December 16, 2011 In one day, short sale owner receives 23 copies of the same document
One would think that since the short sales have turned into a horrendous tsunami, that there would be some processes put into motion to stem the damage or at least control the movement.
But Nooooo......
Working on a particularly troubling Chase short sale.
We’ve been in contract since September. We’ve been passed from one negotiator to another, and we’re on our third. Delays are due to incomplete and incoherent instructions. The last one was getting an ARASS (Alternative Request for Approval Short Sale) Form instead of a RASS (Request for Approval for Short Sale)
When we told them about their oversight in not sending us the complete instructions and forms, someone generated a request. My client received the forms and then some. In one day, my client received twenty-three -- yes, 23 --- copies of the same document!
What’s the difference?
RASS upon listing the property: Request for Approval of Short Sale. After the borrower contracts to sell the property, the borrower submits a RASS to the servicer within 3 business days for approval.
ARASS upon acceptance of offer. Alternative Request for Approval of Short Sale. The borrower already has an executed sales contract and asks the servicer to approve it before an SSA is executed.
And on another short sale....
Homeowner gives me a folder of all the documents she’s collected. But they’re not well-organized. Still had to collect additional information from both the seller and the buyer’s agent. Completed the documents, but had to put them in workable stacks, scanned them and organized them in workable files and folders so that I can efax them accordingly per the Short Sale Package from IndyMac. Finally submitted the complete file. And the waiting begins.
Where did time go?
Good news on one short sale
Closed escrow on a Bank of America short sale. After four buyers backed out, we finally got a buyer who stuck it out, and a sympathetic negotiator courtesy of BOA Twitter.
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