What is the Missing Ingredient that Causes Many Short Sales to Fail?
It’s a very simple one really, but one that inexperienced or lazy agents don’t use.
It’s called tenacity.
You’ve probably read about the settlement agreement signed by the five major banks: JP Morgan Chase, Bank of America, Citibank, Ally Financial and Wells Fargo. Under this agreement, their servicers must respond to a short sale request within 30 days. Unfortunately, that response can be acceptance, rejection, or notice that the package was incomplete and needs to be re-submitted. And if your loan is one of the 33% serviced by some other bank, the new regulations don’t apply.
One key to short sale success is in knowing how to present the package right the first time, then following up to make sure the servicer has received it in its entirety. Things do tend to get lost in those large offices.
An agent who sits back and just waits to hear from them can be waiting a very, very long time. And while they’re waiting, your house can go into foreclosure. You don’t want that to happen.
That’s why I stay on top of my short sale offers – staying in touch with the asset managers and moving things along as quickly as I can without making them angry. Sometimes it becomes a fine line to walk, but when I’m protecting my clients, I’m glad to walk it.
I’m also accessible to the asset managers. If they call wanting another document, another signature, or more information, I get it and get it back to them right away.
Handling short sales correctly is more work for a listing agent, but helping my clients avoid foreclosure makes it all worthwhile.
If you’re ready to get started, call me today. We’ll set a time to get together and I’ll explain the process more fully. 703 850-4330.