Woodland Hills California Real Estate - Woodland Hills
California Part # 6 - We Have An Offer
I
n
order to understand the entire short sale process please read the Short
Sales In Woodland Hills California Series we have posted here:
Part # 1 : What
You Need to know if you are buying or Selling
Part
# 2 : Do
You Qualify to Do a Short Sale In Woodland Hills California
Part
# 3 : What
You Need to Have In Your Short Sale Package
Part
# 4 : The
Process of The Sort Sale What's Next
Part
# 5 : Myth and truth about Sort Sales Offers
We
have reached the point that a buyer has made an offer and submitted
all his/her collaborating
documentation. The seller and his/agent have put together all the
required
seller documents for the short sales in Woodland Hills California
package.
The sellers agent is making sure that all documents
required by the lender are
filled out correctly and most impotently that all documents have the
loan number on every one of them . The agent now
will contact the lender and will get the instructions of how to get the
package to that lender. Most lenders out there want the documents
faxed. If they
want you to express mail the package to them, you have to make sure you
have a duplicate
package prepared. Many times the express
mailed
package is signed for but it ends up in the lender's black
hole. They seem to lose faxes of a package that in many cases
contained over 100
pages, So make sure you have a back up.
Super
Tip:A good
way of dealing with the loan number on the documents, I
would recommend buying one of those
stamp kits at Office Depot so you can easily 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.
When the Short Sale package is delivered to the lender the agent
will call the lender to make sure that they are in posation
of
the package.
This important action by itself is an act in patience! Some lenders are
easy to reach and some are a nightmare. Sometimes you are on
hold
for
over an hour just to get to the right person to find out only if the
package is there! Please do not work in short sales if you short
tempered or are impatient as your blood pressure will
elevate high while on the phone with some lenders.
Super
Tip: Make sure to call the lender
early in the
morning, be on that phone before every body else starts calling.
Be the first in line!
Once we get someone on the phone to confirms that they have
received the package and they are in posation of our
authorization letter from
the seller, we can talk to the lender. The first thing we
do is
to confirm that this is the lender that is actually the holder of the
note for this property. In some cases the lender
that our
sellers were sending their
payments to had sold the note to another lender and that lender in turn
sold it to someone else. Some time from the time of giving
the
lender
notice that we were doing a short sale a note may end up being sold
twice in a period of just a couple of weeks. The
lenders were considering that loan a hot potato!
Super Tip:
To stay on top of things 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.
Some of the lenders out there service their own loans and some of them
use a servicer to handle their paper work and collects the mortgage
payments. In this case the servicer will take care of all the short
sale paper work and act on behalf of the lender. holder. For instance,
for example, 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. You
will get the best results from these companies.They will get
paid only upon the completion of each short sale so they are
quick to respond to us. It is usually easier to get right through
directly
to the negotiator on the file.
And then there are these 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 worry about
losing the first
buyer. Once you got a counter offer 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 tax accountant
regarding specifics and to find out if this is the best option for you
in your situation.
Copyright © 2008 By Rachel Zeppinick, All Rights
Reserved.
Short
Sales- Part # 6 We Have An Offer.
* Contact Rachel
Zeppinick for Customized Listing packages.
Visit my profile
to find out more about our services. Call us today at 818.288.7255.
Contact us by email if you prefer by clicking
on email me on the right side of this page under my profile.
P.S. If you are listing your home as a short
sale in Woodland Hills California 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 at818-288-7255 to find out more.
;)
;)
