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When Obtaining Written Authorizations on Short Sales, Don't Forget Escrow

By Julie Booth

Services for Real Estate Pros with Fidelity National Title 540-EA-52017

August 04, 2014 03:17 AM

When Obtaining Written Authorizations on Short Sales, Don't Forget Escrow

Yesterday I was working on getting my final HUD approved by GMAC on a sale scheduled to record today. The "final" HUD was faxed over for their review 4 days ago, but they will not talk with escrow without the customers written authorization.

The sellers signed the authorization yesterday (they didn't return the authorization that was previously mailed to them) and it was faxed to GMAC.

GMAC informed me that they have a 24 - 48 hour period before the authorization is posted to the system.

After a few phone calls this morning - I did get my approval, but why not have the customer sign it with the rest of your package? You can find this authorization right on my website at www.boothescrow.com.

The rest will be a snap! Right?

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Kathy Smiley

Rodeo Realty ~ Fine Estates Westlake Village - Newbury Park, CA

"Real Estate results that make YOU smile!"

I find that ridiculous. Unbelievable the lender wouldn't communicate with an escrow department about a closing. I will make sure my short sellers include escrow from now on!

Oct 02, 2010 06:32 AM

Cynthia Larsen

Cotati, CA

Independent Broker In Sonoma County, CA

Are you suggesting that a bank do something practical and reasonable? Silly you!

Oct 02, 2010 06:40 AM

Julie Booth

Fidelity National Title - Federal Way, WA

Keeping the parties informed of the escrow process

Awesome Kathy.

Cynthia: No kidding, right? Nothing like working a property through 4 or more buyers - finally getting the approval on the 5th buyer, moving the the often difficult process of the new financing issues, signing, getting approval from the new funding department - their money and then not being able to get the short sale lender to talk to you. Crazy. We certainly earn our fees with these deals.

Oct 02, 2010 06:51 AM

Pam Jank

Coldwell Banker Schneidmiller Realty - Coeur d'Alene, ID

Your Coeur d'Alene & North Idaho Real Estate Pro

That is so strange. But then again there seems to be no rhyme or reason with short sales. I probably haven't had that problem since I turn in the 3rd party lender "Authorization form" with everyone involved in the transaction listed and their signatures when I turn in the Purchase and Sale Agreement.

Aug 04, 2014 03:29 AM

Julie Booth

Federal Way, WA

When Obtaining Written Authorizations on Short Sales, Don't Forget Escrow

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