Short sale feedback

the fastest way, I think, to work the system is to list the property for around 5% under market and then wait for offers.  After that, show the bank the offers and then they will finally take action.

Hi Thomas,  Part of the problem, in many cases, is that the lender has contracted with a third party to help process the paperwork.  Thsy feel little need to communicate with us.

Thomas, this is a great question. most of the time the lenders take their time getting back to the listing agent regarding information,. Your best bet is to prepare your buyer for a 30 to 90 wait for a response and look at other properties in the meantime because the deal may or may not fly.

Sellers must specifiy with whom the lender is allowed to speak regarding any loan information.  I don't have too much experience with short sales, but I highly doubt the seller would be willing to put the buyer's agent on the discussion list.

Prepare your buyer for the 45 - 60 day wait for response.  Prepare them for a counter offer or a rejection.  In the last 4 months or so, I have noticed that lenders are taking the initiative to contact the listing agent about the home they notice in default. That's a good sign.  Doesn't sound like this transaction is as lucky to have lenders communication.

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My main blog on Active Rain is here: Charlottesville Real Estate Blog, not the link at the bottom of this post. 

I hope you will look into the many groups as there are some great group both local and broad based,.... 

enjoy!