If you work in Short Sales you will appreciate this As' The Short Sales Turn' Reality Short sales or should I say, sagas!
Nestor and I list a lot of short sales here in Wellington Florida and Palm Beach County Florida. Most of the short sale listings are in the foreclosure process. Because of the amount of short sales in our area we decided we would do a series about short sales where we explain the short sale process and the qualifying factors to do a short sale. From there we will be continuing the series with what the buyer needs to know about buying a property in a short sale and what the seller needs to do to complete a short sale.
We also hope this series will help the real estate agents in our area and around the country to understand the short sale process in order to better assist their buyers in procuring a house through the short sale. If the agent is listing a home that will need to be sold as a short sale he or she will know more of what is involved.
This particular post is letting you know some of the ups and downs within the negotiating process that we deal with on a day to day basis.
There are lenders who are efficient in their short sale departments and then there are, well, should we say, lenders who are just not from this planet!
We had this listing that we received an offer on and turned in a whole short sale package which on average consists of about 80 to 100 pages of documents and verifications. Nestor puts this whole package together, OH, BTW, you must add the loan# on the bottom of every single page before faxing it in, he faxes it to the lender. The next day, we find out that they just sold the loan to another lender! We call that lender and guess what! They had NO idea that the seller was in the short sale process. Needless to say, the whole process starts all over again and has been going on since November!
Now on another short sale listing, Nestor sends the package all in and the lender confirms they have received it. They order the BPO. We get the call that the BPO is being done and we are told when she turns it in to the lender. Then when Nestor calls the lender, they say they do not have the BPO! Well, we know they do. It was so funny because the person puts Nestor on hold, and while he is waiting, he calls the agent who did the BPO and she is telling Nestor that of course she turned the BPO in by the deadline the lender gave her. The person from the lender gets back on and hears Nestor and the agent talking and then says, " Oh, we found the BPO." Now this same lender calls our seller a week later and asks him how is his sale on his house coming along! He tells them, it is not coming along because you, the lender, is not doing anything to get this deal done and you have not approved the sale so how can it be coming along!
This one wins the boobie prize! One of our sellers calls the lender to ask them to help them out with a freeze on their interest rate as per our President's request to have the lenders work with homeowners who do not want to ruin their credit, etc. The guy tells this seller that they can not help them and that he does not know what they could possibly do. Then he is looking at their file about their property and says these words, " Gee, you can buy a house for only $150,000 the same size as yours there here in Texas!" They try to explain they are not moving to Texas and that they want to keep their house. He again says to them, "Why don't you move to North Carolina or something!" At least it wasn't someone from India telling them to move there! What a trip!
You must know what you are doing, be very patient and have very good communication skills in order to succeed in short sales. If you are an agent make sure you have a thick skin and are up to dealing in short sales. If you are a buyer who is interested in buying a short sale stay tuned for our series on short sales in Palm Beach County so you get all the information you need to know. And Sellers, you must choose an agent who has the skills and experience to negotiate with your lender and knows what to do in these circumstances should they arise.
Stay tuned for more As The Short Sales Turn as we share this Reality short sale series!
Contact Nestor and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Royal Palm Beach, Loxahatchee, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida. We are accepting referrals.
Visit our profile to find out more about our services. Call us today at 561.753.0135 or Toll Free 800.444.3316. Contact us by email if you prefer by clicking on email me on the right side of this page under our profile.
To view all the Wellington Florida Luxury Homes For Sale Click here and then click on Multiple Listing Search where the globe is on the right side of the screen that opens up. We know Palm Beach County and will help you get your home Sold if you need to Sell your home and help you buy your Wellington Home or Land ; call us today.
P.S. If you are listing your home as a short sale make sure you hire an agent who knows how to do short sales and has the experience to get the job done. We are doing successful short sale packages. Call us at 561-753-0135 to find out more.
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