I never thought I would say this, but I just had a relatively easy short sale closing.
I've done quite a few in the past year, and every one was headache, shortest before now was 5 months, the longest 8 months. Most that time spent making sure they had the complete package. For those who haven't had the pleasure of these deals, one has to put together the package, which has the listing contract, sales contract, distress letter, financial papers of the seller and whatever that particular lender thinks it needs. Many times, stacks 2 inches thick, then you must put the loan number on each page and fax it to them. I remember naively asking the first time if I could overnight it, NO it must be faxed to the processing center, where they promptly lost parts. Weeks would go by and when you finally got a hold of someone, they would tell you what they didn't have and you would start again. Of course every time you would call you would get a different person, who didn't know anything. I finally could tell after awhile, when they answered the phone if they would or could help, if they sounded like a idiot I would just hang up and call again to get a person who might help me. After the third or forth person, I would get a person who cared. I asked over and over why don't you let us overnight it, why can't one of those dozens of phone people or fax processors be assigned to take the overnights, make sure its complete and walk it to the next level.
Well guess what, the short sale that closed today was 8 weeks! I called the lender, Bank United, they asked my address and within 2 days I had a letter with what they wanted. I overnighted it to them, they called and said it was complete they assigned one person to oversee it, gave me her email and direct number. I almost fainted. She worked very hard to get in front of the committee, when they asked for something she got on the phone and called me.
I'm praying if I get any more, that the lender will be that bank, great job guys. Now I hope all the lenders will take note.
Sato Real Estate