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Thank you all for your feedback. At the beginning of the transaction I make sure that the seller's Realtor is knowledgeable about short sales, that the entire hardship package is assembled and ready to submit to the lender (or already with the lender). I find out if there is 1 loan or 2, knowing the short sales with 2 loans are harder to get approved.I find out who is processing the short sale- an inhouse person? A short sale facilitator at a title company? an attorney? Or the agent him/herself. The above will all give me a sense of how the short sale 'flow might go'. Then I push the Seller's agent or the facilitator weekly and let them know the buyer is impatient and ready to cancel...if they don't get it approved FAST.
Sure, the buyers agent can submit comps, repairs needed and pictures...it will all be at the mercy of the listing agent to submit if they choose.The #1 reason short sales do not close is because of a poor short sale package submission,( which includes tax returns, financial statements, handwritten hardship letter, comps, pictures, estimates for needed repairs etc.) If that is not be complete or timely, or labeled clearly, or submitted as a unit, it will stay in the pipeline.Many of the banks are starting to pay bonuses to mitigators for files closed...if a package comes in pieces, or poor copies, or is incomplete it will go to the bottom of the pile (the pile can be 200+ files) while they work on the easy ones.Eve in Orlando
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