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If you are a homeowner or borrower considering a short sale this is a question you may not know the answer to yourself. You may have a loan with Bank of America, Citi Mortgage or something along those lines. You may not necessarily know who the CEO is but, it is a very important question for you to know.
The reason being, if you are a borrower or a homeowner considering doing a short sale and deciding who it is you want to work with or who you want to handle your short sale negotiations it is an absolute imperative question that you should ask of this person. They should be able to answer you directly with who is the CEO of your bank. Most of the large named firms out there, any Real Estate agent who is doing a short sale should be absolutely familiar with who the CEO is. Whether its Bank of America, Brian Moynihan or if it is Chase in that instance its Jaime Dimon the CEO over there, or Wells Fargo where its John Stumpf. In those cases the people doing the short sale should absolutely know who those people are. Why? Well if they are representing you and trying to a get a short sale approval on your behalf and things aren’t going so well or the terms and conditions that you are looking for, like getting the deficiency removed or getting the approval with the price that is acceptable for both the bank and buyer. Say those things aren’t being met, the Real Estate agent or broker or negotiating company who are working on your behalf should have the ability or power to be able to communicate with executive offices over there at that the bank. This is not an easy task to do, though I do have personal relationships with most of the lenders out there and their executive offices and have direct communications with most of the CEO’s of most banks. So that is a very important question to consider and ask of your Real Estate Agent or Broker.
One, who is the CEO of my bank? If they aren’t able to answer that one simple question, they probably should not be handling your short sale. If they are able to answer that question, then ask them, if they have any experience with working with the executive offices over there or do they have communication with the CEO to handle any problems that can arise with the short sale. If they aren’t able to tell you that they have some type of a relationship with the executive office at your particular bank or some type of a relationship with a senior vice president over in loss mitigation, plain and simple you are rolling the dice if you are allowing them to handle your short sale. I’m here to tell you from doing nearly 300 short sale at this time that the easiest part of doing a short sale is obtaining the an offer on a property. There are plenty of buyers and investors that are willing to write an offer. The difficult part is dealing with the banks and the negotiating with the banks. When things don’t go right, you want to take it to the top and have a relationship established with them to make sure your file is taken to the proper people to make an informed and educated decision, not simply just relying on the lower level people. So take that into consideration next time if you are considering doing a short sale and who it is you should hire. Ask them, who is the CEO of my bank and do you have any direct access or experience with dealing with the executive offices over there so you can handle issues on my behalf.
Thank you very much,