As we mentioned last month, we have been busy implementing our goals for 2011:
- Goal #1 Effective & Streamlined Systems
- Goal #2: Approvals Within 90 Days or Less
- Goal #3: Staying Legal: Documents & Compensation
And in order to improve our systems and obtain speedy approvals, we need to begin with File Submission and discuss ways to improve this area in order to ensure a timely & successful outcome.
File Submission Guidelines:
Part of the difficulties that we encounter in processing the short sale is the file itself! And while we aren’t saying that we won’t take on these files, we do want you to be aware of what makes a file difficult. We would all benefit more if we try to avoid or at least minimize these types of issues:
- Upcoming Trustee Sale: These are files that are brought to us within two weeks of the sale. While we are pretty confident that we can get the sale postponed, the problem this causes is that the focus is now on this one file, sometimes for several days, to the neglect of other files.
- Multiple Liens/Title Issues: This is pretty self-explanatory… the more liens the more work, and cooperation from multiple parties is not always easy to obtain. This can sometimes be the death of a short sale.
- Previous Loan Mod: Believe it or not, sometimes the short sale is dead before we even get started due to what has gone on before with the loan mod.
- Incomplete Short Sale Documents: Packages that are submitted with missing documents can delay a file for weeks.
- Difficult Homeowners: You know who they are. And it is our experience that very difficult homeowners can create problems, which may reduce the chance of a successful short sale.
Ways Our Agents Can Help:
- Contact us first. We have analysis tools that can help us determine the likelihood of a successful short sale … even before you have a buyer! Once we receive some initial information from you, we can run the numbers and let you know whether this is a file that has the potential for success.
- Conversation with the homeowner. We would like to meet with the homeowner, if possible, collect their documents, and talk about expectations. We also need to know whether or not they attempted a loan mod, and what they told or submitted to the bank prior to our getting the file.
- Early Review. We ask that we receive the hardship letter and financial statement as soon as possible for us to evaluate.
- Trustee Sales. If you are bringing us a new file that has an impending sale date, we will have to analyze our file load to determine whether or not we can handle the postponement. We ask for your understanding in this as the extra work required can greatly impact our current workload.
- Incomplete documents. We will not submit incomplete packages. We need all required docs before we can move forward. If, after three attempts, we are unable to collect all the documents, we will notify all parties that the file on “hold” status.
- Short Sale Solutions agreements. All agent and processing contracts must be returned to us fully executed before we can submit the file.
Thanks for helping us with this … and as always, feel free to contact us if you have any questions!