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.