Chase Bank, Bank of America and Wells Fargo Bank Short Sales

Chase Bank, Bank of America and Wells Fargo Bank Short Sales

Short sales with Chase Bank seem to be the easiest of the pile these days. I know there are many who speculate on who is the worst, who is better, what they lie about, etc.

If I did a power ranking they are all tied for equally dumb Monkey Processors…

THEY all SUCK on any given day!

There really isn’t any slant or spin that an experienced short sale processor can’t tell you, this is more about trends for quicker cookie-cutter processing of your short sale files.

The following are some of the averages and what the general Bank activity is like. YOU may have a personal experience that is opposite from mine, however I review hundreds of scenarios every single day, I coach over 100 active real estate agents AND I speak to new agents every single week at my seminars.

These are just averages…

All banks lie:

1. Value. Every Bank plays the ‘we don’t know the value’ game. ON AVERAGE a bank reassess the value of a property 2.5 times before foreclosing.

2. Bank people lie! The only time a bank person isn’t lying or working an angle is ‘usually’ the automated recording telling you they will be using any information gathered for the purposes of collecting on a debt.

3. MI. Yes and No, there is some real insurance and there is some collection tactics. JUST ASK FOR THE NAME OF THE MI COMPANY! “We can’t disclose that information”, NOT REAL!

4. Any Cash Contributions. So what did you, your client, or their attorney disclose that makes a bank monkey believe that your client has money?

5. Once a monkey always a monkey. Sadly, I am a recovering bank monkey and perhaps I always will be. Bank people are burn outs, it took me YEARS before I really safely felt I could live without going back to work for a bank. Every short sale transaction has moments that will become ‘personal’ so that a bank monkey can ‘close the file’ BECAUSE at the end of the day, Monkeys get fed (paid) on Friday automatically. Real Estate Offices MUST close deals to generate money.

Chase Bank Oddly enough the most even keeled of the pile for short sale processing these days AND the runaway winner for the best bank to work with. Just a few years ago NOBODY had even heard of Chase bank and were perennial bottom dwellers in the top 10 of banks.

Wells Fargo Bank My big knock on my personal bank is that they seem to be too smart for the room. They actually can read a file and ALWAYS find minute details in a file for getting an advantage in the negotiation… I cannot believe I am going to say this, they are in second position for being intelligent bank people.

Bank of America should be renamed Bank of Desperation, from doing trial loan modifications without documentation, screaming fraud, and the God-Forsaken Equator system! I wish we could JD Power rank short sale processing.

Pre-Approved Short Sales and Bank Directed Leads. So the scenario as it is laid out is this: Banks give a ‘preapproved’ lowest net figure and ‘NOD-lead’ (approximately 6 months DQ) to an asset management company. The asset management company gives the lead to one of its ‘approved’ agents. The agent then goes to the door on the deal and claims he works for the ‘bank’ and gets the listing, then attempts to represent the homeowner to the bank?

I could simply say there is no such thing as pre-approved unless working with Wachovia…

This is a growing trend, FOR THE RECORD: I would never recommend to any of my agents to work NOD lead source, simply because it has the lowest conversion rate to listing.

However, I know agents, they will PAY and violate fiduciary relationships just to make a buck!

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