Short Sales
How many of you Active Rainer's have completed short sales? I am in the works with my partner right now on about 5-7 short sales that we took as listings. Very tough time. Just want to see what the banks are responding to you with (WaMu, Wells Fargo, CountryWide, etc.)
Please any feedback or tips with dealing with the banks, we would like to close these deals and get them off our chest. Short sales, pshhh who would have thought. . . .
Sharot sales are very complicated. Stay on top of the banks, ask why, influence the BPO.
I have had different experiences with every bank. Some are easier than others. I'm having a tough time with Wells Fargo, and Indymac. They seem to be overwelmed with packages, and the negotiaters are inept.
Basically, send in the whole package: BPO, HUD, hardship letter, income statements, signed contract, etc. DO NOT LEAVE ANYTHING OUT. Everything takes weeks for a response.
When the bank sends an agent to do the BPO, make sure the house looks like it is only worth what you are selling it for! These BPO agents think they will get the listing when it forecloses, and many overprice the house on purpose.
Call every 2-4 days.
Pray that it happens fast. If not, you need to escalate to a higher up.
Good luck!
Naomi Streicher
Broker/Owner
Realty Teams
Rockland County NY
Dominic, I'm glad that you and your partner are very active in this market. I have found that banks are loaded with work right now because they owned a lot of America. I have been waiting with my buyer for an offer for weeks and weeks now. It is frustrating.
Hope you can close all your listings.
Dan
Comments(3)