I have recently expanded my team to an additional processor to call on the banks. She asked me if I could include a list of pertinent questions to ask the Short Sale or Loss Mitigation Departments. So here they are in no specific order of importance.
1. Where do we fax the 3rd party Authorization? What is the best # to call back to ask if they got it?
2. Who is the investor?
3. What does the investor offer 2nd liens?
4. Is their a Mortgage Insurance (MI/PMI) company?
5. What is your short sale process?
6. Do you want the hardship package now, or wait til we get an offer? What documents do you rewuire in your Hardship Package?
7. Is this a FHA loan?
8. Has a BPO/Appraisal been done, what did it come back at?
9. When will a BPO/Appraisal be ordered?
10. From offer to approval, on average how much time does it take?
11. What Dept processes Short Sales? What is the best fax number, phone and email for your dept? (seldom do you get the email).
12. Did you get our last fax? How long shoot we wait until we refax?
13. Do we have a negotiator? When can we expect get a negotiator? Has anyone update the notes since last we called?
14. What is our negotiator's contact info plus email?
15. What is the best way to expedite the process?
16. Has a Sheriff Sale been scheduled and if yes, how can we postpone it?
17. Is the borrower in default?
18. Has the borrower's file been put into another program that will slow down the short sale process, like HOPE or loan modification?
19. Can the home owner make partial payments to slow down the process of default, i.e. Forbearance?
20. Can you escalate this file?
Mike Sher, CDPE: http://hosted.cdpe.com/MikeRealtor/
Office: (248) 644-4700x242 Fax :(248) 499-1020 Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com
CDPE (Certified Distress Property Expert)
MCAR, Short Sale Trainer Max Brook and Real Estate One Short Sale Specialist.
The Mike Realtor Team Blog - Metro Detroit/Oakland County Servicing in Southeast Oakland County, Auburn Hills, Birmingham, Bloomfield, Berkley, Beverly Hills, Canton, Clawson, Farmington Hills, Ferndale, Huntington Woods, Northville, Novi, Pleasant Ridge, Plymouth, Royal Oak, Rochester Hills, West Bloomfield, Troy, etc. We worked with: Bank of America, Country Wide, HSBC, EverHome, Litton, GMAC, Chase, Wells Fargo, Flagstar, Fifth Third, Charter One, Comerica, Am Trust, US Bank, National City But, We Can Help! This is a competitive real estate market. If you have to sell and can not, perhaps it is time to look at a Short Sale. The Mike Realtor Team has performed dozens of Short Sales for professionals who have lost their job, income has declined, medical problems, relocation, retirement, divorce, loss of spouse, unable to make ends meet, or other reasons not listed.
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