MY 1ST SHORT SALE

By
Real Estate Agent with Keller Williams Select Professionals

I am working on my 1st short sale, and it is a challenge.  I have been told it would be.  I have submitted the workout package about 3 weeks ago, been calling once a week since, the mortgage company finally confirmed that they recevied the workout pkg, the 1st time I called they told me it would take 3-5 business days before they would even confirm receiving it.  Ok got that out of the way.

Next I was told it would take any where from 60 to 90 days it from the time they received the workout package before it would be  assigned to someone in the loss migation department. Mean time month # 3 is fast approaching since a payment has been made. I am concerned that it would be foreclosed on before having a chance of being shown and an offer submitted, which I did show it and thought I was going to have an offer, but they changed their minds.  Thanks for letting me vent a little.  I do like challenges!!

ANY ADVICE AND COMMENTS WOULD  BE GREATLY APPRECIATED!!!!

 

Comments (6)

Ron Parise
LocateHomes.com - Cape Coral, FL

Your experience sounds typical. I take it you are the listing agent...You should learn how long the foreclosure process takes in your county. And you should follow the progress of the case with your client. (you might be able to do that on line through your Clerk of Courts website)  Most lenders dont even start the process until at least 3 payments are missed. You should know if your client has been served with court papers yet. (Lis-Pendens) Here in Lee County Florida (the foreclosure capital of the country) its common for over a year to pass from the lis-pendens to the actual foreclosure sale. You probably dont have that long, but Im betting that you do have time to sell your listing.  Be aware too that the folks in the banks short sale department are able to delay the foreclosure sale if they have a good offer on the property that they are considering.

Good

Apr 24, 2009 06:30 PM
Ron Parise
LocateHomes.com - Cape Coral, FL

I just noticed that the edit link is missing, I cant correct the mistake I made in my comment. I hit the enter button accidently, before I said Good Luck,

 

Apr 24, 2009 06:34 PM
Bill Somerset
Re/Max Realty Group - Dover, NH
ABR, e-PRO - Realtor - NH Real Estate Agent

Good morning Darlene.  Keep your head up with the short sale.  They can be tough at times, but if you are prepared and you have prepared your clients, most of the time, they are well worth the wait.  It would be easier for us to help you if you were able to tell us who the mortgage company is that you are dealing with.

Apr 24, 2009 11:15 PM
Judi Morgan
RETIRED - San Antonio, TX
San Antonio, TX Real Estate

Darlene, Good Luck on your first Short Sale Listing.  Look at all the help you're getting here from our AR friends.  :)

Apr 25, 2009 12:01 AM
Allison Jung
Universal Realty, Inc. - Las Vegas, NV
Desert Homes in Las Vegas and Henderson

I hear your pain! As a buyers' agent mostly, I've forewarned my clients who show interest in short sales. I've told them that it could take months to close and that I will say, "I told you so!:)" when they start to get impatient after 2 weeks of waiting.

A fellow REALTOR I spoke to recently managed to get an answer from the 1st mortgage within a month (Countrywide) and the 1st offered the 2nd mortgage about 5% of what was owed to them. She also got the 1st mortgage to pay a full 6% commission. It sounds like the sale may happen before the foreclosure. But what made her successful was tireless hours spent ON HOLD and being tenancious in getting an answer.

Good luck and don't give up! Just keep making those calls and developing a relationship with loss mitigation!

Apr 25, 2009 03:20 AM
Darlene Wurth
Keller Williams Select Professionals - Rome, GA
Realtor/REOS

Ron-  thank you for your comment and advice, and the good wishes :)

Bill-Thanks for commenting the mortgage company is Taylor,Bean, & Whitaker, please someone tell me they are easy to deal with

Judi-  Always good to hear from you,  thank you

Allison- thank you,  guess I am on my way,  I have spent some time on hold and will spend a lot more time I am sure,  just wished they would have some decent on hold music besides the  old put me to sleep music  LOl   No not giving up.  Thanks again

Apr 25, 2009 04:18 AM