Short Sale Update

by kevinjones on May 8, 2012

in How's The Market

Short Sales … I have been getting a lot of questions about Short Sales lately … are they good?  are they bad?  can a get a better deal on a short sale?  Well here is a brief explanation or my opinion about short sales.  Short Sales are the least productive activity you can do as a listing agent.  The banks require a lot of information and most banks still do not have a very good system.  So what we do is log in on each file everything that the bank has required and then send everything they have previously required up front to speed the process up.

Valencia 300x225 Short Sale Update

Short Sale 805-474-7040

 

 

 

 

 

 

 

 

Does this work, yes and no.  It works when they do.  We currently have a deal with Bank of America, we got the property sold, entered it into equator and still 10 days later … still no response.  Bank of America claims to have a 48 hour response time … well, not always.  Short Sales take time … primarily because the Banks take a lot of time figuring out what they are doing.  Then you have some lenders you can get an approval within 30 days.
We submitted a file that we have been working with bank of America on for over 6 months, it was sold to a servicing company called SLS or Specialized Loan Servicing.  In less than 30 days later we are expecting investor approval this week and then can fund the loan and close the deal!

The other aspect of Short Sales is because they are Preforeclosure  properties they usually have more deferred maintenance than other similar Standard Sale lisitngs.  Meaning that you will usually have more work to do on a Short Sale or REO listing in getting caught up on deferred maintenance that was not in the previous owners budget.

For more information about Short Sales please feel free to call us and we would be happy to meet with you confidentially of course and explain your options that we can help you with and refer you to other professionals that may be needeed .

RP LOGO 300x56 Short Sale Update

805-474-7040

 

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Post by Kevin Jones

Realty Professionals 855-955-SOLD (7653)

Kevin has written 388 articles.



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