Who Drives the Short Sale Bus?

Services for Real Estate Pros with Wilde Law Firm, PLLC

Sometimes a reminder is needed about an unfortunate fact that we all have to live with:

The bank drives the bus, not us……not the seller, buyer, agent or attorney. We are asking the bank/investor to take a loss on this loan and for that they get the keys. Our job is to keep everything moving forward and on course but we don’t get any time behind the wheel.

What can we do and what can’t we do to help keep the bus moving and get this offer to closing? We can’t use the argument that they have already received more than the total loss in interest payments over the last 5 years, because it falls on deaf ears. The fact that the bank will receive far less in a foreclosure is one of the main reasons that a short sale is even considered, but we still can’t use it to get anywhere in the negotiations.

What we can do is consistently follow the same important steps with every short sale. This will minimizes the less-than-perfect experiences but it does not eliminate them. If we put a perfect package together, call the negotiator/bank weekly, anticipate the hurdles ahead, respond to document requests quickly and with a good attitude, update the parties, act with respect and patience, escalate the file when necessary, push when required…we will substantially increase our odds of success. We won’t get them all but we will get most of them.

So pack your patience and perseverance in your backpack and pretend you prefer public transportation to the pedestrian way….or just jump on the bus and try to enjoy the ride. Visit http://wildelawfirm.com/blog/ for more blog posts.

Comments (2)

John Dotson
Preferred Properties of Highlands, Inc. - Highlands, NC - Highlands, NC
The experience to get you to the other side!

Steve, a good summation.

Patience, patience, patience - all the way around.

Sep 27, 2012 12:14 AM
Steve Wilde
Wilde Law Firm, PLLC - Asheville, NC

Thanks John, Indeed.

Sep 27, 2012 12:21 AM