If I could give just one tip for completing a short sale, this would be it... It's ALL in the package!!! Make sure, make sure, make sure you send the complete package the first time. Find out if the bank has additional disclosure, if so, include them! Look at the package from an outside party's perspective... If you were receiving these 80, 90, 100 pages at once, would you be able to make sense of them? Are they clear? Organized? Current? And if the negotiator/bank does need something... Get it QUICKLY! In return, they'll be quick.
I can't tell you how many times we have had a negotiator tell us that the reason our file is getting worked on so quickly is because it's clean...
"I'm getting this one done quickly because it's so clean... Normally this would take another 2-3 weeks" GMAC
"Wow, you must have sent a REALLY clean package... The files normally take 2-3 weeks to be assigned and have the BPO ordered" Chase representative on our file that had been submitted just 4 business days earlier and was already assigned with a BPO ordered.
"Yours was so clean/complete, I moved it to the front of my stack" Wells approval in 3 weeks
It goes on and on... We even have negotiators that we can send our packages to directly now because they know they're complete, and we get them closed.
Those extra 30 minutes you can spend preparing your package can save you weeks down the road.
Good Luck!
Glen
San Diego Short Sale Experts / San Diego Short Sale Experts
San Diego Short Sale Experts Blog - www.SDShortSaleExpertsBlog.com
San Diego Short Sale Experts - www.SDShortSaleExperts.com
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Absolutely outstanding advice.
I have an attorney negotiate my short sales an we always have 3-5 in process. often, we'll get grief from the buyer agents when the package isn't submitted when they want (typically, yesterday) and the standard answer is "do you want us to ship an incomplete package without the title/etc or do you want a clean, complete package submitted so your offer can get approved?
That sets them straight.