Many of my fellow agents would agree that one of the major obstacles in doing short sales is simply trying to get the lending instiutuion to acknowledge you!!
We are all aware that they are bogged down with tons of files. It is our job and responsibility, if we take on one of these beasts, commonly known as a short sale or pre-foreclosure, to get the information in a timely manner to the appropriate person. Our clients are working against the clock and they usually have little time left before the 'Big F".... FORECLOSURE! Time is of the essence!!! I would like to help my fellow Realtors, many of whom may be new in the business, new to short sales, or just don't have access to the information needed to slay this beast!
My one piece advice to many of you who are unfamilaiar with the short sale process... is to ALWAYS submit a complete package.... never piece-meal anything!!! The lender simply doesn't have the time to follow-up with you and your client to get the appropriate information. This is your responsibility!!! The items required in a short sale package is for another day...
Many of you are trying to get your completed package to Wells Fargo and it seems as if it is taking forever for them to acknowledge receipt. Maybe you should try some additional numbers???
Note: If you are working with an FHA loan, you must get your client accepted into the Pre-Foreclosure Sale Program and the Homeownership Counseling Progam before they are "pre-approved" for a short sale. Your client must complete HUD Form 90036 and HUD Form 90038. The lender will then provide a HUD form 90045 which is an Approval to Participate Form. This doesn't mean that they will accept the terms of the short sale, that is another matter.
Wells Fargo Authorization to Release Information Forms fax: 612-312-3905
Completed Short sale packet fax: 866-359-7363 *803-396-6056* 803-396-6052 * 803-396-6051
VA loans fax: 866-359-7347
I also have e-mail addresses, phone numbers, and names of several contacts with many lending instituitions. For example, Countrywide, Bank of America, Chase, CitiFinancial, CitiMortgage, Greentree/Conseco, GMAC, just to name a few.
If you would like some assistance, please contact me. I will be happy to assist you!! We should all work together. There is an abundance of business out there. Let's help one another.
If you have any referrals in the Las Vegas or Southern Nevada area, they will be appreciated!!!
More to come.....
Best of Luck!!!
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