The Long of the Short Sale

By
Real Estate Agent with Remax Guntersville Real Estate

I have been working on a short sale since May.  It is now October the 23rd.  It is extremelty frustrating to me, the buyer, the seller, and the other Realtor.  The only people that seem to be content to hold a mortgage that they are now not receiving payment for is the mortgage company.  We turned in all our paper work and were told they had a COMPLETE package.  A few weeks later they asked for something else and then they asked us to re fax everything......when they continually said they did not receive the fax (even though our fax machine said it went through) they gave us a new fax number.  After a few faxes there it was determined that we should try emailing........................................................................

Do the mortgage people not know how to use a fax machine???

This property has been with the negotiator now 8 weeks and we are told this investor is slow.  Well all of the sudden the investor looks at it and would you believe that everything is now OUTDATED AGAIN.  Now we need to re fax all current information .... oh and we need to send the same distress letter but just put a new date on it   DAH!!  We need a new BPO which supposedly was ordered on the 8th of Oct but no one has contacted anyone to do it.  So now the mortgage company has ordered it again and still no contact has been made.  Once again we go through the fax thing where we fax directly to the negotiators fax and she don't get it even though 3 times our fax says that all pages were transmitted successfully!

WAKE UP AMERICA!

Posted by

Karen Harrison, Realtor

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Rainmaker
1,033,951
Gary L. Waters, Broker Owner Waters Realty of Brevard, LLC
Waters Realty of Brevard, LLC - Melbourne, FL
Personal Service, always.

I know the feeling....I think they consider it as job security - the more short sales in line, the more guaranteed employment!

Oct 24, 2009 08:54 AM #1
Rainmaker
2,162,024
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

You are stating some of the reasons that many real estate professionals avoid short sale whenever that is possible.

Oct 24, 2009 08:55 AM #2
Rainmaker
241,461
Bruce & Sandy Soli
Sierra Sotheby's International Realty - Incline Village, NV
Tahoe Lifestyle Experts

This is why we are in the crisis we are and surprise, surprise the new announced last night again another bank failure.  Unfortunately the writing is on the wall that we will continue to be in this market for some time.  We are in the midst of 5 short sales and your story rings true for all except one of our experiences (all different banks by the way). 

From the banks perspective and their faxing capabilities, think of this...one large faxing center to which all of our faxes come in to appriximately 20 machines.  Paper runs out, files fall on the floor, human error, machine errors.  It's got to be such a HUGE mess!

Good luck and tell the parties involved to hang in there.

Oct 24, 2009 08:58 AM #3
Rainer
421,810
Peggy Chirico
Prudential CT Realty - Manchester, CT
REALTORĀ® 860-748-8900, Hartford & Tolland County Real Estate

I have had a short sale situation since August and was hoping it would come to a conclusion soon, but now my hope is fading!  So much for optimism.

Oct 24, 2009 09:47 AM #4
Anonymous
Sandy Horan

We need processors that are realtors....who know the urgency of getting the job done.  If we could turn these short sales over in a reasonable time frame we would see noticeable increases in transactions which would result in an improving economy for all.

Oct 24, 2009 10:10 AM #5
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Rainer
17,408

Karen Harrison

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