that is for sure. Not sure yet what I am going to do with the brokerage.....

Posted by Valerie Spaulding, Allyn-Belfair-Hood Canal-Local Expertise! (Windermere Peninsula Properties~Allyn~Belfair~WA) about 8 years ago

OMG... how frustrating.  Talk about the left hand being oblivious to the right hand.

Posted by Sally Dunbar, Fair Oaks Realtor - Fair Oaks Homes for Sale (Lyon Real Estate, Fair Oaks CA (Sacramento Area)) about 8 years ago

Hi sally - and all at the expense of the seller. sad... Thanks for stopping in!

Posted by Valerie Spaulding, Allyn-Belfair-Hood Canal-Local Expertise! (Windermere Peninsula Properties~Allyn~Belfair~WA) about 8 years ago

Unbelievable. Everyone loses on this.

Posted by Jim Shepherd (360) 229-2235, Find Shelton Homes (Berkshire Hathaway Home Services Shelton) about 8 years ago

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