Yes, I have helped numerous investors this year to purchase "Short Sales" We have
SOLD and CLOSED number of them already, however, I have to tell you - this process
can be a nightmare. My opinion is that first the listiing agent has to know what they
are doing when they list these properties. You can't just throw them into FMLS or MLS
and not have done your homework.
First the listing agent should talk with the seller and know the details of their situation.
Why do they need to do the shortsale, have they talked with their lender and discussed
what the lender's criteria is, complete the short sale package including the letter of
explanation to the lender of the distress situation and checklist of items that lender
will require to complete this short sale.
Secondly, it's very important to have the bank respond in a timely manner to let both
agents know if there is anything required to help the process go smoothly. Many of
the banks have NO SYSTEM, they don't ANSWER PHONE CALLS, they don't communicate
and what is called a SHORT SALE turns out into a LONG NIGHTMARE! Today I spoke
with an agent who lost 5 buyers in the process before the bank accepted and offer.
This is not just the banks money. This is OUR money. This economy WILL NOT
turn around until all the invenntory gets dealt with and banks create a checklist
and move through these short sales expediently. The fact that they DON'T answer
phone calls is ABSOLUTELY NOT O.K. with me. Many Americans are without jobs
and I'm sure many of them would take these positions and return phone calls. It
goes up the latter to the CEO and the President. If he/she is not surrounded with
a good TEAM that can handle the situation - he/she should be replaced. I have
made calls for the past 6 weeks to the corporate offices of one of the banks and
was told the CEO/President couldn't talk to everyone that called there. Well, what
about the secretary/assistant/head manager? What is their job? Why can't anyone
answer the call?
If you have had same experiences, please share them with me. Maybe we can
all TEAM up and make a chance in this bureaucracy. These people are not paid
on commission - they get HEFTY salaries and work from 9-5. They could care less
about the public and these short sales. I just think this is TERRIBLE! Can you
tell I'm frustrated? ABSOLUTELY I AM. Would love to hear from you.
P.S. If you are a reporter at CNN or any Newspaper and you need a story about
this, I'm sure there are many of us agents that can help you uncover the banks
involved in these short sales who are costing our consumers so much money.
Sincerely, Dagmar Sands
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