Because there is so much talk about short sales I thought I would share the week I have had regarding short 
sales. Two of my short sale listings right now are with Chase Bank. To say that I have heard grumblings about how their process works is a bit of an understatement, but being a brave sole I march right on with things. Go big or go home, as they say.
I have to go back a little so you can understand the magnitude of this week so bear with me for just a bit. One of these short sales I have had for about 3 months. In the beginning I got the bank all the paperwork, I called to make sure they had everything etc and low and behold I got 3 offers in the first 2 weeks, mind you all for about 1/2 of what the list price was. So I pressed on, I continued marketing the property, visiting the property to see how things looked and talked with the sellers to make adjustments along the way. Then out of the blue I get a phone call and guess who it is...my negotiator from Chase Bank, what? They called me, and not just once.
I tell that story for two reasons, one I have already mentioned (you know all the negative talk about short sales) and the other because anyone else in this business I have told that story to, can't believe it. Oh, it gets better...
My other short sale listing with Chase just got an offer, however it is so new Chase doesn't have all the paperwork in their system, so today I called to see how I could try to expedite things. This call did not go as I had planned but if I have learned anything from doing short sales it is flexibility. So I get all the needed information and begin to get everything to my client.
Now this is where it gets really good.
Within the next 20 minutes my phone rings, guess who? Chase Bank! They are calling me about the first short sale I told you about. The part of this that makes me the most happy is that the person on the other end of the phone is now my point person, and their responsibility is to gather all the documents, keep them, and get the WHOLE PACKAGE to the negotiator when the time is right. This person gave them their phone number and everything. I even tested him on fax numbers I had gotten from the previous person I spoke with at Chase and guess what? They were the same numbers!
You are probably saying to yourself, what is so amazing about this? See what has happened in the past with short sales is we (the agent) would send things in to the negotiator, they misplace it, lose it or something so we have to send it all again. Then phone numbers and fax numbers changed so when we thought we had the right fax number we were now sending everything to the wrong place. So to have someone that is working with me to gather all the documents to help speed the process along is well, great!
I know of other banks that are streamlining their processes as well, all good news. What does this mean? I believe this means that you will begin to see short sales take a much shorter time to process through the banks. They will become much less of a headache and easier to get done. That does not mean that at times it still won't be painful, but for those that can stick it out it will be worth it.
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