Short Sales are a sincere challenge. I hear the horror stories then, I hear about how someone was able to get a short sale through in just a matter of weeks. Then, I hear another horror story and another good one..on and on..back and forth.
I have a "short sale' expert in my office and, if she doesn't turn silver haired before I do... oh, I forgot, I'm already silver, I don't know what we'll do. Sometimes I don't even want to be near her 'cuz the look of frustration is deadly...I mean it!
She knows what she's doing. She knows all the tricks. She knows what documents to submit. She knows how to coach a hardship letter that will bring tears to your eyes; a financial statement that will make you want to run for the nearest cliff; and these are all the true happenings in these poor folks lives... She knows how to get the HUD1 to reflect the numbers she needs to make everyone as happy as they can be in these trying times. She knows all of that good stuff! BUT, it's the person on the other end...the one who has no name...they say they have a name when they answer the phone but, they disappear shortly after you hang up. You know the ones who say to call with the information they've requested, and when you call them back...they're gone...no where to be found the new no named person advises you that no one could have promised that you would be able to talk with 'that' person again so, your conversation vanished along with them! You are left talking with a new no named person...and it starts over again. Documents sent via fax, with a confirmation letter that it's been received..doesn't matter 'cuz it also goes into the black hole of short saledome along with the emails and all of the no named representatives that you swear next time you're just going to record your message so you can repeat it to the next person while you do something that will eventually produce some revenue.. Yet, you still stand there with the confirmations in your hand... while the black hole accumulates all of your time and hard work in the abyss!
Then, you get past all of this and, hopefully the buyer has literally "hung in" there with the process and, the second lien holder has decided they want $3,000 instead of the $1000 they were offered. I know there are those who say they never give up their commissions in any deal...I don't know where they live but, if I did, I'd go and borrow a cup of sugar from them 'cuz...it's amazing how demanding these black hole deals get... What happened to the rationalle that 2nd lien holders will get nothing anyway when the property goes into foreclosure so, something is better than nothing? It's in the abyss too! I think it's more like...they aren't getting even close to what they are due so...they're just going to hang you out along with them...it's kinda funny...if it wasn't so sad!!!
Don't even get me started with the agent who has no clue how to do these beasts! Promise me, if you don't know how to do a short sale...DON'T DO THEM!
Anyway, we have actually been very fortunate to have the fortitude to hang in with some of these brilliant transactions...I don't know when all of the assistance programs are coming but, I CAN'T WAIT! I MEAN IT..I CAN'T WAIT!! It's really a challenge. We are seriously being positive and persistent...and, thankful, too, that we are able to assist these folks in their challenges!
Wouldn't it be great if we had a directory of short sale lenders and their procedures and practices. A book that would tell us how to deal with each lender...they are all different!
Well, I guess I've vented for the day... I'm looking forward to tomorrow to see what else I can achieve!
IT'S A GOOD DAY...THE SUN FINALLY CAME OUT IN IDAHO! WHOOPPEE! ALL THE BEST. ROBIN
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