GMAC REO Department Closed?

    Here's another REO failure story that should make executives at these companies just a little bit upset.  But no, absolutely no one at GMAC could care less . . . even after I personally spent four hours trying to explain the situation and find a responsible person.

    GMAC Couldn't Care Less - That's the takeaway on this one.  It started with a listing that popped up on our computer generated auto-search.  Within an hour we had a client at the property and a contract signed.  We emailed the PDF file of the contract to the GMAC listing agent.  It took us several hours to get her on the line to acknowledge receipt of the contract, but we finally tracked her down.  
    By the way, this offer was for more than what the property was listed at.  Obviously, GMAC's Asset Manager did not do their due diligence when pricing this property.  
    Two days later, I can't get the listing agent to respond to anyone in our office, despite advising her we would contact GMAC direct, and file complaints with the State and local Board of Realtors.  These agents don't care, because they know nothing comes of these complaints unless the owner (GMAC) gets involved.  
    So I spend more than four hours trying to get someone at GMAC to respond to the failure of their listing agent to respond professionally.  After all, our offer was above list.  But I finally find out from GMAC that the agent had submitted another offer that was lower and it was accepted ahead of ours.  In fact, our offer was never submitted.  You might think, that's impossible, except when a listing agent sells a property to friend or accomplice in a scheme to buy properties below market and flip them. 

    My client wanted to file a complaint, but who do you complain to.  Just like the problem we had with Fannie Mae, here is the same thing.  If GMAC doesn't care about losing money, there is nothing to complain about. 

    Closed? - I use that tag because the most interesting thing I learned during the four hours on the phone, was GMAC has eliminated lots of positions and several departments.  In fact, one GMAC associate told me she thought they might be going out of business.  Let's face it, now is not the time to be eliminating jobs that process REOs.  But at least now we know why the lenders don't care . . . because they are overwhelmed and the snakes out there are taking advantage of them over and over and over. 

Consulting Services and Mystery Shopping - We offer a variety of consulting services to asset managers and REO owners.  We show them what to look for?  and How to avoid the unscrupulous real estate agents?  and How to avoid the REO mills that will hide your listing until they can purchase and flip it.  We also put together procedures to avoid property loss at all levels.  If you are interested in a consulting package, please email me at Mike@MorganREO.com