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

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

A bank is a financial institution that serves as a financial intermediary. This image was created for my educated friend epSos.de. Other friends can use it too. Bank of China Limited is one of the big four state-owned commercial banks of the People's Republic of China. It was founded in 1912 by the Government of the Republic of China. Bank of China's history goes back to 1905, when the Qing government established Daqing Hubu Bank. It listed on the Hong Kong Stock Exchange by floating the largest IPO in the world by any institution since 2000. Until 1942, the Bank of China issued banknotes in mainland China on behalf of the Government of the Republic of China. Today, the Bank issues banknotes in Hong Kong and banknotes in Macau. The word bank was borrowed in Middle English from Middle French banque, from Old Italian banca, from Old High German banc, bank "bench, counter". Benches were used as desks or exchange counters during the Renaissance by Florentine bankers. Finance includes saving money and often includes lending money. The field of finance deals with the concepts of time, money, risk and how they are interrelated. It also deals with how money is spent and budgeted. A logo is a graphic mark or emblem commonly used by commercial enterprises, organizations and even individuals to aid and promote instant public recognition. Logos are either purely graphic. This image was created and published in here first: epsos.de/Red-Bank-of-China-Logo You can use it for free with attribution to epSos.de and the original source. >>> Chinese Bank of China

Article by Lee Honish

Chase Bank, Bank of America and Wells Fargo Bank Short Sales - Real Estate - Selling

Search by Author, Title or Content

Article ContentAuthor NameArticle Title Home Submit Articles Author Guidelines Publisher Guidelines Content Feeds RSS Feeds FAQ Contact Us

Chase Bank, Bank of America and Wells Fargo Bank Short SalesShort 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 ProcessorsTHEY 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 averagesAll 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 t imes 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 Offic es 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 WachoviaThis 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!MORE INFORMATION: http://www.honish.com

About the Author

Honish had a 20+ year career as a foreclosure asset manager/loss mitigator working for large mortgage lenders. Early in 2007, he knew that agents needed to know what the banks know in order to close short sales in record time. He developed a program that has a 99% close ratio, which is both astonishing and truly making a difference. "It is satisfying to provide useful education to a group of professionals in our nation that desperately need to work together. Real estate professionals just need to put the right strategy to work for them, so they can be a part of the solution, not a part of the problem."

In his personal life, he is a father completely devoted to an amazing 6 year old daughter. He is fond of saying, "I work to help support the Bibbidi Bobbidi Boo Boutique at Disneyland" which once again shows his passion for family, work and the community

I no longer work for Short Sale Genius.

"no one has done more to help families avoid forecl osure" Robert G., New York

Use and distribution of this article is subject to our Publisher Guidelines whereby the original author's information and copyright must be included.

Lee Honish

RSS Feed Report Article Publish Article Print Article Add to Favorites Article Directory About FAQ Contact Us Advanced Search Privacy Statement Disclaimer

GoArticles.com

Posted in: