Diane Dames...The Real Estate Chick

One of my investment buyers recently purchased a beautiful bank owned home that he intends to rent out. I used to do property management along with being a Realtor. I have since gotten out of the monthly property management business but continue to be a one stop shop for my investors who wish to buy and lease out the homes but intend to manage it themselves. I have been marketing the home for rent on multiple different rental websites as I usually do. One of the websites is Craigslist. I have rented homes out from Craigslist before with great sucess and always ignore the scammer and spam emails.

Before the day was over, I was getting emails from the various websites I had posted on and began to schedule showings for the home (which by the way, I never do alone!) We had set the move-in date for March 1, 2010 so the owner can do minor repairs and cleaning. I also never disclose the property address on any of the websites, only the street name until I can talk with the potential renter over the phone and I have made an appointment to show.

Last night the owner called me asking me if I had posted more than one listing on Craigslist for the same house. I said no, unless I accidently hit the post more than once which I'm positive I didnt do. He said he was on Craigslist to look at the ad I had posted and to look at other homes in the area that were for rent to see the competition and he came across my exact ad, pictures and all. This ad had a different "reply to" name. (not my email address) This ad had the physical address of the property. (something I never disclose) This ad had the rent price changed to reflect a $500 price reduction. This ad had a move-in date set for ASAP. (my ad is set for a March 1st move in date) Right away, I logged on to check it out and sure enough, someone had copied my ad and made changes and added their email address as the contact!

Wow!!! This was a first and the homeowner was extremley worried about this. What are the intentions of this person? To get someone to give him rent money? The wise renter would want to see the home they are renting before they fork over money right? What if the renter is coming in from out of town and just sends money without looking at it. With all the news of scams you would think people would not be this naive but desperate people will do anything. Maybe he tells potential renters no credit check is necassary, just first and last months rent. Now we would have squatters on our hands! Lots of questions went through our minds about what could be his motives even though the locks have been changed. I told the owner I would get back to him in a bit so I can review this. I began to do a search on this persons email address they listed to see what would come up. The email address was a name. First.Last@yahoo.com (i'm using this as an example, his full name was actually plugged in there) Doing a google search, the only thing it pulled up was his craigslist ad!

Before I could do another search, the owner called me and said he recognizes the name! Who is it, I asked him? You would not believe the answer...

It was the previous owner of the home!! He said that name had ranged a bell and he looked at the title records and there his name was. The exact name in the email! I sent him an email asking him to remove his ad as he was not authorized to post such an ad! I also immedialtley flagged his ad as prohibited and sent an email to Craigslist to see what could be done. I dont think they will be able to do nothing more than remove the post. I also sent him an email from another email account that I have, asking to make an appointment to view the home. I wanted to see if he would respond and what he would say. He has not responded yet and I dont know if he will. Maybe he just wanted to drive the emails to him so we wouldnt be able to rent out what he still considers to be "his house".

Folks this could be a new scam on the horizon. We have been used to bitter homeowners trashing the place before moving out but with Cash for Keys as an incentive, that is becoming less apparent in my neck of the woods. They could be keeping tabs on the home to see what will become of it and think of ways to get back at whoever for them losing the home. This prior owner knows the ins and outs of this home. He was the only sole owner of the place before it went into foreclosure! He could very well try to get into the home to show it to a potential renter and make off with their money or vandalize and break into the home while it's vacant so it cant be rented. He was just careless to use his real name in his email address but think of those that are smarter than that. I am hoping this is an isolated incident and not a new scam trend to come!

Please pass this info on to your investors and potential renters! I will update if I hear anything from Craigslist or the steps we have to take to get this issue resolved. Please let me know if anyone else has experienced this. This was a new one to me!

After first attemting a loan modification for my clients (which took 3 months to get a final NO!) We proceeded with a Short Sale. The bank in question is Countrywide which has now become BofA. (That in itself should speak voulumes about whats to come) After submitting all requested documentation not once but 3 different times and approaching 3 for sale dates and having to jump through hoops (upside down and walking backwards on my hands)each one barley got postponed because we were able to get an offer in on the property by the skin of our teeth. (low offer but an offer nonetheless) Each offer that came in got better and I sent them all in. I recieved a total of 3 offers. It is listed as back-up offers only in the MLS (Normally I would send highest and best but I needed to submit the offers as I recieved them, we kept approaching a for sale date each time and no responses on any of the offers) Finally, it was starting to look like we were moving along. Interior BPO's were ordered and a negotiator was assigned. A direct point of contact for me finally! I began emailing the negotiator for a response (not obsessivley but once a week since July 7 when she was assigned)

Finally a reply from her recieved on 7/21 (3 weeks later) and this is what it said...(I have removed names and loan numbers)

Hello, RE: XXXX loan # XXXXX

There is nothing in our system to support any offers nor any of the required documents to continue short sale. Values has not been ordered for interior inspection,as we cannot accept exterior drive-by's. I have placed order for two values to be completed, in the meantime, documents required below will need to be in by 7/26/09 to continue with short sale processing.

Updated Purchase Contract (new offer)
Updated HUD1--matching with buyer's name
Updated bank statement (May/June)
Updated pay stubs (May/June)
Updated Monthly Financials / expenses
Listing agreement
2 Tax returns (07, 08) or 06 if '08 isn't available
3rd Party authorization letter

Thank you,

Sharon XXXX SR Settlement Services Spec 1 LP-Short Sale R--Workout Negotiator III

Here is my response to her...

Good Morning Sharon, This concerns me quite a bit. All of the information you have requested has been faxed over numerous times. (Not sure where it goes but it obviously never arrives where it needs to be) Bofa/Countrywide is by far the worst bank to deal with on any aspect of business. Your company has no streamlining process whatsoever and continually makes it difficult for us to do our job effectively.

I have submitted a total of 3 different offers along with separate HUD1's for each one. The first one is for 165k and was faxed on 6/15/09 for XXXX The second one is for 170k and was faxed on 7/8/09 for XXXXX The latest one is for 170k cash and was faxed in on 7/11/09 for XXXX I was told it takes up to 10 days to receive and upload into the system and now you're telling me none of these have been received?!! I have also faxed in all the required documents, pay stubs, bank statements, hardship letter, MLS listing, Listing agreement on 3 separate occasions. Once on 5/11/09 again on6/15/09 and again on 7/1/09 and you're telling me that none of this info has ever been received?

Why should I continuously fax documents over and over and over again if they go nowhere? Can you understand my frustration? If you turned your work in and you know you turned it in and you are constantly told to do it again and again because they never received it, at what point is accountability held? And then to add insult, you give me 3 business days to get all of the above info in as if I have been sitting on my ass for the past 3 months! Then you say no BPO has been done which I know is not true. On 7/7/09 an interior and exterior BPO was done on this home by Ed XXXX. He called me to schedule the appt and the homeowner confirmed that he came. Where is that BPO??? In outer Space with all the other documents? Now I get another call from a guy today asking to set up another appt to do another BPO and next month will be the same story.

What exactly is it that you do again? Negotiate Short Sale deals? Are there any notes in the system from any of my previous conversations or do those disappear too? I'm sure you are overworked and bombarded with files but understand that I am as well yet I can still manage to get you guys documents that you request a gazillion times! Can I email you the requested documents so that they come directly to you? I just dont see how on earth these documents that you want me to fax again will reach you by July 26 when your company says it takes up to 10 days to receive anything? I hope you forward this to your boss, the investors and the CEO!! Let them know It's absolutely absurd that they expect you to handle an over abundant number of files to the point that you cannot do your work efficiently!

Thank you,

After I hit the send button, I felt so relieved, I also forwarded my email to the homeowner (which he felt I couldnt have said it any better) I anxiously awaited her response, which I recieved yesterday afternoon.

Hello, Yes, I understand your FRUSTRATIONS and you are preaching to the choir: With close to 600 files, what loan number is this for?

Thank you, Sharon XXXX SR Settlement Services Spec 1 LP-Short Sale R--Workout Negotiator III

As if I hadnt emailed her the loan number numerous times...I replied with a softer tone....

My frustration was not intended to be taken out on you personally but more directed to your company even though I know it falls on deaf ears. It is beyond comprehension how they can expect u to effeciently handle over 600 files!
The loan number is XXXXX.
I don't have a problem resending information as long as I can send it directly to you and not to never never land!

Thank you for trying,
Diane Dames

Her reply....

I truly understand, and yes you can send them directly too me, in PDF format under 4 mb. Believe me, they are working on hiring others to assist, and I can only do what can be done within the allotted time and ability given. I know you weren't taking it out on me, as I too have felt and said some of the same things as other employees as well. We do feel your pain and working six days a week sometimes trying to catch up. I will surely wait for the documents and move file forward, and I do apologize for the delays. Thank you, Sharon XXXX SR Settlement Services Spec 1 LP-Short Sale R--Workout Negotiator III

I have since upoaded all the docs into a PDF and emailed them directly to her. We will see what will happen from this point on. I have a better understanding what they are dealing with on there end but at the same time, i think they needed to hear the frustrations without being yelled at or cussed at over the phone. It took her 2 days to reply to this email. I think she had a few things she probably wanted to say but didnt...lol. She actualy said it perfectly when she said "Youre preaching to the Choir" I just hope we can move forward in this file.

Thanks for reading my drawn out battle in which I know I am not fighting it alone. I just felt like sharing it with my fellow Realtors! Enjoy your weekend!

I have been anxiously waiting for the guidelines of the Homeowner Affordability and Stability Plan to be unveiled today March 4th. Has anyone heard anything on it? There are alot of MYTHS and REAL facts out there and I wanted to see what the guidelines were going to be for many home owners who are upside down, delinquent, or facing foreclosure. I'm curious to know your 2 cents on what you think this new plan will actually do for homeowners and the economy. I've placed a link below so you can read about the plan if you are unfamiliar with it or want more information.

http://www.businessweek.com/the_thread/hotproperty/archives/2009/03/homeowner_stabi.html?chan=top+news_top+news+index+-+temp_news+%2B+analysis