Short Sales --- What Are The Big Guys Up To?
Okay, we all know that the short sale process is tedious, unpredictable and ever changing, right? We all have wondered, "Does the bank really want to do a short sale? They make it extremely difficult to do it!". With the reputation that the "Big Guys" have with being very difficult to process a short sale, many agents and consumers just don't want the hassle. Most think that you work your butts off only to get down to the wire and the bank forecloses any way! I used to think this way, too, but not any more!
The Four Big Guys: Bank of America, Wells Fargo, Citi Group and Chase
These guys must be getting hit where it counts because they are actually advertising to consumers on their websites encouraging them to do short sales. Yes....they actually are because I've seen it with my own eyes. I will be giving you the websites so YOU can see for yourself.
CHASE: What's new? They are wanting additional documentation when processing a short sale. They now want:
- Proof of Occupancy
- Length of Service with current employer
- Property tax bill, HOA info, Home Owner's Insurance Declaration page
- If rented: lease/rental agreement
- You now need to use their third party authorization form
- Homeowner needs to fill out Request for Consideration of Short Sale including Harship Affidavit
- Signed agreement concerncing the legal liability for misinformation or fraud
- They also want a cma with three actives and three sold properties with photos of properties and neighborhoods.
- Call Help Desk: 866-233-5320 and FAX: 866-220-4130 to fax Short Sale Packages
They are encouraging short sales versus foreclosures because they will even PAY FOR FEDEXing your short sale package: go to www.fedex.com/us/office Mail to Chase Fulfillment Center, PO Box 469030 Glendale, CO 80246.
Visit this website to read how they are informing consumers about short sales: www.chase.com/chf/mortgage/hrm_shortsaleinfo
WELLS FARGO: They do everything on Equator now. www.Equator.com --sign up. It's free.
- They now want THREE pay stubs
- You can initiate a short sale with a listing agreement and a third party authorization
- They will determine HAFA eligibility
- They are actually stating that they can actually get you an approval in 45 days! (We shall soon find out!)
- They are encouraging the homeowner to do a short sale versus going into foreclosure...visit their site!
Go to: https://www.wellsfargo.com/homeassist/shortsale
CITIGROUP: There are "5 critical factors to be considered"
- All lien holders have been talked to by agent or consumer
- Everyone is in agreement of property value
- Information on current Homeowner's insurance and property tax
- Consumer is put on notice that the closing will take place 30-45 days after approval letter
- Consumer is notified of the affects on credit rating
- You can call and get a Hardship Assistance Package 866-272-4749
- Open 15 hours a day! Citigroup is really stepping up to the plate to make short sales happen.
Homeowners encouraged to visit: www.citigroup.com/citi/citizen/community/homeownershippreservation
BANK OF AMERICA: They are really stepping up to make short sales happen.
- You can initiate a short sale on Equator with a third party authorization
- BofA will conduct lien search
- Determine whether homeowner is qualified for a cooperative short sale or HAFA. They have a servicing group standing by to take on these files. AMS, DTS
- BofA will send out appraiser to determine list price.
- All tasks for required docs will be assigned when needed
- They are really trying to make it easy and are becoming much more customer service oriented.
- You can initiate a short sale with or without an offer.
They have a site for real estate agents: http://realestateagent.bankofamerica.com
The consumer website gives homeowners information about short sales, deed in lieu, and other valuable information : http://homeloanhelp.bankofamerica.com/en/home-transition.html?cm_mmc=CRE-HomeLoans-_-vanity-_-CA01VN0033_hometransition-_-NA
Homeowners are welcome to contact Suzanne Martin at 805-296-9005 to discuss the short sale process or to email your questions to suzannebmartin@yahoo.com
Or visit: Short Sale Information
Agents: I would be happy to take any short sale listing referrals in San Luis Obispo County or to talk with you about your short sale questions.
Information provided was gathered through personal experience and other resources. All situations vary.
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