Over the next few weeks I intend to update you on my progress, trials and tribulations whilst working a short sale.

Well yesterday was day two of trying to establish a relationship with the lender. I had already prepared my case, I had my CMA, a copy of my listing, a letter of Authorisation to Receive and Connvey Information regarding the loan. So I prepared my self to be really nice to the customer service folks and see if I could get a good relationship going. I called the lender, Option One, to be faced with the multiple options, press 1 for this 2 for that etc. After what seemd like 20 minutes I was connected to a very heavily accented Service rep loacted in India...great. Well after a lot of explanation,and still remembering to be polite, I was told to fax in my Authorisation to their direct fax and call back in an hour...so I did.

With waning confidence I called back and went throught the same explanations with a different agent, politely again. After another 20 minutes surprise surprise they couldn't locate my authorisation letter, so could I fax it again!! I did and was told to call back tomorrow. While on the phone the Indian service rep (Uday) promised to fax the short sale package to me.

Well lets see what happens tomorrow....

 

 

5 Comments on Diary of a Short Sale Day 1

JUN
01
2007
Good luck with that.  I look forward to reading about your progress!!
12:12am • #1
2 Featured Posts
I predict day four you will start drinking, working on short sales is not for the weak of heart.
12:12am • #2
just curious is the lender you are working with OCWIN?  i might have some suggestions or people for you to call and see what the best way to handle this short sale is... seriously!!!! 
12:27am • #3
150,261 Points 9 Featured Posts Outside Blog
You actually had a pretty short wait.  I waited for 45 minutes to find out what the fax number was to fax the authorization to.  I was told that after I faxed it to wait three business days before calling back.  Once I was able to call back, they verified I was authorized to discuss the loan...then they told me they'd fax me the form I needed and verbally gave me the information I would need to put into a package once we had an offer of offers in hand.  It sure would have been nice for them to tell me that in the first place so I could have changed the listing to reflect what the lender needed.  It's almost like they really just want you to go away!  Martinin time!  Good luck.
1:00am • #4
DEC
13
2007
And so how is it going?  You died off after day one!  I've got 21 short sales I'm doing currently.  I've got 3 that are finally coming together after about a 45 day wait but that's just part of it... I take referrals for short sales if you get some more just hand them to me and we can do a 50/50 split since you are in CA you will handle the sign, mls, listing paperwork and I will handle all the bank paperwork and negotiations with the bank.  Its not a hard process but it is a very time consuming process and to be honest I have totally quit doing regular listings and showing buyers property because short sales and REO properties that I have keep me busy.  All in all with REO's and Short Sales I'm 33 listings going strong...my short sales will all close little by little that is why I need as many leads as I can get.  If any other Realtor is reading this and you want to refer me your short sales listings please contact me at hereforyou@kw.com .  Look forward to working with as many of you as I can!
7:40pm • #5

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Graham Holmes - Yucaipa Hemet REO Homes

Yucaipa, CA

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Reviron Realty - Realtor e-Pro Bank Owned Specialists

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