Yesterday I sat and listened to my calm husband hit his breaking point, just as I did last year dealing with the dreaded "Short Sale" process.
As a husband and wife team we each have duties and mine is to take a file from bottom line to closing. Well last year I had a seller that needed to relocate his family. Our seller tried to do the right thing - he tried to sell his home via a short sale rather than foreclose. However, after 4 offers in 12 months the bank was unable to get him to the closing table. I swore at that point I would not process another short sale.
Of course, Ed being a man was going to show me how it was done. His 1st short sale ended up having 3 offers in a 7 month period and the seller finally said "forget it we're just walking". Then he started his next one - it's now been 10 weeks and the bank has done Nothing. The seller calls and is told one thing, Ed calls and is told another. They call together via a three way and are told X will be done and a week later X is not done. So yesterday Ed lost it with the bank.
But while he was on the phone I heard him say "yes I know the negotiator has 350 files one her desk". Imagine that the United States unemployment numbers for June 2009 were 9.5% and according to the Center for American Progress it has not been that high since 1983. Yet the negotiator is so swamped it takes us months to get an approval. Did you hear that Bank of America the unemployment lines are Long?
Just think about the changes IF they hired just a few more people
- Less money would be paid out in unemployment benefits
- Maybe hiring someone would save that person from foreclosure
- If my sellers home goes into foreclosure he'll ruin his credit - preventing him from adding $$ to the economy
- Of course both agents lose a pay check - so less money goes into the economy from them
- For sure if the bank forecloses they will end up with at least $30,000 less
- The area surrounding my sellers home will go down in value
- Causing more people in the area to be further underwater
- Imagine ALL the man hours saved avoiding hundreds of calls to the short sale dept
You call yourself Bank of America - well I say you step up to the plate and help out America. Hire a few people from the unemployment lines, Save the American tax payer money by avoiding foreclosures, avoid more foreclosures.
Unless of course you really do not want to do short sales and if that's the case Please let us know now instead of wasting everybody's time.
