I am a certified distressed property agent, mostly working in short sales as opposed to foreclosures. Been doing it since it wasn't cool. We went to school, learned all about how the process was handled, how the people think on both sides, proper paper flow, the psychological effects involved, and a lot more. About half of it applies today, roughly six years later.
We used to be required to get the HUD to agree with the lenders verbal offer before they would ever produce an approval letter. Last week I received an approval letter, and was under the impression we still had to tune our numbers up. At first I thought my attorney had already made some concessions and adjustments in the HUD to prompt the approval.
Then I found out no one knew anything about the letter but me. The HUD was the same. The changes were as yet not made. So it became apparent that they issued the letter, and it was up to us to figure out how to make the HUD fit after the fact.
All the systems and government regulations that were put in place to speed things up have done nothing but confuse what used to be a simple, if not laborious, process. They don't speed things up, they slow things down. The process changes daily.
If I went back to school now, they would probably tell me to throw away half my notes from the first time, and spend tonight memorizing government created acronyms for programs that were nonexistant six years ago. Thank you Washington.
Comments(36)