This week a facebook friend, another local realtor® in town and someone who specializes in short sales, posted on facebook:

Kelly Horton 

Kelly Horton Been a long day. I have now faxed the SAME authorization to the SAME bank FOUR TIMES! Each time to a DIFFERENT FAX! Do they just make the numbers up? I really think they do. Just sayin'.

Kristen Burnett Ueckert Silly girl. That's because banks are about as predictable as 555 numbers in Hollywood. Break a leg.

So, to my consumer friends who are selling or buying a short sale and to my realtor® friends who don't already know the drill, here is the drill:

#1 The bank reviewing the short sale will likely want a "short sale packet" typically beginning with an authorization to speak to the agent or any other 3rd party to the transaction.

#2 The pro will fax that in, multiple times, at the bank's request, and after it actually reaches the right number, because everytime we call we will be told to fax it to a different number, then it will take 48 hours to "show up in the system."

#3 The rest of the packet will need to be faxed usually to another number. The rest of the packet usually includes a contract, listing agreement, CMA, owner bank statements, income docs, IRS docs, letter of hardship -- the list is long and the deal will usually go no where if ONE thing is missing.

#4 Even if the bank doesn't request it (items pros know to include in the list), get it together. If the bank fails to ask the first 10 times, they will the 11th and it's good to have it ready to roll when they do.

#5 The bank will take forever. And a day.

That's just the way it's working right now. To be merry this season, you sort of just have to understand the system and embrace it or you'll go nuts right along with the market!

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7 Comments on Short Sale Predictability

DEC
22
2010
1,117,037 Points 117 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Kristen I just wrote out a title for a post about short sale lenders.  It it the most ridiculous thing I've ever had to 'put up' with in over 23 years.  I haven't found one that is professional and acts in a timely manner.  And of course - none of them knows what the other 8 hands are doing - ever. Communication is the poorest of the poor.  They'd get an F in school!!  But of course they don't care what we think!
3:05pm • #1
DEC
29
2010
813,626 Points 243 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Things like this make us have to work extra hard to manage client expectations. Banks seriously suck. 
10:08pm • #2
126,614 Points 10 Featured Posts Outside Blog

Well, that part of the bank does. But the part that loans me money in the first place is a favored friend!
10:17pm • #3
JAN
04
2011
228,569 Points 1 Featured Post

Positive, stay positive, be positive the world of short sales can drag you down if you let it.  He is what I would have suggested to my team:  The next time we get this bank fax to all four of these numbers then call two days later.  Over the last four years we have "created" a fast efficient system (relatively speaking) our key to success "positive, stay positive, Be positive" and you will find more success.
5:41am • #4
FEB
13
2011
103,975 Points 1 Featured Post Outside Blog Attended Rain Camp

It's amzing that with all of the technology we have, many short sale deparments still require us to use the antiquated fax machine. 
11:47am • #5
MAR
09
2011
Outside Blog

CAll the Bank and ask how they want the packet, what order they want it. Insert pages in the packet, saying Bank Statements, Tax forms, ect, BoA, this makes it eaiser for them to get them in the right sections. 
12:31pm • #6
APR
01
2011
462,962 Points 2 Featured Posts Outside Blog

They are such a pain(banks that is). But they are a necessary part of the maket we are in.
5:35pm • #7


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