Short Sales In Palm Beach County Florida Part 6- After The Offer Comes In.

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short sales in palm beach county part 6
Short Sales In Palm Beach County - Part 6- After The Offer Comes In.

In order to understand the entire short sale process please read the Short Sales In Palm Beach County Series we have posted here:

Short Sales-Part1- What You Need To Know

Short Sales- Part 2-Are You Qualified To Do A Short Sale
Short Sales- Part 3- What you need to do to Prepare for The Short Sale
Short Sales- Part 4- What The Buyer Needs To Have With A Short Sale offer
Short Sales- Part 5- Myths and Truths about Short Sales

So now the buyer has made an offer and turned in all his/her supporting documents. The seller and his/agent have put together all the required seller documents for the short sales in Palm Beach county package.

The agent will now make sure that every document required is correctly filled out and that the loan number is on every document. The agent now will contact the third party lender and get the instructions to get the package to that lender. Most lenders want the package faxed. If they want you to express mail the package make sure you have a duplicate package prepared. On one of our short sales; we expressed mailed the package and it was signed for but it ended up in the lender's black hole. Then they lost our two faxes of a package that contained over 100 pages and they even said they never received our email when we emailed the package. So make sure you have a back up.

Super Tip: I would recommend buying one of those stamp kits at Office Depot so you can place the loan number on the stamp and stamp all the pages of the short sale package instead of hand writing the loan number on 80 to 100 pages of documents.

Once the Short Sale package is delivered to the third party lender we will call the lender to make sure that they have received the package. This one action is an act in patience! Some lenders are easy to get through and some are a nightmare. Sometimes Nestor has been on hold for over an hour just to reach the right person to find out just if the package is there! Please do not work in short sales if you have a hot temper or are impatient as your blood pressure will surely rise while on the phone with certain lenders.

Super Tip: Call the lender early in the morning, get on that phone before all the other callers start calling. Be the first in line!

Once we get someone on the phone Nestor confirms that they have received the package and that they have our authorization letter from the seller so we can talk to the lender. The first thing Nestor does is to confirm that this lender actually holds the note for this property. We had one short sale where the lender our seller was sending his payments to had sold the note to another lender and that lender in turn sold it to someone else. Since the first day of giving this lender notice that we were doing a short sale that note ended up being sold twice in a period of just a couple of weeks. The lenders were playing hot potato with his loan!

Super Tip:
Make sure that you call ahead of even getting an offer to the lender to confirm that they are still in fact the lender. Notes are being sold every day so stay on top of this.

There are note holders that service loans that they do not own. In these situations the servicer takes care of all the short sale paperwork and acts in behalf of the note holder. For instance, we have a file now where the servicer is GMAC and the note holder is Deutch Bank. GMAC is like the negotiator for Deautch Bank.

There are also companies that just do Short Sale processing and negotiations that lenders will contract out their short sales to. We have had the best results from these companies. Obviously this company is also getting paid upon the completion of each short sale so they are quick to respond to us. Nestor usually can get right through directly to the negotiator on the file.

Then there are the lenders who are trying to do it all themselves. These lenders own the note, service the note and handle all aspects of the Short Sale. These tend to be the hardest to get through to. They are totally swamped with files and they do not have experience in doing Short Sales. You are getting a salaried employee who knows little to nothing about the real estate business. Most of the time by the time these lenders do something with your short sale package the buyer is long gone!

Super Tip: Don't sweat losing the first buyer. Once the counter is made from the lender you will know exactly what they will accept for the property and the next buyer that comes along will be able to close quickly. More on that in the next post, Part 7.


Disclaimer: This post is not intended to be or to provide legal advice. We recommend that you speak to your attorney and your tax accountant regarding specifics and to find out if this is the best option for you in your situation.

The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Wellington Homes Blog represent the opinions and ideas of the author(s). Wellington Homes Blog does not express the views of International Properties and Investments, Inc or those of the broker.

Contact Nestor Gasset 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.

Copyright © 2008 By Katerina Gasset, All Rights Reserved. *Short Sales In Palm Beach County Florida- Part 6- After The Offer * Contact Katerina Gasset for Customized Business and Personal Coaching.

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.
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 in Palm Beach County Florida 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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Rainmaker
1,142,607
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time
This has been a really good series Katerina. We all need as much help as we can get when it comes to dealing with short sales. Keep the pointers coming!!!
Feb 19, 2008 07:26 AM #1
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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
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Bryant Tutas, Broker-REALTOR(R) Tutas Towne Realty, Inc

Bryant- Thanks. There is much to know in this area of short sales. And I just did my first html conversion post!  

Feb 19, 2008 07:33 AM #2
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Katerina:  You ARE amazing!  What great series you're posting here and thank you so much for the lesson!  I was recently speaking with Paige Rausch about short sales and we are not doing as many of them here as other areas.  Your instructions are quite consise--you've been bookmarked!

        

 

Feb 19, 2008 07:41 AM #3
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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
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Debe Maxwell

Debe- Thank you! This series is ongoing because there is so much to know about in short sales and so many different things that can come up. Katerina 

Feb 19, 2008 09:43 AM #4
Rainmaker
316,251
James Downing - Metro DC Houses Team REALTORS®, CRS, GRI, ABR,MRP, MilRes
Real Living | At Home - Washington, DC
When Looking to Buy or Sell - Make the Right Move

WOW - So much information you are providing - my head may explode!  Where do I send my check for all of this coaching and knowledge?!

THANK YOU!

Feb 19, 2008 09:44 AM #5
Rainmaker
2,824,240
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher
Katerina, You have taken a very confusing subject (to me) and made them much more understandable.  I thank you and I'm sure all your readers do as well for your knowledge!
Feb 19, 2008 09:54 AM #6
Rainer
136,482
Gayle Balaban
The Best Spot Realty/Waterfront Real Estate/Ooltewah Real E - Chattanooga, TN
E. TN Waterfront Real Estate
I have been reading your series and I firmly believe that we should stick to what we know and seek assistance from others with eperience when we encounter something unfamilar and specialized.
Feb 19, 2008 10:35 AM #7
Rainer
70,582
Matt Moxhay
Prudential Fox & Roach - Moorestown, NJ
Moorestown Real Estate
Katerina- I really like how you've structured this post and the topic couldn't be more timely these days!  I've bookmarked this so I can keep track of this series.  Thanks for sharing....you're truly a pro when it comes to sharing the wealth!
Feb 19, 2008 10:48 AM #8
Rainer
165,557
Dan Forbes
Bradenton, FL
Katerina - You are doing a good job with this series.  Thanks for your concise explanations.
Feb 19, 2008 08:54 PM #9
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Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate
Katerina, thanks for a very good, quality series. I will definately be referring back to it. How did you do the larger font? How about a post on it for all of us?
Feb 19, 2008 11:29 PM #10
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Patricia Kennedy
Redfin - Washington, DC
Home in the Capital
Katerina, thank you for this terrific information.  You are saving all of us so much time!  We don't have many short sales around here, and when we do, few agents have any clue about how to handle them.  It's nice to know that I can email them a link o your serieis!
Feb 19, 2008 11:49 PM #11
Rainmaker
702,513
Chuck Willman UtahHomes.me
Utah Homes - Alpine, UT
Utah Homes
This is very good information. Short Sales are almost like an adoption. There is so much emotion, and waiting, and back and forth. It's not for the weak. However, when it's finished you can look at it and say much good was done here. Hopefully someone will have avoided bankruptcy while the others receive a good deal on a home.
Feb 20, 2008 02:36 AM #12
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