I have 21 short sale and bank takes forever to approve my listing. What can i do to get them approved faster
Be sure to submit “foreclosure comps” that show the bank the upcoming foreclosures they will be competing with. We’ve had a number of customers that have found that the banks are more likely to act if they see a lot of new competition coming. Also some banks are easier than others, we encourage everyone to post their latest experiences here so that we can all focus on the deals that will be the easiest to get done.
call the short sale negotiator every 3 days
Know ahead of time who the negoitator’s team leader is, and who the team leader’s manager is.
If you are not getting response on every 3rd call, the next call should be to the next level up. Once you have escalated to the upper level, insist on them remaining in the loop of emails, internal emails, voice messages or what ever.
Make sure to write the loan number on every?piece?of paper, including?the contract, you send to them. Call the?dept. who is handling the SS and let them know you are sending a fax. Then faxing a page or two to them every few days with the loan number on it forces them to pull the file, and add the fax, which then has the file going to the top of the pile.
This worked for another agent in my office and she was able to get a response in 3weeks!
Being courteous and professional on the phone helps, too.
I just went through a short sale. I had two loans and the first
mortgagee agreed to give the second 10,000, which still leaves a 50,000
unpaid debt. I’m wondering if the second will come after me in the
future for this money. I had been late on my mortgage since January so
my credit has already taken a 150 point loss. I’m wondering what the
total will be once this short sale shows up on my credit.
Not sure how exactly it will affect your credit score but you can negotiate with the 2nd as to whether or not the debt is paid in full, or they can still pursue the balance. If your real estate professional is not familiar with this I’d advise using an attorney to review the agreements and help negotiate a full release.
You can negotiate for the second to take 10,000.00. most of the banks take 10% of the balance owen. In this case $5000.00. So 20% is very good.
These are good suggestions. Clearly persistence, complete package, knowing how to structure the HUD, good faith in meeting the banks need, etc are great - Additionally, knowing when, how, and who to escalate to is critical. Over time, I have met people and developed relationships with some banks which has made the process more manageable. For example, in the past week we did two escalations that resulted in two approvals within 48 hours.
With respect to seconds there is not a rule, however, each lender and investor have their criteria. It is more complicated then saying 10%. For example BofA is requesting 5% of the Net Proceeds which could be way more then 10% and there are other banks which will settle for $3-5k. Each bank has their own personality.
BOB, MBA, CDPE, e-Pro