You are negotiating a short sale with a lender. You call in and talk to a someone in a call center overseas. They are very helpful and give you the fax number for the short sale paperwork.
You fax the short sale package. A few day later you call in to follow up. (Most lenders systems take a few days to process the paperwork.)
They tell you that they have no record of having received your paperwork. “That’s pathetic”, you tell them. “I sent it to this fax number. Can you confirm that is the right one?”
“No, that is not the correct fax number”, they tell you. “Here is the correct fax number.” This is why simple follow up is so important if you want a chance at a successful short sale.
Small mistakes like this happen all the time. Let’s say an agent is not familiar with the process. Do you think they will become frustrated after experiencing all the mistakes compounded together?
I think so. To have the best chance at success your agent needs to follow up on the short sale twice a week. Most agents don’t do this. As a result, they aren’t successful at short sales.
That’s why you hear them say the following. “I hate short sales. They are so frustrating. They take forever. Most of mine have dragged out for 9-12 months. The short sale lenders are so tough to work with.”
Why can’t these agents follow up on their short sale file twice a week? Because they don’t specialize in short sales. Your short sale is just one of eight other things they are working on.
A buyer comes to town for a week to buy a home. The agent is busy driving them all over town that week. They don’t have time to follow up on your file.
They are burned out next week and take a few days off. They get back to work on Wednesday. Wednesday thru Friday are consumed with catching up on everything else.
They have to call back three other sellers, show homes to another buyer, and follow up on their closings. They don’t follow up on your file until the next week.
What chance does your short sale have? Everyone knows focus is the key to success. I have chosen to focus on short sales. Because of this, my short sale sellers know that I will handle their file properly.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at firstname.lastname@example.org. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail. If you prefer, then you can call me at 1-800-LISTING.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Pierce County Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this,
Jonathan is a Managing Real Estate Broker at Phillips Realty LLC.
Jonathan Phillips specializes in loan modification assistance and short sales in Pierce County Washington. Pierce County Loan Modification Help, Pierce County Short Sales, Pierce County Short Sale Realtor. Short Sale Realtor. WA Short Sales. Realtor.
Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Phillips’s personal views and do not reflect the views of Phillips Realty LLC. This information on Short Sales: Walk Away or Stay? is provided as a courtesy to our viewers to help them make informed decisions.