There are hundreds of posts (if not thousands) on ActiveRain alone about files being lost in the big void called the land of short sales. Nothing appears to be getting better from my vantage point.
Let's get the programmers of the world to create a standardized tracking system that would be open source that can be used cost effectively to track the status of these transactions online! Some of the Google Geeks I have met could probably write the source code in their sleep.
Even if the program just had the following items to track would be a huge step toward the massive communications void:
- Loan number of the first
- Contact person (with encrypted email address and phone number)
- Negotiator (with encrypted email address and phone number)
- Offer submitted for review (yes/no)
- List all required document for review
- Bank procedure outlined for how to handle additional offers (if any come in)
- Anticipated file review date range
- Next step
- Trustee Sale Date if sale not consumated
- (repeat if more than one loan on the property)
I am glad NAR has stepped up to provide the Short Sale and Foreclosure Certification and maybe we can work with them to help standardize the process! If everyone who is deeply involved in this process gets the new NAR certification and agree to provide some standardization (required or not) then as the industry sees we are being proactive, maybe the Loss Mitigation Departments and REO departments will start using Realtors that are specially trained and educated in this field instead of assigning the property to the first person to agree to a BPO online for $50!
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