Patty Manzi’s Tri-Valley Real Estate Blog

Its January 12th and I’ve been checking the online site daily for new tasks and none have been issued.  I call the bank to get an update and am advised that all tasks are complete on my part but the (elusive & unamed) negotiator has an outstanding task that was due to be completed on January 9th.  This rep emails the negotiator while I am on the phone to request the task be completed so we can move on with the process.  The rep advises the task should be completed in the next day or so.  The rep also advises that with this online system the short-sale process takes no more than 45 days to close provided all parties submit their required tasks ON TIME.  So I guess that means we are already delayed 3 days since the negotiator is late with their assigned task. 

January 15th -The negotiator should have completed their assigned task by now so I call for an update. Oh huge surprise, the task is still incomplete.  The rep today tells me an email has already been sent, to the negotiator so we just have to wait.  The negotiator will get to it as soon as they can…………(heavy sigh).

In mid-December we have some movement. I received a call from a agent who has an order from the bank to do a “BPO”.  A BPO is a Broker Price Opinion.  The bank hires independent agents to go out and do an interior & exterior visual evaluation of the property condition, take some photos, and report back to the bank with a list of comparable sales in the area.  This gives the bank an idea of what the fair market value is for the home.  So knowing that this has been ordered makes me happy and makes me feel as if things are moving forward – FINALLY!    Oh wait…….

Two days later I receive a call from the ‘assigned negotiator” who informs me she is NOT a negotiator, but rather a customer service agent assigned to make a contact call to the parties involved in the short sale.  This call  is to inform me the bank has now decided to process all of their short-sales through an online site which allows short sales to be completed in a timely manner.  (Good, considering we are 2 months in and feeling like the whole process has stalled.)  She instructs me to go to the site, register, then call another number to initiate the file into the new system. 

Great!  I hop on the Internet and create my FREE account.  I then call the number I was given.  The news is not good.  The rep I spoke with said the homeowner has to register first and the bank needs their approval via conference call to connect me to the account.  (??!!)  We discussed the fact those were not the instructions I was given by the faux negotiator and she explained to me her high level of training in this area.  This whole process is taxing my patience in a very BIG way.  I then remember that every time I call this bank each person gives me a different story, so I use that to my advantage this time.  I hang up the phone, wait 5 minutes, then call back and get a different person. 

This very nice rep takes my call, adds the file to the system, initiates the tasks, advises me to log on daily to see my tasks, and we are done!  She advises the seller does need to call to create their own account, but they can do that anytime.  Finally – some cooperation!  I am feeling confident about this new system and its ability to streamline the process. 

Oh, but that confidence is very short lived…..the very next day I log on to the system and I have an assigned task!  I upload the required document and send.  The next day I log on to find my previous upload was rejected!  Nice….so I do it again.  The following day I see the task was accepted and I have a new task.  I upload the requested photo and send.  

Three days later I get another task.  Its the day before Christmas eve and I am eager to get this thing rolling before the holiday. However, I am shocked to see this new task is to fill in about 100 or more lines of data pertaining to the transaction.  Purchase price, dates, names, account numbers, etc, etc, etc…!  Data that has already been submitted to the bank when we first opened the short sale, but I comply and do it anyway.  Completion of this task immediately generates a new task which is to upload just about EVERY DOCUMENT in the file.  The same Documents that I used to gather the information for the 100+ lines of data that I just input.  The same Documents that had been uploaded to the bank back in October.  The same Documents that the bank has supposedly been reviewing for the last 60+ days!  Two steps forward, and 75 steps back!

I called the bank to find out why we had to do this. I was informed that the original file had to be closed and none of the information is allowed to be transferred by them to the online system.  SO, here we are back at square one!  I proceeded to uploaded all the documents, closed up the office, and went home feeling just a little bit like George Bailey (from Its a Wonderful Life), but at the last minute decided against stopping to jump off a bridge.

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Ah December, the holidays are looming, the end of the year is near, and it sure would be nice for all parties concerned to have a conclusion to this situation before 2010 is upon us.  Uh….no such luck however.  The bank seems to have taken a vacation too…..

First phone call of the month I am asked by their automated answering system to enter the loan number.  I am given a recorded message that “A workout specialist is reviewing the file and the next update will be available on December 28, 2009″ .  Really?  What happened to the 10-15 working days?  What about the negotiator being assigned by December 14th?  I pressed the “0″ button to be transferred to an operator and requested the short sale department. I was disconnected.

It was at this point that many things became crystal clear to me. The reps on the other end of the phone ask for my information (same questions each time I call), then they read a script on their computer screen which is everything takes 10-15 business days.  At this point we are approaching 60 business days and I feel as if we are right where we started. 

I called back and was told by a different rep that a short sale negotiator HAS been assigned.  I am not overly excited at this point becuase I have been mislead before and dont beleive anything they are saying now.  However, I was given this persons name, but no contact information.  I was then advised the negotiator now has 4 WEEKS, or 20 business days to contact me.  If I havent heard from the negotiator at the end of 4 weeks, I can call back and request an ‘escalation’.  I wonder what that means. Do they actually get out of their chair and go put a sticky note on someones forehead?  I guess I will have to wait and see.

November was a very interesting month, and one that really shed some light on the incompetency of the short-sale ‘department’. 

First call to verify docs had been received.  The rep says it appears they have received the short sale package and purchase agreement and the docs have been uploaded to the system. However the file is still in ‘modification’ status.  She will see if she can ‘push it through’ to pending status the the negotiator will be assigned.  This takes another 7-10 business days to push through. 

7  days later called again for the update.  Short sale documents are there but the file is not opened.  The file is supposed to automatically open, but for some reason did not. Rep is opening the file manually (whatever that means).  It should be activated in 48 hours.  Call the bank next week to see if activation is complete.  Then it will take another 7-10 business days to be assigned to a negotiator.

7 days later called again for the update, fully prepared to receive the name of our short sale negotiator and get this purchase approved!  Was advised that short sales are now all being tracked through an online system.  Was given the web address and login instructions.  Once I log on and enter the required information, the negotiator will be assigned through the online system.  Great, getting closer!   …….NOT

After logging on the system with the instructions they provided, I was unable to get into the correct area.  Called the bank back to get some assistance. Was told (this same day) that they are not using this system yet.  I was also told the short sale is still in ‘modification’ status.  It cannot be changed to Pending status until the homeowner calls to cancel the modification and request the short sale.  {What? I think they have in house incentives for the reps who can confuse the most customer and cause the longest delays! } I called the seller and advised they needed to communicate with the lender about the short sale status.

The seller called back and said they talked to the bank.  Said the modification was cancelled and the short sale option was requested back in August (according to the bank record).  So why did the bank tell me it was still in modification status?  Called the bank again to make user the status was updated.  Was told the file has been assigned to a negotiator!!  I was even given the persons name!!!  I am so excited, we are finally getting somewhere!!!  Transferred to short sale department to get phone number for negotiator.

Well, that excitement was short-lived.  The name the previous rep gave me was not the name of the negotiator, it was the name of the person who input the record.  This rep does advise the short sale was ‘pushed through’ today (coincedence?), the file has been ‘opened’, and we just need to wait for the negotiator to be assigned.  This can take an additional 15 business days.  Advised to call back next week.

One more phone call…..Was advised the negotiator was requested on 11/22/09.  Negotiator should be assigned by 12/14/09. 

So more waiting………………..