Why do you have to make this so hard? San Jose Short Sales – Easy?

“Why do you have to make this so hard?”

Short Sales are NOT easy.

As a San Jose Real Estate Agent - I do not make the rules for engaging with lenders to approve San Jose Short Sales.

My job as a San Jose Real Estate agent working with San Jose Short Sales includes, but most certainly not limited to, the following:

1. To know what the lenders want/need in order to process a short sale file.

2. To understand the process and ensure that I follow it.

3. To educate and inform homeowners/borrowers of the process and ensure their commitment to cooperate with the San Jose Short Sales process.

4. We know upfront what all lenders want/require. Some lenders may ask for additional documents.

5. We collect “seller financial documents” (two years tax returns with W-2’s; bank statements, pay stubs, etc.) upfront so that when we have an offer we are ready to submit the short sale package. Time is of the essence.

6. Depending on how much time passed between when the seller financial documents were collected, placing the property on the MLS, and ultimately accepting an offer, we may need to update some of the financial documents. Typically they are bank statements, pay stubs, mortgage statement(s). As we approach the 2010 tax return deadline, it may also mean 2010 1040 tax returns with schedules and W-2’s.

7. We continue to collect update financial documents on a monthly basis during the short sale process. Why? So that when the negotiator asks us for them, we have them ready to go and we do not waste days collecting them from the seller(s). The quicker we respond to a negotiators request for updated financial documents (or any other requests), the more likely we are to get to an approval – quicker.

San Jose Short Sales are NOT easy. Lenders are not rubber stamping short sale approvals like they were caught doing with foreclosures.

Lenders are not issuing “save home from foreclosure” made easy cards.

The truth about San Jose Short Sales is that the process is long; extremely time consuming; and they require a lot of work for the agent/short sale negotiator. Short sales require patience on behalf of all parties (Buyers/Sellers/Agents).

Sellers have work to do as well. Short Sales are not easy.

Please understand that I do not make the process hard. My goal is to make the San Jose Short Sales process as easy as possible for the seller. We must submit a complete short sale package to the lender in order to get the long short sale process started.

Why do you have to make this so hard? San Jose Short Sales Are Not Easy! – by Kathleen Daniels, San Jose Real Estate agent