I must say 2009 has been full of short sales and with more ARM's adjusting in 2010, I have a feeling there will be more in my future. I felt prompted to write something on short sales when I received a phone call from an agent in my brokerage. She said that she had been researching agents within our brokerage, which has 3000+ plus agents. She was looking for agents that are successful in closing short sales in a certain part of the city. She said, that my name came up a couple times as a "successful" short sale agent.
Wow! I am honored, and my head was so big for a few hours after the phone call. But, now worries, I'm back down to earth and my head can fit in the same room with my kids and hubby. With that said I wanted to share a bit about my short sale experience.
1. When I take a short sale listing I interview the home owners. I try and weed out people who may not qualify. I also educate them on the process and the uncertainty of the outcome. I never guarantee that I can get an approval, but I will do everything in my power to get your file in front of the right people at the bank/lender.
2. I interview the buyer's agent over the phone. I want to know if their clients are in it for the longhaul, and if they are willing to compromise if the bank/lender isn't willing to pay certain closing fees.
3. I eat, breathe and sleep short sales. I educate myself on each bank and learn their process. Every bank/lender has a different process and it helps to know where the file is, and where it will go next.
My favorite banks/lenders to work with have been Wells Fargo, GMAC, and Aurora Loan Servicing.
My middle rated bank is JP Morgan Chase. I find it is really hit or miss with them. BOFA/Countrywide is at the bottom of my list. They are so slow!!! I don't care I how well I interview the buyer's agent, they are never prepared for their snail like pace.
I am just learning about CitiMortgage and hope to have a positive experience with them.
If you are in the Phoenix-Metro area and think that your only option is a short sale please give me call. If you list with me you get more than 1 agent, you get the whole Phoenix Metro Group - brokered by HomeSmart.
Visit the Phoenix Metro Group at http://www.phoenix-metro.com/1075586.html. I am the group manager and would be happy to talk to you about short sales.
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