With regard to short sales and even the “walk aways“(those who’s best case scenario is not to take the short sale route – but to let the property go back to the bank via a deed in lieu – etc.), first comes the Notice of Default filing. After that, the court being notified, the foreclosure will take it’s course.
The “course” can be interrupted by an attempt at a loan modification, short sale, or bankruptcy. On all three accounts, the Final Foreclosure filing – can be stretched out until such a time the owner get’s relief. However, this is not always the case and sometimes the begging to have their loan modified or have a short sale negotiated, falls on deaf ears.
There are many different department at the big banks and those departments don’t communicate very well. While your agent is negotiating your short sale with an offer and talking with a real live human being at your bank, the collection department is breathing down your neck and nearly blowing up your telephone and mailbox. You can tell them you are doing a short sale – you can say that your agent is in contact with “Mr. or Mrs so and so” – However, the collection department still has a job to do and the calls will continue until the short sale is negotiated.
Funny, in a bad way. We have had clients in our offices with the “mortgage holder” on speaker phone. We have asked the questions, they have assured us that the short sale is on the proper course on their end, and nothing else is needed. In fact, they say everything has been just fine for the past three weeks since their last request for certain documents.
Our clients are sitting in front of us with a very harsh and forthright letter that arrived not more than 24 hours before. The letter was from the same bank, same account number, same address, same name – stating that foreclosure is eminent.
Sometimes, that is what it takes to keep our clients informed on current events and give them a glimpse of our frustration. Communication is good – especially when it comes to an important decision like as short sale – work with a team of experts!
A word about “experts”. To me an expert has been tried under fire, has a lot of successful short sale closings, both on the buyer and seller side. An Expert has a process in place and has contacts at the big 5 banks – within both their short sale and foreclosure departments. An expert keeps their clients in the loop and has not built their Real Estate business in a down economy with their triage skills. An Expert is able to be held accountable and will not B.S. a client to satisfy their bottom line. Some think the word “expert” is thrown around like it has no meaning – because most of the Short Sale Certifications have the word expert in them. Those certifications are great – but it is like a true “operator” in the “secret agencies” or “special forces” in the military or “swat” in the Police Services – They are the true experts, been tried under fire and perform where most of the world would break down! Experts are also not in fear of referring their clients to attorneys and CPA’s with specific questions about whether or not a short sale is the best way to achieve your ultimate goal. “Clean Relief…”
Enough of my what an “expert” is rant. Here is the Graph – Be Safe and let Paris or I know if you need our help with your Short Sale or anything that is Real estate.