WEEK ONE OF A TWO LOAN SHORT SALE REQUEST
Thanks for returning. It's Wedensday morning bright and early,it's 7:00 am. Yes, busy Realtors have to work long hours and get up early to get the administrative tasks done before they head out for the day showing homes.
On Monday I forwarded the short sale packets to the bank(s). 120 pages to each lender via fax.
As you can see in the photo below. I've run the numbers in a spread sheet to show the bank how the short sale offer would stack up compared to a Courthouse Steps Sale, An Auction Sale and A REO Resale. Along with this I submited the comparable homes data with photo's that match the home being SOLD to give them a visual and real numbers. I also asked them to let me know when they would like to order their own Appraisal/BPO on the property.
Along with all of this, they also get a copy of a preliminary Hud-1. RGS Title in Lake Ridge Virginia is the local Title Company that will be handling this Short Sale settlement. I always request a preliminary Hud-1 to be submitted with the entire short sale offer. My goal is always to give the Loss Specialist everything hey need. When they go down the checklist of items, I want them to be able to say "check, check, check...WOW I've got everything I need to submit this, thank Mrs. James" I love when I hear those words! Well, RGS sent it back to me on Friday afternoon...so everything was ready to be faxed bright and early on Monday.
Now here is the part that will blow you mind!
No one at either bank responds back that the package has been received, all I have is a fax transmittal that shows I sent it and it was received. (Typical!)
- When I called both banks yesterday to check on the receipt of the 120 page short sale request, I was told "I'm sorry, call us back next week, by then the case will be uploaded into the system. We cannot discuss this case until we have the signed authorization. (Typical of most banks!)
Now we wait....
What are we waiting for? For the bank to assign a Loss Specialist to process the file and get it ready for final Short Sale Approval.
Realtors at this point have no control....we cannot move the wheels of progress any faster...the homeowner and buyer and Realtors just wait...and sprint when the lender does call...then we wait again.
Do You Have Questions?
Just comment below or contact me using the email form below.
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If you think you need to sell your home, call me...I can help. There are buyers waiting to buy.
If you are a home buyer and you are looking for a home to buy right now, check out all the "Regular Owner" Sales in Prince William County right now there are hundreds available. These are homes that are not being sold by short sale or banks. Read More then call our office.
Erick Blackwelder or I will help you find a wonderful place to call home.It's what we do...we're family Realtors helping people in Prince William County.
Stay tuned.......
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Contact Peggy James or Erick Blackwelder of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's
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Contact Peggy James or Erick Blackwelder of Erick and Company of Exit Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085(Peggy) 703-590-2252 (Office).Give us a call and we can "GET YOUR HOME SOLD FAST"to list your property for sale we service Woodbridge, Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas,Gainesville, Garrisonville and Triangle area's.Basically all of Prince William County Virginia. Manassas Park, Haymarket,Montclair, Dumfries, Quantico, Fort Belvior, Occoquan, Dale City.
I love your spreadsheet! Would it be something that you'd be willing to share?
Thanks for the post!
:) PS
Hi Patrick,
Sure I can, just follow this link to the 9 minute video. Once you see, I think you'll buy it. It sure makes like a lot easier when doing short sales.Click here to view Short Sale Wizzard.
Wow, 120 pages? You even send the title report? Doesn't that hurt you more than help you?
Anyway, the trick I use is that I send the release of authorization first, by itself, as soon as I get the listing. I then send it again with the short sale package.
My short sale package includes the following in the following order:
Release of authorization, hardship letter, hud, listing agreement, purchase offer, financials and any lender specific paperwork.
Thanks for sharing
Hi Satar,
Thanks for commenting and sharing how you are working your short sales for sellers in Californina. We do not send the Title Report, that is handled further into the process once we have a Negotiator.
However here on the East Costs, several of the smaller local banks are requesting all paperwork be sent when you have a Offer in hand. They claim that they can do a better job if all the paperwork is filed at one time.
It's nice to know that the government is working on a uniform short sale process where the goal of getting a response in one week could someday be possible.