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Replies (20)
- Christine McGinty, "whitemountainagent"
- Contributions:273
I'm seeing more positive outcomes lately. Especially with GMAC and FHA. They seem to top the list for best and fastest. I've had good luck with some of the smaller lenders too. They may not be bogged down with so many and are able to get through the process quicker. I think overall the banks are starting to improve as they do more.
- Kristi Hancock, "kristi1221"
- Contributions:6
I just had a very positive short sale experience with Chase bank. The negotiator was nice, helpful but most importantly, was pro-active. I was shocked and amazed. It was the first time ever that I had such an experience with a bank on a short sale. Maybe they are really starting to understand that they need to work with us to get things done. It is for their best interest also.
- Loretta Buckner, "RealWorldProperties"
- Contributions:205
I am so anxious to hear positive stories! The Equator system has streamlined some processing, however overall my experience has not improved.
- Edyta Gryc, "SE Florida broker"
- Contributions:304
After over one year of waiting for Aurora approving the short sale, it looks like we are going to have a closing. Finally.
I had in the past bad experiance especially with PMI companies-they always asked for a note to be signed by the owner-so I could not close none of them-I am not sure if this changed recently. I gave up on short sales. I only have 2 left but I am not sure if I want to do them again.
They are so time consuming and the results so far were not satisfying to me. But I heart that some lenders began to cooperate more (or simply the bank negotiators were cooperative), so I may go back to them, but this time I would use a title company to negotiate for my clients.
I had in the past bad experiance especially with PMI companies-they always asked for a note to be signed by the owner-so I could not close none of them-I am not sure if this changed recently. I gave up on short sales. I only have 2 left but I am not sure if I want to do them again.
They are so time consuming and the results so far were not satisfying to me. But I heart that some lenders began to cooperate more (or simply the bank negotiators were cooperative), so I may go back to them, but this time I would use a title company to negotiate for my clients.
- Metro Indy Expert.
- Contributions:197
I've found that the number 1 complaint is with not getting answers from the negotiator is. In defensecof them I'd like to say that we as agents must remember that they are also human and probably under a lot of pressure. I find my success is better if I treat them nicely and let them know how much I appreciate all their hard work.
- Torey Eisenman, "Torey Eisenman"
- Contributions:16
We are having great success with short sales. Every file varies. We had 3 files approved recently that are investment properties with deficiencies WAIVED. Staying organized and determined is key.
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- David & Maria-Nella Landman, "PrimeOne Realty"
- Contributions:101
In Short Sales everything is on a case to case basis, we close around 5 to 7 short sales a month and we lost houses to foreclosure as well due to negligence of the negotiator who forgot to postpone a sale date but the worst scenarios are when the negotiator is misinformed by the BPO agent about the real value of the property and they want more than the fair market value and if there are no offers on the table they simply foreclose.
With Chase Home Finance, we had excellent experience and the worst experiences as well, once they foreclosed a house the same day we got the SS Approval!!!, they do not connect to each other, at the end, you as a short sale specialist need to know that the Foreclosure will come if has to come and is your clients's own luck, there is nothing you can do if you cant get the shortsale approved, but when your client is lucky the short sale come with its own feet.
With Chase Home Finance, we had excellent experience and the worst experiences as well, once they foreclosed a house the same day we got the SS Approval!!!, they do not connect to each other, at the end, you as a short sale specialist need to know that the Foreclosure will come if has to come and is your clients's own luck, there is nothing you can do if you cant get the shortsale approved, but when your client is lucky the short sale come with its own feet.
- Travis Waller, "TravisWallerCRS"
- Contributions:90
I have had great experiences with lenders on most short sales. Keep in mind, I don't accept all short sales when offered to me.
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Let me know.
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Let me know.
- Matt Pickett, "Colorado_Springs"
- Contributions:379
Short Sales are a slow process. The buyers lender always works out well its the sellers lender that takes their sweet time
- William A. Tierney, GRI, "tek1wat"
- Contributions:39
Trish, several years ago it would take us over six months to get a short sale to close. Our most recent short sale was closed in under 45 days thanks to the lender using Equator.com to help move the asset along.
- Angie Boggeman, "angie boggeman"
- Contributions:469
The process does seem to becoming smoother. I have had good luck with several helpful negotiators lately. I am hoping that it will continue with 2 I have coming up.
- Shawn Rogers, "Mister Rogers Homes"
- Contributions:912
Trish,
Good Evening.
Most of my SS transaction, were completed, by "hook or by crook", lol, but I can't recall any of them being a "walk in the park". I now have a SS team that does most of the negotiations for me, we are doing must better, now. The "trick" may be to keep on top of the sellers lenders requests.
Hope that helps.
Have a BEAUTIFUL night.
Mister "Shawn" Rogers - REALTOR, AZ.
Good Evening.
Most of my SS transaction, were completed, by "hook or by crook", lol, but I can't recall any of them being a "walk in the park". I now have a SS team that does most of the negotiations for me, we are doing must better, now. The "trick" may be to keep on top of the sellers lenders requests.
Hope that helps.
Have a BEAUTIFUL night.
Mister "Shawn" Rogers - REALTOR, AZ.
- Angelica Molina, "MolinaGroup"
- Contributions:31
The worst short sale experience I've had was actually with a 2nd lien holder servicing GMAC locally (Colorado) They didn't want to allow any discount, they asked for the full paid off. BOfA (first lien) allowed $5K on a $40K (2nd lien) they just said "We rather let it go into foreclosure than allowing a short paid off." and so it went into foreclosure. The SS taking me longer to close are with BOfA, only 2 had been gone into foreclosure with them, and that's because the negotiators forgot a little step of the process (request a postponement) even though the request was made by us, knowing everything was on file, and they took the properties to foreclosure with $20K-$25K less than the actual offers being reviewed. The fastest short sale I had was local, had an offer on Friday morning, seller accepted and executed the contract at 1:00pm, the negotiator was notified, the offer was submitted 30 minutes later, and by Monday at 3:00pm the approval letter was received.
- Edwin Baloloy, "Edquity"
- Contributions:183
My favorite 3 to work with:
1. Wachovia (Wells Fargo) - absolute BEST process as long as you don't have an auction date to watch.
2. Wells Fargo - applies to both 1st and 2nd.
3. CitiMortgage - as long as you're dealing with Citi -- not one of their 3rd parties they subcontract with.
The WORST:
1. Bank of America 2nds
2. Chase 2nds and high balance 2nds
3. Aurora 1sts - they seem to have the highest ratio of foreclosures
Most improved: Wells Fargo and Bank of America. While they're on totally different levels, BofA has come a long way since the dark ages of Countrywide where it can take 1 year -- with the same buyer!
1. Wachovia (Wells Fargo) - absolute BEST process as long as you don't have an auction date to watch.
2. Wells Fargo - applies to both 1st and 2nd.
3. CitiMortgage - as long as you're dealing with Citi -- not one of their 3rd parties they subcontract with.
The WORST:
1. Bank of America 2nds
2. Chase 2nds and high balance 2nds
3. Aurora 1sts - they seem to have the highest ratio of foreclosures
Most improved: Wells Fargo and Bank of America. While they're on totally different levels, BofA has come a long way since the dark ages of Countrywide where it can take 1 year -- with the same buyer!
- Mercedes Lucin, "Homes in Oakland"
- Contributions:28
I do hope the short sale process and time will improved , I have had several
good experiences and also some very bad ones.
I know there is plenty of money to make if you have all day to wait on the line, and it would be much easier if existed more communication between the Bank's different departments and papers did not get lost so often.
good experiences and also some very bad ones.
I know there is plenty of money to make if you have all day to wait on the line, and it would be much easier if existed more communication between the Bank's different departments and papers did not get lost so often.
- Chris O'Connor, "CallChrisToday"
- Contributions:269
Short Sales have definitely become easier to negotiate and manage. I've had very few problems with Chase and am always excited when I get a Short Sale listing where Chase is the lender.
Equator has definitely helped Bank of America but the program can be cumbersome and frustrating. Overall, even Short Sales with Bank of America aren't as much of a challenge as they were only a few years ago.
Equator has definitely helped Bank of America but the program can be cumbersome and frustrating. Overall, even Short Sales with Bank of America aren't as much of a challenge as they were only a few years ago.
- Edwin Baloloy, "Edquity"
- Contributions:183
@Chris - are you referring to negotiating 2nds with Chase where the 1st lender is a different servicer as well? I agree that they're pretty easy as a 1st lender, but just wanted some clarification. Also, if the 2nd is in the recovery department (already charged off) and the balance is over $200k, I've had some tough times with them. Again, this is compared to other servicers.
I sure wish BofA 2nds were done on Equator. :)
I sure wish BofA 2nds were done on Equator. :)
- Shawn Ryan Rosa, "sryan1980"
- Contributions:493
- Marla Lopez, Broker, "Idaho House Hunter"
- Contributions:490
Recently completed a short sale for a Seller in just 3 months with GMAC. They were extremely easy to work with, responsive and kind.
They EVEN emailed me a customer service survey once the sale was completed!
UNBELIEVABLY great to work with!
Also, had a great experience with a local (North Idaho) bank, Mountain West Bank.....turned over a short sale in record time. When you can actually walk in the bank and deal with a person, it's a whole different STORY!!
Can't say that about each and every bank, but most are getting on board with working closely with Sellers and Agents. It seems to be in everyones best interests!
They EVEN emailed me a customer service survey once the sale was completed!
UNBELIEVABLY great to work with!
Also, had a great experience with a local (North Idaho) bank, Mountain West Bank.....turned over a short sale in record time. When you can actually walk in the bank and deal with a person, it's a whole different STORY!!
Can't say that about each and every bank, but most are getting on board with working closely with Sellers and Agents. It seems to be in everyones best interests!
- Nicholas Ribeiro, "NicholasRibeiro"
- Contributions:1807
I have had GREAT experiences with smaller lenders and local banks. I can still get those big banks closed it just takes more time. Any bank that assigns people to files and not systems is a huge relief for me!
And the big banks that assign files to people in other countries (outsourcing asset management to foreign countries can not be good long term) do NOT count!
And the big banks that assign files to people in other countries (outsourcing asset management to foreign countries can not be good long term) do NOT count!
Have you had a positive experience with your lender on a short sale transaction?
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- 5.0/5.0
- (3 reviews)
Contributions:110I have certainly experienced horrific short sales in my 7 years of negotiating them, but just recently had a very good outcome on a short sale that I negotiated for a seller. I am curious if more lenders are streamlining the process or if I just luckily came across the one lender who is aggressively trying to make it work for the homeowner and the Realtor.
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