We get approached quite often with questions by the, “short sale interested”, in the Santa Clarita Valley. The first thing that we advise our clients is to sit with us in our offices at REMAX of Santa Clarita to discuss the pro’s and con’s of having a short sale negotiated on their behalf.
For some of those selling their home as a Short Sale, it is the best thing to ever happen to them. Like lifting off a 50 pound bag of dead weight from off of their shoulders.
For others, it is a very draining experience. Either way, if you decide, after being presented with all of the facts, that a short sale is for you, then make sure you are working with a Top Team of Local Realtors with a Short Sale Focus.
One of the first things that you need to know about short sales is that they do not stop the foreclosure process until they have been completed. In fact, some of the bank have continued to send properties to auction, after all the property paperwork and been submitted, per the bank’s orders. Even though contact has been made and escrow has been opened.
The banks have many arms, the Collection Arm, the Foreclosure Arm and the Short Sale Arm. The collection and foreclosure arms still press forward and usually are not in communication with the Short Sale arm of the banks.
That is why a clever and motivated short sale agent is a necessity in today’s market that consists of a majority of short sales.
As an aside, we have had to conference call in some of our clients when we are speaking with the Short Sale negotiator at their bank. We tell our clients to remain silent while we ask the questions. Would you believe some of these “tasty morsels” that we have been told by various negotiators at the Major Banks?
- We need the seller to miss payments before we can seriously consider a short sale.
- We have received the package, it will take 60 days to review.
- Our Short Sale system is FAX only.
- We don’t give out business email addresses.
- I know we approved the short sale and had given you an extension, which has not expired, but the investors want the property to go to foreclosure anyway.
- I understand you faxed and have confirmation of sending the package over 30 times, it does not matter, send it again.