Well the growing consensus with agents is that it is just too demanding of our time as the listing agent. The buyer's agent just has to call weekly to remind the other agent of what is going on so they can keep the buyer client happy during this long process. I have been to many seminars both locally and on line to see if there is a secret to this whole process. My conclusion is that the bank simply cannot make a decision once they have the documentation they need in order to make this process move faster. It is a losing transaction either way. What they seem to not realize in this is that they are now making other professional people believe that they are "working from a short deck, half bubble of plumb, stupid, idiots among other terms I have heard and used myself in dealing with recent transactions. In this whole process what the seller, buyer, and agents come away with is the understanding that the process simply should not take 3-6 months. What is the answer? I say they must have a group in the bank that adopt guidelines in making this process quicker. That means a person that makes sure that withing 30 days they process this order. They can and do process the loan applications in a 30 day period why not a short sale request? How many of you have had a short sale fall through because the bank informed you that they needed a specific document that you knew you had personally sent more than one time? Or you got on the phone with a terrible representative that did not know how to process your follow up requests? Or last they got to the negotiator and they told you "I am not authorized to tell you we will not counter the offer?" I was working with Sun Trust Bank and the lady on the phone told me she was reviewing the offer and the BPO came in at 90K and the offer was for $65K cash. Her response was to me-"Sir, the banks position is that this BPO came in at this level and that is what we are taking." I notified her that the buyer we had was not interested in paying more than their cash offer. Further there were 18 properties available in this price range and the buyer could easily purchase on of these at a lower price. She wanted this condo because of it's location. Her response was "I informed you on what our position is and that is final." Now everyone left this with a wonderful feeling with Sun Trust Bank. Is this the norm for what others are experiencing? I will vote to end this short sale mess and let them do a Deed in Lieu. Then things will move faster!
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Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen
Michael, it is true that short sales can be trying, but it is best to understand the guidelines. During traning I was told that Fannie Mae requires that sale prices be at least 90% of market value. This is good, hard information. I have often told both buyers and sellers that banks will not "give away" short sale properties, they are looking for a number close to market value. Now I have a specific guideline.
I have successfully closed several short sale transactions, both for buyers and sellers, and I look forward to many more. It's all about knowing how different banks respond...what their guidelines are to close. You can do it!
Aug 13, 2009 01:09 AM
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