I got a call today from the owner of a San Jose Short Sale that we had sold more than 3 months ago! Delighted the conversation turned to some paper work about the trustee transfer that her lender had sent her! She wanted to know what she was supposed to do with these documents and could not understand the implications on them.
I asked her to scan and email them to me, but then I stopped and asked how these papers got to her!? Did the bank sent these to her new place!? The answer was a surprised NO! The bank was sill sending legal document to this homeowner 3 months after the completion of the Short Sale! If that is not an insane bank practice, we don’t know what could be.
Thinks about the rational an Asset Manager goes through in sending a document to a location knowing full well that the intended person could NEVER receive those documents!?
And as if that was not crazy enough, there is the usual pricing on REOs where the bank orders 2 BPOs and chooses the highest one; ignoring all the problems with the property and the near by sales.
Overpricing REOs is not a new problem, but the challenge is that its not getting fixed either. Despite our repeated attempts in providing details to the Asset Managers to consider the property’s condition on their initial list price, they always pick the highest price ignoring all the evidence of damage and neglect.
The upshot is that properties stay on the market much longer and create unwanted chores for the Listing agents and buyer alike who have to wait more than 60 days for the price adjustments to match the market conditions.
Have you experienced crazy prices from banks?! Let us know.