One of the most satisfying aspects of working short sales is when you receive an email stating, "Accepted Offer. Loss Mitigation is pleased to accept a short sale on this property. Please see the attached approval letter."
This particular approval letter came from a GMAC Negotiator. While many banks are taking an enormously long time to approve a short sale, GMAC was a joy to work with.
Two days after submitting the short sale paperwork to GMAC, the negotiator calls to introduce herself. WOW! Never have we had a bank negotiator in all of the short sales we've done call us this fast. After my shock had worn off she outlined her short sale approval process.
Within 1 month after submitting an offer we had the approval letter!!! The buyer did their due diligence, ordered inspections and obtained loan approval. We closed 37 days later. From the time the Seller listed their house to the day we closed escrow it was just short of 90 days.
We love to work with GMAC!
Real Estate One - Commerce, MI
Michigan homes for sale ~ yesmyrealtor@gmail.com
That is great. I am still waiting after 4 months on a Bank of America approval. Sad but true
Apr 02, 2010 01:15 PM
Author of 'Realtors Guide To Short Sale Success - Eustis, FL
Short Sale Education
I'm thinking the price has something to do with the speed. The more expensive the house, the more there is at stake. Also, how close the offer is to the true value of the home. Lowball investor offers on cheap homes seem to take forever.
Apr 03, 2010 02:39 AM
Rainmaker
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