It’s an implied reality that for those of us making our living in the real estate assiduity, we unfortunately continue to have to work in the” short trade” arena. I say unfortunately for a number of reasons, but first and foremost is the fact that as realtors we see firsthand how traumatic it’s for the homeowner and the buyer when a short trade sale becomes a casualty of disorganized commercial banking staff and understaffed bank short trade services.
The issues of the short trade” agony”were, and continue to be, announced nearly specifically by the banks themselves. It has created a growing and aggressive covert movement towards forcing the banks to start being good neighbors with the real estate assiduity. Read about EDD banking!
Anecdotally, in two veritably recent short trade deals with major banks, (the lien- holders of the separate parcels), none of the professionals on the garden side involved with the sale, (realtors, title agents or closing fellow), could get anyone at the bank’s short deals services to respond to dispatches or queries of any kind. Phone calls, emails, faxes, and indeed an outreach by courier.”Holy Foreclosure Batman, I smell a rat!”
In one case the short trade price had been approved by the bank, the buyer had made a full price offer, the contract was completely executed, the home was vacant, (on a veritably short leash for foreclosure), and we still couldn’t get the bank to respond! For two months we could get no answer of any kind from the bank or their representatives! It’s an extremely unfortunate, but well given issue, (there is no mistrustfulness that all of the realtors out there are shaking their heads with the same agony stories of their own). it’s got to stop!
Approaching the point at which this particular
Home was about to go on the mincing block at the county courthouse, the dealing agent, (and myself on the buyers side), decided to take matters into our own hands and come more” visionary”at getting the bank’s reps to respond. We made a veritably aggressive trouble to reach out to the people at the bank’s elderly operation position who COULD make a decision, while also persuading them of the need to respond.
Drafting an dispatch to the CEO of the bank
Along with a number of members of his board of Directors, VP of Short Deals, and multitudinous other banking officers, we started moving forward in short order to warn these officers to the shenanigans of their original office. After looking over that dispatch with a fine tooth comb and making a number of changes, the dispatch was transferred to all of the bank officers and board members, copying the original bank short trade reps, (remember, the bones who refused to respond to our queries).
In a matter of hours, literally, after transferring that dispatch, we had multitudinous calls from the bank CEO’s office wondering why we were having problems and what they could do to help. Due to this”re-energized” focus on this case we ended up closing the trade only days latterly. after two months of senseless inactivity andnon-response on the part of the bank office assigned to handle the case.
This particular situation ended up working out for the buyer and dealer, but unfortunately it was just one of thousands of these cases being diurnal civil. The big banks and their short deals services literally BULLY everyone involved in a short trade sale, from realtors to title and closing agents, to the homeowners themselves! Why?. well, for the same reason a canine chases its tail, because they can! They know they can just refuse to answer any queries in reference to a particular sale, and there’s veritably little, if anything, that anyone in the real estate assiduity could do about it, ( over till now). Suppose about it. What other phone figures would you call? What other fax number would you use? What other contact point do you have? You all know the drill, and it’s not enough.
Remember how we abominated bullies in grade academy?
To be more specific, who do you know that does not detest a bully? I always have and always will. Realtors and others in diligence dependent on real estate deals must come together as a group to put pressure on our tagged representatives to produce better legislation to force banks to bear! We can not continue to allow the biggest bullies on the real estate block to continue making their own rules to the detriment of the rest of the country and entire diligence. Read about Jcpenney credit card!
Obviously, the banking assiduity hasn’t entered the communication loud and clear that the citizens of this country are sick and tired of the gross, unresponsive way in which banks are handling their affairs. and specifically in this case, the executive issues and deals with short deals.
Short trade homeowners are clearly not happy that big commercial banks earning billions of net profit per quarter, are having their homes foreclosed on, in numerous cases, due to the shy, unskillful work heritage, and proud bank workers simply refusing to respond to realtors, title agents, closing fellow and homeowners.
Obviously not all bank workers are” proud”and/ or have a poor work heritage. Unfortunately, I have not worked a short trade yet, nor have I spoken with a realtor who does not agree that in nearly every case at some point in the game one of those” special”bank workers ends up being an integral part of why the sale isn’t moving forward.
Representing the forenamed net gains of the banks
And for some academic sapience, then are the 3Q 2011 net earnings for three of the major banks, Bank of America-$6.2 Billion, Chase-$3.1 Billion, Wells Fargo-$4.1 Billion. (These banks, just concurrently, also have huge figures of short trade parcels on their books).
That is just three months earnings folks. Suppose about it.