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Short Sales Getting Easier

By Stella Barbour

Real Estate Broker/Owner with NoVa Brokers LLC 0225 094634 VA/ 643686 MD

April 24, 2009 01:37 PM

I am finding the following improvements while working with short sales:

* Phone numbers for the negotiators for the banks are getting easier to get.

* Wait time on the phone for someone at the bank to help you is getting shorter.

* More service reps are trying harder to help the situation instead of telling me to call back in 5 days

* Banks are becoming more realistic with the prices of homes.

* Banks are asking for less information up front.

I think that we will be able to help our clients succeed in their short sales and prevent future bankruptcies which helps improve our economy for the future.

We all work hard for our clients, but it makes us feel better when we make it all happen.

Is anyone else getting better results?

Please share as it gives others hope.

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Joe Garcia

EXIT PERMIAN BASIN REALTY - Odessa, TX

I worked on one recently. It was not that easy with countrywide, however another agent in the office is currently doing one and it seems to be going well with good communication from all sides. Overall it does seem to be getting a littel smoother.

Good Luck!

Apr 24, 2009 02:11 PM

Satar Naghshineh

Satar - Amiri Property and Financial Services Corp. - Irvine, CA

I've been doing short sales for four years. My experience is that the wait times to talk to someone has decreased but the flexibility of the short sale terms has tighten. For example, approval letters usually didn't have buyer's names. So it was easy to subsitute it to another buyer. Now, you sometimes have to go through hoops to do so.

The other day I was comparing the 1 page approval letters I got from WAMU to the new 3 pages you get now and I was smiling as how things have changed. I'm also glad I got smarter as to how I profit more than I did before.

Apr 24, 2009 03:49 PM

AMBER NOBLE GARLAND - Top Real Estate Expert, Property Tax Appeal Specialist & Author

Strategic Marketing Expert & Relocation Specialist Serving New Jersey and nationwide! - Marlboro, NJ

- The Agent You Can Trust To Deliver REAL Results!

My experience with some lenders has been better than with others when it comes to short sales. It really depends on the individual banks.

Apr 27, 2009 03:21 PM

Tony Orefice

NorthGroup Real Estate/www.TonyORealtor.com - Concord, NC

Realtor- Cabarrus County, NC

Hey Stella,

It's good to hear that short sales are finally becoming easier to deal with. I guess this had to happen seeing that they are becoming more present in today's RE market.

Dec 14, 2009 12:56 AM

Ray Saenz

Exit Realty Laredo - Laredo, TX

Homes for Sale in Laredo, TX - Texas, Realtor

Stella,
Good, can you share wthat lenders are those? have you tried lately bank of america? :) it's a nightmare, hope these days they change their stupidity !

Feb 13, 2010 03:30 PM

Short Sales Getting Easier

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