I am in process with a short sale, one lender, two loans, purchase money loan, non recourse state law.This is the third time we are presenting an offer. There is no or very little communication with lender who is rejecting the offer telling to get a higher offer but no number, neither justification. They keep telling me that they want to proceed with short sale, but there is now an auction date. This is a dead end situation.Other realtors around me are in the same experience and especially with large lender/bank.An attorney told me that actually banks incline more to go to foreclosure than short sale since they have a better chance to collect money from loan insurance company!!!! (true or not ?) What to do ?Any comments will appreciated, thank you.
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Besure you mention the TD Sale date and ask to get it postponed. You can do this both in your e-mail letter and when you call in (at least twice week) and ask if a negotiator has been assigned. Take the name of the negotiator ie John Smith john.smith@bankofamerica.com. Include your offer and SS add along with the sellers financials. And any thing you fax in should have the loan numbers on every page and for e-mails the headline should have the loan number, the sellers name and the address.
The banks say they would rather do the short sale & they save money by doing the short sale. Problem is the short sale department's at most large lender's are like robots. After months and months of talking to clerks (new one each time, because turn over rate) they'll have you submit the same paperwork over and over and tell you they need xyz business days to give you an answer.. Forget about talking to the "negotiator" if you do get the number LOL, their voicemail box will be full and not accepting messages. Don't take my word for it-google or bing "large lender name" short sale, you can read hours worth of other agents commiserating over SS that never happened. I do wish you better success with it.
Replies
Besure you mention the TD Sale date and ask to get it postponed. You can do this both in your e-mail letter and when you call in (at least twice week) and ask if a negotiator has been assigned. Take the name of the negotiator ie John Smith john.smith@bankofamerica.com. Include your offer and SS add along with the sellers financials. And any thing you fax in should have the loan numbers on every page and for e-mails the headline should have the loan number, the sellers name and the address.
Make it short and simple and stick to the numbers. (IE, Loan Amount, Market Value, Purchase Price, ...)
Good luck!
will try and let you know the result.
When it comes to Short Sales, it's all about Escalation, Escalation, Escalation.
What bank is it? I will see if I can give you some escalation contacts.
Bank I am dealing with is BOA
for both loans
which are coming from Countrywide and Greenpoint mortgage before
Thanks again
Alain