Short Sale Systems
With the advent of many different “Short Sale Simplifying” programs from some of the largest banks. The banks that hold the most in the way of “defaulting loans”, we have watched as the process has become faster.
Notice, I did not say simpler, just faster and a bit more refined. When Paris and I started in this current Short Sale Market, everything was handled by FAX alone. Sure, the agent negotiating the short sale and FAXING all of the paperwork to the bank to obtain the approval, had a “confirmation” page that was printed by the fax machine, but it mattered not when the bank said they did not receive it. I remember having documents faxed, in some cases, over 30 times, with 30 pages of confirmation receipts, stating that the fax was received on the other end.
Only Fax? Seriously???
Today, there are a handful of banks that still operate by FAX only when it comes to their Short Sale approval process, but there days are seemingly numbered. People are SCREAMING at the top of their lungs and putting some of those banks on notice. If a person needs to short sale, the paperwork should be able to be sent and reviewed without the 30+ fax effort.
BTW, the people screaming loudest may not be the Short Sale Sellers – They are the investors that are having the banks handle those properties they lent on which are now defaulting…
Some of the largest banks that have a lot of loans being defaulted on have put in place actual systems to help the Short Sale Process. For that, I am thankful. One such system is Equator, a few of the largest banks use it and we are certified on Equator as well.
Short Sale Websites
It is like a specific website that was built around the Defaulting Loan Industry. Short Sale agents can upload all of the necessary documents to start the process of short sale. The Listing Agreement, Letters of Hardship and financial documents can all be uploaded into the Equator System. Once reviewed the agent will receive an e-mail from the person on the other end that was assigned this particular Short Sale. After that, the system is capable of generating “tasks” – Things to do. Equator also has a messaging feature, like email, where we are able to message and receive messages from the Assigned Short Sale representative on the Bank’s Side.
Team of Short Sale Experts
There is no “silver bullet” when it comes to Short Sale Negotiation in Santa Clarita Valley cities or anywhere else for that matter. The BEST advice I can give you about Short Sales is to always start getting your own Good Advice before starting one. Your source of advice should be a Team of Santa Clarita Short Sale agents that are seasoned in the art of persistence and short sale negotiation with real estate lien holders.
It does not hurt in the process that we are with RE/MAX of Santa Clarita CA, it’s kind of nice having a 800 pound gorilla on your side when negotiating a short sale…