Frustrated With Short Sales

**homeprobuyersguide** · 03-01-2011, 03:48 PM

I have reluctantly been drug into dealing with short sales. Whether representing the buyer or the seller, it has not been a great experience. They are so slow in any response. Is there anything that can be done to get the lender to move the process along faster? I know they are swamped, but come on, there must be something that can be done to grease the wheel. Has anything worked for you?

**LandMan** · 03-11-2011, 12:49 PM

I have no answers for you...only that I feel the same way you do. I've been in the real estate biz for 35 years and the current short-sale and REO facets of the industry just make it a lot less fun than it used to be.

**Esmond** · 03-15-2011, 03:43 AM

I feel sorry for you but I suggest you should be careful next time. I think if you have no experience in specific field then you should consult an expert at least .......In this way you can avoid disaster.

**doncampbell** · 03-15-2011, 11:24 PM

I feel sorry for you but I suggest you should be careful next time. I think if you have no experience in specific field then you should consult an expert at least .......In this way you can avoid disaster.

Complete true!

**Indiana** · 03-17-2011, 08:22 PM

Originally Posted by Esmond

I feel sorry for you but I suggest you should be careful next time. I think if you have no experience in specific field then you should consult an expert at least .......In this way you can avoid disaster.

I agree. It's best to refer out what you don't feel comfortable doing yourself.

**homeprobuyersguide** · 03-18-2011, 07:07 AM

I have had enough experience with short sales. Consulting an expert is not my solution. There is certainly more to learn for anyone. However, it is the system that is broken, the economy that is depressed. I have 3 short sales now in progress, waiting for Bank and MI approval. Waiting..Waiting..Waiting....
An expert is not going change this waiting, and it not going to change the financial and home buying desire of my buyers. Buyers want short sales, and banks can't handle the volume. It is now my problem to help solve; I am the expert, a frustrated expert.

**TheAclaimeGroup** · 03-24-2011, 01:01 PM

I've had very similar experiences with this. Indeed, the volume is too high for banks...and in certain cases, banks just don't want to work with anyone in a logical way.

As for the financing/lending aspect. I've had great success. I work with a private equity group, they issue real estate-backed bridge loans for transactions exactly like these ones. Worked great in the past.

Seems the biggest pattern these days is that deal-flow and deal availability is the hard-part, having the cash is actually quite easy. Anyone had the same issue?

If y'all ever need bridge loans or private capital for some real estate investments, feel free to contact me @ 801-702-0726. My name is Jeremy Finlay.

Best of luck to us all!

**Lakeshore Lad** · 04-06-2011, 07:56 AM

It's not about how good you are with a short sale, but rather how patient you are. You just need to inform both the buyer and seller (and agent) it's going to be months before you get an approval, and if it happens quicker, it's a bonus. There is no silver bullet, or magic formula, just patience. I referred out a short sale or two to a so called expert, and ended up taking it back myself due to their lack of communication and document retreival. Just make sure you get what the banks ask for, and make follow-up calls every other day.

**stopmyforeclosure101** · 04-08-2011, 01:04 PM

It is the same reason why so many agents are staying a way from them but can give an opportunity to others to make a difference.
I am not trying to preach anything here rather trying to take some distance from the same problem we all face "time involvement with short sales". Sometime, one of the reason things are not moving so fast and depending which lender of course we are dealing with is the type of communication.
What I mean is, what kind of communication is best to have with the negotiator, email, phone, fax etc.. the smart idea is to always ask "what is your favorite type of communication?" I found out recently that when a negotiator has a direct fax/E-fax they get instant notification of your fax, not your voicemail, email and so force. See what I mean, instant contact not in a matter of hours, days... Another classic fact holding back a file is an uncompleted short sale packet, yep. 90 %+ of the time a signature is missing somewhere and no one is doing the follow up. Equator recently changed their guidelines and way of communication with the borrower "FTC" and no one ever told you about it!!
The list is long and frustration is not the answer. When was the last time you asked a negotiator how their day was?
They are human being too and building report never killed anyone..

**laura.alamery** · 04-12-2011, 12:23 PM

I agree with the post just above mine. Having a good report with the negotiator at the bank is of primary importance; don't be shy, do some small talk when you see the chance. It depends on the bank which is the best way of communicating: I have found out that email followed by phone call is usually best. And persistence: stay "fresh" in their mind, email box and voicemail. You have to contact them 2 to 3 times a week, and joke with the negotiator about the fact that you are relentless, but appreciate their willingness to work with you.
And if you have an uncooperative negotiator, who avoids you and who is not "human?" Ask for the supervisor as the last resort, but only if you are getting nowhere with the negotiator.
The key is to stay on top of your short sales - it can shave off weeks or months from an approval and also help you in leniency if you have to contest a BPO or approval letter.