I have been reading more and more about short sales on the different posts here on Active Rain, and maybe I am going about these all wrong, but I get 95% or my short sales accepted. I simply call and find out a fax number of where to send the packet and then I send the authorization form in only with a note attached to please call me about the clients loan status. This way, I find out from the bank exactly where the client stands and how far behind the really are and where the bank is in the process. I let them know we are trying to sell the property and ask them for their short sale packet and what information they need.
After I receive the contract I send in EXACTLY what they asked for - nothing more, no extra information, no more 75 page packets, nothing else, nothing extra other than a one paragraph executive summary of the marketing and some basic stats on the local market - usually on the cover sheet. I may continue to fax this packet 5 or 6 times, because it seems as though if you only send it once, the bank ALWAYS loses it - that is a common line with most lenders I have worked with. Once I confirm that they have received the packet and that it is complete, I ask about how long the process will take, typically, then, I call back close tot he end of that time frame for an answer - I dont call every day and waste countless hours of my time on the phone with them, yelling at them, insulting them, treating them poorly - they are people with jobs who have a process to follow - just like us.
I may not like the process, but I can tell you that I do not mind short sales too much taking this approach. Once I get to that deadline time they gave me and I do not get an answer, I remind them that I followed their rules, did not bother, did not call and insult anyone, and simply wnat an answer. I may push a bit at that time to move up the food chain, but I am finding that it takes this long for the banke to go through their decision making process and if I am the squeaky wheel, then i am simply going to get thrown to the bottom of the pile.
I think if you tried this approach, you would find it refreshing to see that you get calls from negotiators with accpetances - when you least expect them. Then, when something happens with the financing, appraisal, inspections, or clsoing date - as it usually does, I find it much easier to get them to accept changes. Not a bad process, just a lengthy one.
Call me crazy, but it does work.
Of course there have been banks that I have had to call daily to get them to even acknowledge that I am alive - and that is what makes this so much fun (note the sarcasm!) I usually do not push like this until I get to the second mortgage, if there is one, but many times, I simply will not take listings with a second mortgage unless I can get the bank on the 2nd to give me a reasonsble payoff up front and the numbers make sense enought to attempt the short sale.
If you are in Ohio, please see our sight: http://www.OhioShortSaleSolutions.com
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