Comments on: SunTrust Asset Manager Screws Up

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.

By: Mack Perry Jr.

Mack Perry Jr. — Sat, 15 Aug 2009 02:05:00 +0000

Asset Manager could also be getting bad advice from a Realtor.

More likely scenario, they were negotiating with multiple buyers and managed to run every last one of them off at the time. Which makes them look infinitely more incompetent.