I listed a property back in February and was able to secure a contract. (My first short sale by the way.) The property's value is not what the owner paid for it, thus a short sale. The lien holder required me to use an online site, Equator.com, to place the information in their system. Now here's where the nightmare begins.
The information has been in their system for over three weeks. I have emailed and called Equator.com several times to get an answer as to whether or not this short sale offer is acceptable and that the buyer may move forward. First thing that is wrong is the contact number for the negotiator. The number in the system goes directly to voicemail and gets stuck in a continuous loop so you are unable to speak to a live person or to leave a message. Second, when you use the message system in Equator.com for the negotiator to contact you, there is no response. Third if you send the negotiator an email there is no response. Finally today after calling almost everyday this week a customer service representative gets me to the right voicemail where I am able to leave a message. But, it may be too little too late. The buyer is concerned about loosing out on the tax break and may cancel the contract if I don't get back with them today with a positive answer.
You work really hard to put a deal together and it is very unprofessional for lien holders to ignore your attempts to make contact so as to hold the deal together.
I've been told that short sales can be difficult but really, returning a phone call or email in a timely manner can go along way in making for a smoother transaction.
Is there anyone else out there with an opinion about how to make short sales work? I would love to hear from you.