Wells Fargo and waisted money

I write lots of blogs about short sales and the frustration of completing them, I have gotten lots of response but the people that I wish would read them probably never see them.

My last call to Wells Fargo asking about a file and getting the answer that the reason they close files when a buyer walks is to be fare to the next buyer waiting in line. This is bull because they have shown in the past, and will continue to show that they do not give a hoot about us. Wasting money is all they think about.

When I sent in my last new buyer, I sent it direct to the Negotiator assigned that file and in the "same" email I told him that the buyer he had on file had walked and this is my back up buyer, well all he had to do at that point because the file had not gone that far, was change the name to the new buyer and maybe a slight change to the numbers, 5 minutes of work but no that would be to easy and off the script the bank has written for him to follow. He emailed me that he closed the file and sent it back to the Modification dept. to be signed off on and reassigned. The funny part is the time he took to close the file and email me he could have spent changing the file to the new buyer and no time would have been wasted.

I would think the bank would be loyal to it's own and try to save them a little work and of course the bank a little money by just having the Negotiator accept the new buyer and move on. The process they have in place now sets every file that loses a buyer back about 20 days and also goes thru the hands of several employees, what makes this so bad is every short sale because of the time it takes to complete will loose at least one buyer during the process, can you imagine one buyer times one million files. Just think if they changed just this process all the money they would save and they could pay even bigger bonuses to the Big Guys.

Bank of America took so long with one of my files that I went thru 12 buyers. No wonder Agents are more and more avoiding anything to do with a short sale. I will continue to help sellers because that is the only good thing that comes out of the process, but I also, when dealing with a buyer will do all in my power to let them know what they are getting into when putting in an offer on a short sale.

It would be a perfect world if all Agent submitting offers on a short sales, would make sure their buyer was willing to wait and explain to their buyer in detail the process, but that will never happen, so the only hope to move these files faster is that the bank will change their policy to say, leave the file open even 3 days to give us time to get them our back up buyer, (most Agents have one). If they did this small thing, so much time would be saved.

They say they have so many files that they have to close them to make room for more waiting to be assigned. Well the simple answer to that problem is use the wasted money to hire more Negotiators or train the people that handle all the closed files to be Negotiators. It is not that hard to train someone to read a script.

Three days option time sitting there verses 20+ days to move that file from short sale to modification back to short sale to be reassigned to another Negotiator who now has room because he closes files for any reason he can come up with just to lighten his load.

What are your ideas on this subject ?

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