Heads You Win, Tails You Lose

A flip of the coin, the luck of the draw, a roll of the dice…

This can make a big difference on the success of a short sale.

The lender or servicer of the loan can make all the difference in the world.

I am currently working on 2 files that have taken 2 completely different paths.  One has flown through the lender to approval without any issues, one is on day 120 and counting.  The difference is in the lender.

Completely by chance, one seller had there mortgage company swallowed up by a large bank that is aggressive about short sales.  They are efficient, easy to get in touch with, flexible.  A dream to work with.  From submission of offer to approval took about 20 days and the file will close in about 35 days from the time the offer was received.

Heads!  You WIN!

The other side of the coin…

Phone calls ignored, voicemail boxes full, email addresses kept secret, documents lost until the buyer is lost…

This is why agents quit doing short sales.

It takes a dedicated team to anticipate,  process,  follow up and persevere through all the issues involved with short sales.  Even then, the going can be slow if you got the wrong side of the coin.

Without BAD luck, they wouldn’t have any…

As if facing foreclosure or loss of equity wasn’t bad enough, a homeowner can experience harassment, frustration just because their loan happened to be serviced by one of these inept companies.

Tails, You LOSE!

And so does everyone else.

We will not see a healthy real estate market until the number of distressed homes are significantly decreased.  Some lenders get that.  Bank of America is on record as saying they want to increase the number of short sales they do in 2012 by 60-70%. Chase has taken a similar stance with their short sale outreach program.

Until these other banks get on board, We can only hope that more loans get sold to lenders that know what they are doing.

Have you had a bad experience with a short sale?  Feel free to comment below.

 

 

 

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