AKA…Quality Loan Service Corp….
This one has me baffled, these days most lenders have adopted some “new” process or rule when dealing with Short Sales. Story goes like this:
We listed a home that had a pending foreclosure date about 7 months ago. Offers started coming in immediately, put the best one in the fax and pushed Send! Later that month we were advised that the offer was too low as the bpo (appraisal) came in $50,000 higher. First red flag..What! Recent sales were right in line with our offer. Like any good agent would do we sent over bpo’s, market analysis and asked to order a new bpo.
According to Wilshire they have a very strict policy and they adhere to it regarding bpo’s. Only one per 6 months will be considered, this is per the investor!
Ok, we kept the property listed and counted the days for our 6 months to be up and submitted a new offer…and of course the market has shown decline. Offer is now $12,000 less than the initial offer and recent sale support that price.
Today we found out that Wishire has another policy…they are going to foreclose in a few weeks due to their other policy of not extending foreclose sale dates.
The good news is that Wishire said that if we could close and fund before the sale date they will accept the offer…yea!!
What are they Smokin? 10 days to close an FHA loan?
Needless to say, many calls have been placed to Wishire today in hopes of finding someone with a brain. Everyone that I talked to say’s “your right, this does not make since”. But that pesky “Policy” is getting in the way.
Supposedly, my phone is to ring and at the other end will be the negotiator that is handeling the file. It’s late Friday and I’ve been waiting for hours for the ringy dingy.
