short sales in palm beach county part 6
Short
Sales In Palm Beach County - Part 6- After The Offer Comes In.
In
order to understand the entire short sale process please read the Short
Sales In Palm Beach County Series we have posted here:
Short Sales-Part1- What You Need To Know
Short
Sales- Part 2-Are You Qualified To Do A Short Sale
Short
Sales- Part 3- What you need to do to Prepare for The Short Sale
Short
Sales- Part 4- What The Buyer Needs To Have With A Short Sale offer
Short
Sales- Part 5- Myths and Truths about Short Sales
So now the buyer has made an offer and turned in all his/her supporting
documents. The seller and his/agent have put together all the required
seller documents for the short sales in Palm Beach county package.
The agent will now make sure that every document required is correctly
filled out and that the loan number is on every document. The agent now
will contact the third party lender and get the instructions to get the
package to that lender. Most lenders want the package faxed. If they
want you to express mail the package make sure you have a duplicate
package prepared. On one of our short sales; we expressed mailed the
package and it was signed for but it ended up in the lender's black
hole. Then they lost our two faxes of a package that contained over 100
pages and they even said they never received our email when we emailed
the package. So make sure you have a back up.
Super
Tip: I would recommend buying one of those
stamp kits at Office Depot so you can place the loan number on the
stamp and stamp all the pages of the short sale package instead of hand
writing the loan number on 80 to 100 pages of documents.
Once the Short Sale package is delivered to the third party lender we
will call the lender to make sure that they have received the package.
This one action is an act in patience! Some lenders are easy to get
through and some are a nightmare. Sometimes Nestor has been on hold for
over an hour just to reach the right person to find out just if the
package is there! Please do not work in short sales if you have a hot
temper or are impatient as your blood pressure will
surely rise while on the phone with certain lenders.
Super
Tip: Call the lender early in the
morning, get on that phone before all the other callers start calling.
Be the first in line!
Once we get someone on the phone Nestor confirms that they have
received the package and that they have our authorization letter from
the seller so we can talk to the lender. The first thing Nestor does is
to confirm that this lender actually holds the note for this property.
We had one short sale where the lender our seller was sending his
payments to had sold the note to another lender and that lender in turn
sold it to someone else. Since the first day of giving this lender
notice that we were doing a short sale that note ended up being sold
twice in a period of just a couple of weeks. The
lenders were playing hot potato with his loan!
Super Tip:
Make sure that you call ahead
of even getting an offer to the lender to confirm that they are still
in fact the lender. Notes are being sold every day so stay on top of
this.
There are note holders that service loans that they do not own. In
these situations the servicer takes care of all the short sale
paperwork and acts in behalf of the note holder. For instance, we have
a file now where the servicer is GMAC and the note holder is Deutch
Bank. GMAC is like the negotiator for Deautch Bank.
There are also companies that just do Short Sale processing and
negotiations that lenders will contract out their short sales to. We
have had the best results from these companies. Obviously this company
is also getting paid upon the completion of each short sale so they are
quick to respond to us. Nestor usually can get right through directly
to the negotiator on the file.
Then there are the lenders who are trying to do it all themselves.
These lenders own the note, service the note and handle all aspects of
the Short Sale. These tend to be the hardest to get through to. They
are totally swamped with files and they do not have experience in doing
Short Sales. You are getting a salaried employee who knows little to
nothing about the real estate business. Most of the time by the time
these lenders do something with your short sale package the buyer is
long gone!
Super
Tip: Don't sweat losing the first
buyer. Once the counter is made from the lender you will know exactly
what they will accept for the property and the next buyer that comes
along will be able to close quickly. More on that in the next post,
Part 7.
Disclaimer: This post is not intended to be or to provide legal advice.
We recommend that you speak to your attorney and your tax accountant
regarding specifics and to find out if this is the best option for you
in your situation.
The information provided herein is supplied by several sources and is
subject to change without notice. Wellington Homes Blog does not
guarantee or is any way responsible for its accuracy, and provides said
information without warranties of any kind, either express or
implied. Entries on Wellington Homes Blog represent the
opinions and ideas of the author(s). Wellington Homes Blog
does not express the views of International Properties and Investments,
Inc or those of the broker.
Contact Nestor Gasset and
Katerina Gasset, CIPS, Realtors®, International
Properties and Investments, Inc. Licensed Realtors® in Florida
at 561-753-0135 to list your property for sale or to purchase a
property in Wellington, Royal Palm Beach, Loxahatchee, Lake Worth,
Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach
County Florida. We are accepting referrals.
Copyright © 2008 By Katerina Gasset, All Rights Reserved. *Short Sales In Palm Beach County
Florida- Part 6- After The Offer * Contact Katerina Gasset
for Customized Business and Personal Coaching.
Visit our profile to find
out more about our services. Call us today at 561.753.0135
or Toll Free 800.444.3316. Contact us by email if you prefer by
clicking on email me on the right side of this page under our profile.
To view all the Wellington Florida Luxury Homes For Sale Click here.
We know Palm Beach County and will help you get your home Sold if you
need to Sell your home and help you buy your Wellington Home or Land ;
call us today.
P.S. If you are listing your home as a short sale in Palm Beach County
Florida make sure you hire an agent who knows how to do
short sales and has the experience to get the job done. We are doing
successful short sale packages. Call us at 561-753-0135 to find out
more.
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