Comments on: SunTrust Asset Manager Screws Up

By: Tiffany Banks-Wade

Tiffany Banks-Wade — Mon, 16 Aug 2010 20:25:47 +0000

I am so sick right now!! I have worked really hard on a shortsale listing with Suntrust bank. Only to loose 4 buyers waiting on lender approval!! If you perform and the lender drops the ball, why are we not offered anything for our time and money spent listing the shortsale. I am just simply aggrivated and looking for some answers.

By: mackperryhomes

mackperryhomes — Thu, 08 Jul 2010 10:57:05 +0000

Jeff~You may want to rewrite your offer including a special stipulation that the seller is required to warrant that all mold has been removed from the entire home including the flooded basement. At least this should get to the negotiator at Sun Trust.

By: Jeff

Jeff — Thu, 08 Jul 2010 09:50:02 +0000

I am currently dealing with 2 lazy NC Realtor s and Suntrust Bank who is left clueless about the property they bought at auction last year for $339K. The listing agent promtley listed the property at $409K after turning off the power to the house. This caused a pipe to bust and flooded the finished basement with 3ft of water. Yes 3ft of water. Now its summer in NC and mold is everywhere in the basement. Current property in the area valued at $600K is selling for $399K. This should tell both listing and selling agent a story but apparently it does not. I do not think the bank is aware of the flood that occured or how much the house has been devalued by it. I love the house but will not pay the current asking price of $360K. I made an offer at $250K and they countered with $355K so I am positive the bank does not know what is wrong with the house. My realtor is lazy so I have engaged in conversation with the listing agent who is not that intelligent either. I was asked to submit a mold report that I paid for but I will not unless they want to buy it from me. I think I am being generous with my $250K offer and will stand by it or they can keep the house. Is there anyway to get around the listing agent to ensure the bank knows the true value of the house? I would hope someone wakes up on this deal as qualified buyers are in short demand and another housing crash is right around the corner with all these arms coming due.

By: mackperryhomes

mackperryhomes — Mon, 19 Apr 2010 12:50:46 +0000

Michael, I think some of these asset managers could screw up an anvil.

By: Michael Blackwell

Michael Blackwell — Thu, 15 Apr 2010 22:54:32 +0000

I had a Suntrust short sale under contract for over a year. They did absolutly nothing about reacting to the offers. It ended up with 4 buyers walking away because of their inactivity. My last buyer had the property under contract for 4 months and Suntrust forclosed on the property with a full list price offer in hand.

By: mackperryhomes

mackperryhomes — Tue, 09 Mar 2010 01:15:23 +0000

Charles~Thanks for stopping bye. I agree totally with what you are stating. Just as a good REALTOR is worth his weight in gold so is a good asset manager. The problem in this instance was that the asset manager was so busy flexing the almighty muscle and pounding the proverbial chest that what was in the best interest of the bank had to take a back seat to the ego.

By: Charlie B... CPM, CSM, RPA

Charlie B... CPM, CSM, RPA — Mon, 08 Mar 2010 19:52:32 +0000

We have had this happen to us, also (not with SunTrust, tho’). And a couple of our many Asset Managers are REALLY difficult and condescending to deal with, they think they know everything about everything and are all high and mighty. Certainly I can understand their frustrations having to deal with who knows how many Realtors who are truly incompetent… but when an Asset Manager comes across those agents who do know what they are doing, they should give more weight to their opinions and recommendations. We even had one who was not responding over several weeks and when we pushed for some response, she said “I don’t have time to read your comments” … when she then finally did read them and lowered the REO’s list price to what we had suggested nearly two months prior ~ we had a contract offer in less than a week, which was essentially accepted by the bank within 24 hours. But there ARE good Asset Managers, too, and when we have one who is really a team player, it is indeed a pleasure. And I know of what I speak with over 30 years handling troubled assets myself; including running one of our state’s largest residential REO departments in the 70’s and countless 10’s of million of square feet of institutional problematic commercial assets in most states east of the Rockies… when one of these wet-behind-the-ear know-nothing ‘Asset Managers’, tries to flex their almighty muscles, I can only cry… I’d laugh at the situation, except for the seriousness of your and my tax dollars which have and are paying for much of this arrogance.

By: mackperryhomes

mackperryhomes — Tue, 19 Jan 2010 21:09:01 +0000

It could be 1-800-STUPID!

By: Andie

Andie — Tue, 19 Jan 2010 20:59:45 +0000

I am also in a simmilar situation with SunTrust with my buyer!! Does anyone out there have a direct number for one of these asset managers???? This process is CRAZY!!!

By: mackperryhomes

mackperryhomes — Sat, 15 Aug 2009 02:25:50 +0000

“Asset Manager could also be getting bad advice from a Realtor.” I don’t think so. The REO agent’s office on this file told me that this asset manager was one of the most difficult that they work with.
“More likely scenario, they were negotiating with multiple buyers and managed to run every last one of them off at the time.” In the first go around on these negotiations there were no competing offers on the property. On the second go around there was another offer but the buyer was not qualified through SunTrust.

All in all I am tickled for my client who thanks to this asset manager got a fantastic deal on this house.