Short Sale CASE STUDY: 011

Back on Track

The seller on this transaction is awesome!

He was able to get the form signed in front of a notary and back to me in one day.  I have already uploaded the new notarized form to complete the task 3 days early.

This got me thinking about having the right team together when doing short sales.  You will only be as good as your weakest link.  We can’t always assume that the lender will be the weakest link in the short sale process. They often are.

I can’t stress how crucial it is to have experienced people in all facets of the short sale.  From Listing Agent, Buyers Agent and even Escrow, you need to have a team that has been there before so they can navigate through strange items like this Common Name Affidavit and Fictitious Lien I have been dealing with on this file.

Having a seller that can respond quickly is not always possible.  Sellers in distress often don’t have the means to fax, scan, or even email forms and documents that are needed to keep the transaction moving.  This makes seeing the future and being prepared for surprises even more crucial.  Had this seller not had access to a scanner or had the confidence to get something notarized I would have been driving all over town to try and facilitate this transaction.

I have it on my calendar to follow up in a few days to make sure this new affidavit is acceptable to the lender and that things are moving forward.  With any luck we will have the file out to the investor for approval in 2 weeks or so.

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