Why banks need Realtor’s help with Short Sales!?

The relationship between homeowners and banks become dysfunctional when majority of the so called fake Loan Modifications where the lenders and servicing companies had little interest in helping consumer with Principal reductions.  In fact, a whopping 95% of the loans that were modified by lenders were in Default one year later.  

 But now that the banks are netting more money with Short Sales, they need the  convince the home owners that Short Sales are  a better option to Avoid Foreclosure.   But since the banks do NOT own these homes, they will have to rely on Short Sale Agents for help.  (For more details visit Short Sale Info).    

For starters, banks require all this information to process a Short Sale which in most cases would require an approval from an investor who is holding the Note as a security against the home.Last month 2 of the largest US banks hosted seminars where they were quite blunt about their inability to gain the confidence of the homeowners to talk to them!  

The relationship between the banks and the home owners are so dysfunctional that the banks want the Real Estate agents to play Dr. Phil, literally! In one of the seminars, one speaker was coaching the Short Sale Agent to give the homeowners a Shoe Box (yes, you heard it right) a Shoe Box in order to coach the homeowners to encourage the homeowner NOT to trash the communications and mail they receive from the bank during the Short Sale process.It was a strange feeling, but the presenter even mentioned the word “partnership” when referring to Real Estate agents.  

We keep wondering if this is the kind of partnership that the banks are talking about where we share ALL the critical information that could doom the partnership.  I am reminded of the recent TV Commercial I saw for a California Credit Union which was tagged as “Not a Bank”!   When a bank does NOT want to be called a bank, you know there is something wrong with this 4 letter word.If you would like any help with your dysfunctional relationship with your bank or don’t want to talk to them anymore, give us call.