Short Sale CASE STUDY: 005

Back on Track and Waiting on the Lender

I am very fortunate to have a seller that is on the ball for this file.  He was able to fill out the requested information and return it to me in plenty of time to get it uploaded before their cut-off.

Again, most of the time these short deadlines are all fluff to get movement on the part of the agent.  But we don’t want any delays on this file so we are happy to rush to get things turned in on time.

Property Status: Document Collection

Right now the lender is reviewing the forms I uploaded for accuracy and once approved, they will trigger additional tasks for me to complete.  I have been gathering these items so that when the tasks are available I can upload everything in one shot and hopefully get passed the gatekeeper on the first try.

Teamwork pays off

The listing agent has delivered the Articles of Organization and the various documents that require (according to Wells Fargo) the Principal Brokers initials.  Again, these are Oregon specific forms such as the Short Sale Addendum and the Promissory Note where the form has a spot in the lower right hand corner for the Broker to initial once he has reviewed the file for accuracy.  Wells Fargo views these documents as incomplete without these initials.

That’s about it for now.  We wait for the bank to do their thing.  They get 7-10 days, we get 24-48 hours.  With those timelines you can see how being knowledgeable about the process can come in handy.  Seeing things before they happen can prevent them from happening altogether. I believe that collecting the Articles for the LLC and getting the Principal Brokers initials on rudimentary documents may have prevented a 2 week delay. I will still be shocked if the “gatekeeper” doesn’t stop us for something else though.

 

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