Today was a great day!
I was totally caught off guard today when I answered my cell phone and the caller identified himself as an appraiser that had been assigned to appraiser 2191 Mackenzie Place, in Woodbridge VA 22192.
"I asked who ordered the appraisal..he said Chevy Chase Bank!"
I can tell you this I almost jumped for JOY! The short sale package I submitted to the bank went out less than two and a half weeks ago! The shear fact this was not a BPO ( Broker Price Opinion),this was a Certified Appraiser who would be determining the Fair Market Value was a great sign. The bank is not waisting any time, the file I submitted was a complete file ready for the Loss Specialist to process. If a Realtor sends in an incomplete file...the file will just be set aside on the back burner. I never want that to happen. It's so counter productive!
We also found out today that a Loss Specialist has been assigned to the case. That's a great sign.
Now regarding the second trust.It is a Line of Credit with Suntrust Bank. This bank has proved to be a very frustrating process. From what I run into,the call center only can give me one man's name and number to contact. His voice mail for two and half weeks not says it's full, and rolls you to the covering voice mail. Today at least the covering voice mail was not full. I left another message, with the Loan # and the call to action that I need to talk with someone about my clients short sale package I submitted two weeks ago. So I wait...and wait, and 5pm rolls around and no return call.
I called the call center back to verify they have the seller authorization form uploaded into their system and to my shock the call center rep says," I'm sorry Mrs. James I do not see your name on this file, have you faxed the entire short sale package to Mr.Steve WXXXXXXXX at this number XXXXXXXXXX. I said yes I have another representative gave me his email last week. I have a receipt that the email was received. However I have nothing other than a time stamp that it was delivered to his email box. Could you please make a note in your file that I have sent the package three times now, and that to date, no one can help me help the distressed homeowners who hired me to help them. Ok, I have a headache! Tomorrow is another day!
We're early in the two loan short sale approval process....
"If you would like to read more about the process of how a Two Loan Short Sale is negotiated and how long the process takes read the related posts...and subscribe to my blog and follow along"
A Reality Blog Series About A Short Sale With Two Loans....Woodbridge Virginia
Reality Blog Series- How To Sell A Home By Short Sale With Two Loans In Woodbridge Virginia
Reality Blog Series- Short Sale With Two Loans- "The First Few Days!" Woodbridge VA
Reality Blog Series- Short Sale With Two Loans- "We Have Several Offers!" Woodbridge VA
Reality Blog Series- Short Sale With Two Loans- "Papers, Papers, Papers Everywhere!" Woodbridge VA
An Acurate Video That Shows The Frustrations Of Dealing With Banks!
Stay tuned for updates.......
If you have any questions about the process, please ask. If you are another Real Estate Professional who has had success getting a Short Sale Approved with Chevy Chase or Suntrust please let the reader know. Comment on below.
If you are a homeowner reading this blog post and you know you are struggling and you can't make ends meet, pick up the phone. I do this for a living and I can help you figure out your options. You may even be able to do a loan modification.
Call Peggy James today at 703-851-3085
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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With the new appraisal laws, the quality of appraisers are low as the company that outsources keeps most of their money so you get young low paid appraisers who travel great distances to do appraisals. For this very reason, make sure you intercept that appraiser and give them the comps to justify your offer or there is a great chance that you'll be in a world of hurt.
Hi Satar,
I agree, the new HVCC Appraisal updates are reaking havoc with all real estate sales ( not just short saless) One thing that is critical when pricing and selling a home by Short Sale is that the home is priced at Fair Market Value of above. Banks when considering a short sale are not willing to accept less. If so,then they will reduce the Realtors Commission ( both sides of the transaction) as well as the Purchasers Closing Costs.