If you remember it was just a few days ago that I posted about Bank of America and how a Daytona Beach real estate seller is still getting billed...still receiving phone calls...and cannot file their taxes due to mishandling of their short sale in the closing department....

A little update...and dealing with Bank of America: A consumer perspective

All of us including the seller, myself and the title company have tried to provide information to Bank of America in order to close out a short sale that closed and recorded in November...

Good deal at least it was recorded with the new owner!

A couple of things that you should know because its not an uncommon problem...his situation is not unique...as a matter of fact it's an issue with Bank of America since now they have created a department to expedite 1099's.

Let me repeat that-New Department to Expedite 1099's

While some folks in the comment thread thought it was no big deal..it sure is.....think about it how would you feel if it happened to your mother or father...or best friend!

This whole mess reminds of me of what we as agents have to do to get the ball rolling and the effort and diligence needed for a successful short sale. 

Never Talk To the same people...rehash the story over and over again.

Poor seller had to explain his story to various customer service clerks...No idea what he was talking about...did not understand the process...the smart thing to do is give a direct number to someone who could help.

He spoke to numerous people...does it sound familiar?

Yes this happened to the seller and not once did he lose his cool...because he is gonna place nice...until he has no other choice but to play rough!

Be Forewarned Bank of America

We did a three way call but they would not speak to me or allow him to give me authorization to speak to the bank.  Their new and improved Equator system...wiped out all the information...that's when the seller...decided to handle the problem on his own.....

He didn't want me to have to relive it...a very thoughtful man!

One of the people he spoke to wanted proof that the funds were wired....and needed the confirmation...and wanted him to prove...this short sale closed successfully...but the typical thing happened....

Sometimes Bank Employees do not know their own procedures

This hotshot did not know their own short sale procedures...no wiring according to the instructions...they would only accept checks...

The burden of proof is on the seller

The Title company had cancelled checks...and a satisfaction of mortgage!  You think he would be done Right?

Not!

Today Mr. Seller will be calling the Vice President of Bank of America, fortunately for him...someone finally offered him that number.  As we talked last night...it was not the way he wanted to spend is very valuable time. 

Now the filing of taxes may be delayed

Getting the run around....no answers....excuses....stress..I think you get the picture! If you sold your property in a short sale and are receiving letters..statements...and phone calls...

Do yourself a favor...and follow up!

Truthfully there needs to be something done...just think we make a mistake...it can cost us dearly....a title company screws up can cost them their business....a loan officer does something wrong...its the slammer! 

Somehow things need to change in the banking industry...

Hire Competent People...know what the next person is doing...and the next time a negotiator leaves the company...take a look at the existing files...but do more than look.....

Close out Bank of America Short Sales properly!

The next person might not be so understanding and patient!  Then again it aint over yet!

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Last night I recieved an alarming call from one of my past customers...that's right...alarming...you see we closed on their short sale in October...the closing took place without any hitches...the title company did what they were supposed to and at the end...the buyers moved into the house..commissions checks cut......but there is one problem....

The seller continues to get statements...bills....and phone calls!  WHY?  Because this closed and funded transaction is still in Bank of America's closing department?

Come on Bank Of America Get Your %#%^ Together!

So far the explanation is that the Negotiator who had this file...no longer works for them...someone dropped the ball but they have never seen anything like this before...and they are not sure what to do......and the seller will just have to be patient. 

This hold up...creates stress...the seller can't file their taxes and what they thought was behind them is still in front of them because someone dropped the ball!

The biggest mistake here is that Bank of America is making them jump through hoops, you know the typical where you talk to not one but two customer service clerks...and then shuffled around to various deparments causing frustration...aggravation..and no true answers...

I got the willies...its as if the seller must relive the short sale transaction all over again.

I'm lucky the seller and I have become very good friends and they have a financial background, however someone who might not be so well versed in real estate and mortgages..might very well panic and create havoc. We have taken steps to get his file out of the closing department and hopefully according to Bank of America, their transaction will be closed soon otherwise the seller will have to file an extension on their taxes.

Short sale sellers....BEWARE....

This could happen to you....if you continue to recieve bills, letters and phone calls after your, what you thought was a successful closing....do yourself a favor...follow up...ask questions and make sure your short sale transaction is really closed!

If you found this useful please subscribe! Midori Miller authors DaytonaRealEstateTrainer.com | The Business Center | Celebrity Truths and her Active-rain blog DaytonaRealEstateTraining.com. Feel free to contact her via email or phone.

To me this is good news...and worth sharing....I admit if it wasn't for Frank Garay and Brian Stevens of TBWS daily... I might not have caught this as fast as I did!

Imagine that a standardized short sale process...something that is long overdue and happy to see the government is doing something about it! 

Get Your Copy...

Know the changes especially if you boast of being a short sale expert!

Thanks Frank and Brian....

I love you guys and keep broadcasting because its good stuff!

About The Author:  Midori Miller is a Real Estate Trainer and writes and trains Real Estate Training and assists sellers in short sale situations. Midori is a Licensed Florida Real Estate Broker, License # BK645709 and a member of the Daytona Area Association of REALTORS.  Contact midorimiller@yahoo.com or (386)453-3236.

Yes you read right! How do I know?  Because I was told...in fact I was told it may take a little longer time to process because of the supervisor's absence!

I guess their very own time lines don't mean squat!

Common sense would be to have someone else handle the files until the supervisor returns!  And we wonder why some short sale transactions never make it to closing or the process takes so long and it affects many parties.

The buyer....the seller...and the real estate agents and lets not forget the expenses that incur every day that short sale is delayed.  The best of the best agent can explain and know that their buyer understands...but something happens to a buyer when they are ready to close...

They get impatient...they get frustrated...and sometimes they walk away from the property!  After a few months...can you blame them?

I wonder, do the banks even consider what real estate agents have to do keep these parties together?  Or how many extensions we must request to keep the ball rolling.  Do banks even think about the fact...that when agents go on vacation...more than likely we have someone cover for us or we still continue to conduct business?

Its a lame excuse!

This isn't about the bank or about me or the other agent for that matter.  Its about a seller who can't afford to wait for a supervisor to get back from his little vaca and risk losing their buyer and a buyer who doesn't want to wait another day because they are ready to close right now!  Everyday there is a delay..all parties involved take risk..big risk.

There seems to be a lack of efficiency when it comes to dealing with some banks...sure they have their systems in place and their red tape but it seems their efficiency and red tape does not match ours in most cases.

Its a sad state of affairs when people are getting laid off..people are losing their homes and the best excuse from the lender for a delay..is the fact...the supervisor is on vacation! 

Fortunately for the seller, they didn't hire a short sale expert..instead they hired a pit bull..come Monday morning..a little red tape and a supervisors absence won't make a bit of difference!  This pit bull is relentless and resourceful!  This pitbull takes these short sales to closing!

About The Author:  Midori Miller is a Real Estate Trainer and writes and develops Daytona Beach Real Estate Training. Midori Miller is a licensed Florida Real Estate Broker, License # BK645709 and an active member of the Daytona Area Association of REALTORS.  CENTURY 21 Sundance Realty has 2 office locations to serve the public, Ormond Beach, Florida and Daytona Beach Florida.  Contact midorimiller@yahoo.com or (386)453-3236. Buying, Selling or Real Estate Training.  All calls and emails are confidential as I respect your privacy!

It seems leases must be expiring in our part of town because so many potential renters have been calling...calling on homes for sale...to rent...and in many instances...they are calling on short sales.  Is it because the home is vacant?  I do believe it is.

Renters Be Very Careful!

When I first moved to Daytona Beach, I rented a condo and after some time..being almost a year...a foreclosure notice came in..want to talk about stressful?  It was...and we moved but not before getting guidance from a sheriff and a lawyer.

Little did we know...the mortgage wasn't being paid or the condo fees were not being paid. We had to move rather quickly and we did.

Tenants that are inquiring about properties should know the truth...should not be mislead...after all paying first, last and security...and then.....

Locks changed!

So if you are in the market to rent....think twice before renting a short sale..unless the loan is current..there is a good chance you might come home from work one day....

And Can't Get In!

Is this happening in your neck of the woods?

Midori Miller is a licensed real estate associate with CENTURY 21 Sundance Realty, Real Estate Trainer and Manager. If you are interested in a career in real estate please contact me!  All calls and inquiries are confidential.  CENTURY 21 Sundance Realty is located in Volusia County with 3 office locations to better serve the public.  Daytona Beach, Ormond Beach and Ormond by the Sea.   midorimiller@yahoo.com

"Please list my property...I'm behind on my payments and I am not sure what to do!"

As I asked my series of questions, I got the feeling...I won't be listing this property..not because I can't.... simply because I won't due to disservice..due to discrepancies....and due to untruths.

Now the particular property that I am talking about is not a house...but a condo.  A few that are short sales and a few foreclosures but the rest are sellers just wanting to sell..but the odds are against them.

When there are 18 units available in one complex and you add another to the mix..with market times as long 203 days and there hasn't been a sale in a few years...I think of the big picture and ask myself can I really sell this property?  Nope..I really don't think so..and truly as a short sale seller I would be doing you a disservice.

• OK, first hurdle..if there were fewer properties...and if I didn't have to find a cash buyer only....and if I talk to the lender...I may get the pricing down...but there is a good chance not enough...when you owe double of fair market value.

• Next hurdle-as I listened to the seller and asking them a few basic questions...I got the feeling...that maybe they were not sure which property was their homestead...as a matter of fact..they own a few properties...and they made a very big mistake..when their tenants moved out they told the bank they actually live in the property.  I detect a few discrepancies and a few untruths..

When I inquired about assets...there was a hesitation...as a matter of fact..that issue was skirted by the potential seller as quickly as possible.  These things are important if your intention is to sell the property.

Within 6 minutes I can tell whether I am going to list a short sale property...not because of my great intuition but with skills...ask questions...probe..and get the seller to talk to you and then you will be able to make a decision.

At the end of the conversation...I knew...my best advice to them...call the lender see if they can help you...ask for a loan modification because in the State of Florida..they are alive and lenders are doing it. I know people who have received them.  Adjusted interest rates and lower payments...and the amazing thing...now you are current.

When it comes to short sales I think about the big picture...and I ask myself...with all the time, energy and investment I will have to put into this particular listing...will I  have a shot and be able to sell this property? 

How about you?  Are you selective when you take a short sale listing?

Midori Miller is a licensed real estate associate with CENTURY 21 Sundance Realty, Real Estate Trainer and Manager. If you are interested in a career in real estate please contact me!  All calls and inquiries are confidential.  CENTURY 21 Sundance Realty is located in Volusia County with 3 office locations to better serve the public.  Daytona Beach, Ormond Beach and Ormond by the Sea.   midorimiller@yahoo.com