I recently closed on three short sales including one with TD Bank and two with Wells Fargo. I was surprised by the vast differences between the level of service from the short sale departments of each bank, which varied from transaction to transaction.
During my TD Bank short sale, the sellers had developed rapport with the bank for several months and were on good terms (despite their many personal setbacks, modified payments and- towards the end- no payments made on their mortgage). The bank was well aware of their circumstances and the sellers took my early advice on how to proceed with the preliminary preparation for their short sale. This was my easiest short sale transaction this year.
The TD Bank negotiator assigned to them was in touch with the sellers regularily and they were given some counseling prior listing their home from both myself and the negotiator. I have to commend TD Bank for Ryan Foss's great work on making this the smoothest short sale ever!!
- THREE WAY COMMUNICATION IS KEY! -
The negotiators for my other two recent short sales wanted no contact with the sellers after the offer was submitted. This is not as ideal because I become the "middleman", however...
PARTIAL COMMUNICATION IS SECOND BEST
and I'll take that over
SPORATIC OR NO COMMUNICATION- WHICH PRETTY MUCH DOESN'T MAKE SENSE TO ME.
Yes, one transaction we had so little communication from the short sale department that the poor first time buyers on the other end were left to deal with all the normal emotions a regular first time buyer would experience during a purchase, PLUS the added stress of just plain old NOT KNOWING WHERE THEY STOOD DURING THE ENTIRE TRANSACTION. In this case, I thank heaven for strong buyerS who's persistence and determination kept them in the long and wait-ful game.
It truly disgusts me to know that we, as agents, could have completed this transaction simply and smoothly (not to mention it could have closed months ago saving the bank some time and money) had the communication been better. I can not go into more details about this transaction but this did close finally, after practically twisting the short sale department's arms (after days of trying to reach them by phone) just to get their final approval on the final HUD submitted 48 hours prior closing. To this, I commend our wonderful team here at the office who worked diligently to make this happen. Listing agent Bill Arnott was diligent and extremely smart in his manner for approaching the bank. The Great East Mortgage and Title team who provided service at the speed of lightening to close this transaction when the short sale department finally approved the sale but imposed near impossible closing dates. Phew!
It's time we are given a voice about this because we as agents can provide valuable feedback to the banks that could be used to modify thier processes and procedures. It's not ok to leave people hanging for 6 weeks before telling them whether or not you will review or accept their offer.
COMMUNICATE BETTER AND LISTEN TO THE "PROBLEMS" WE'RE HAVING WITH SOME OF THE THE SHORT SALE DEPARTMENTS AND BANKS WILL LOSE LESS MONEY.