There
are a number of complexities involved in short sales. In order to
understand the entire short sales process, please read the Short Sales
in Branford CT and New Haven County series posted here:
Short Sales - Part 1 - What You Need To Know
Short Sales - Part 2 - Are You Qualified To Do A Short Sale?
Short Sales - Part 3 - What You Need To Do To Prepare For The Short Sale
Short Sales - Part 4 - What The buyer Needs To Have With A Short Sale Offer
Short Sales - Part 5 - Myths and Truths About Short Sales
When
a buyer has made an offer all of his/her supporting documents will be
included. the seller and their agent have all the seller documents put
together for their short sale package.
Every
document will be checked by the agent to make sure that every document
is filled out correctly and that the loan number is included on every
page. The agent will now contact the third party lender to get the
instructions to submit the package to that lender.
The
majority of lenders will request that the package be faxed. Other
lenders may ask that the package be send by express mail. Whatever the
method the lender chooses, keep a duplicate copy of the short sale
package ready to re-send in case the original gets lost or is not
received.
Insider Tip: Save
time by purchasing a stamp kit at Office Depot so you can stamp all the
pages of the short sale package with the loan number instead of
hand-writing it on 80 to 100 pages of documents.
Once
the short sale package has been sent, confirm receipt by calling the
lender to ask if they've received the package. If the lender has
received the package ask what was the last page they received, what
exactly was on that last page and how many pages were in the package.
Insider Tip: Get on the phone to the lender first thing in the morning before other callers start calling. Be the first in line
Once
phone contact is made to the lender, confirm that they have received
and package and that this lender is holding the note for this property.
Many times a seller will be making payments to one note holder only to
find out that the note had been sold to someone else.
Quite
often there are note holders that service loans they do not own. In
these instances, the servicer oversees the care of all of the short
sale paperwork and acts on behalf of the note holder.
Lender
may also contract their short sales to companies that just do short
sale processing and negotiations. These companies are getting paid upon
the completion of each short sale and are quicker to respond and you
can usually get right through to the negotiator on the file.
Then
there are the lenders trying to do it all by themselves. They own and
service the note and handle every detail of the short sale. These tend
to be the most difficult lenders to get through to. They have no
experience in doing short sales and are totally overloaded with files.
You are working with a a salaried employee who has little to no
knowledge of the real estate business. Many times a buyer is gone by
the time these lenders do something with your short sale package.
Insider Tip: Even
if you do lose the first buyer, you've accomplished three things.
One, you've completed your short sale package and it is submitted to
the bank. Two, you have demonstrated to the bank that you are making
every effort to sell the property in many cases delaying a
foreclosure. Three, you have discovered what the lender tolerances are
for a deal they will accept. This will make it easier to negotiate
offers and contracts with subsequent buyers. More information on that
in the next post, Part 7.
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Contact Donna Bigda, ABR, SRES, e-PRO, Realtor®, RE/MAX Alliance
Licensed Realtor® in the State of Connecticut at 203-488-1641, ext. 214
to list your property for sale or to purchase a property in Branford, Guilford, Madison, East Haven, New Haven and the rest of shoreline area in New Haven County Connecticut.
If you're thinking about buying a home in Branford CT
there are plenty of great buys in today's market and now is one of the
best times to buy while interest rates remain low. For more information
on Branford CT real estate homes or condos, see Branford CT real estate or sign up today to get access the hottest new listings here Branford CT homes and condos.
To keep up to date on the current state of the Branford CT Real Estate Market & other information about Branford CT, subscribe to my blog via email here or visit online at www.connecticutshorelineblog.com. If email is your communication preference, email me at donna@donnabigda.com.
Disclaimer: All
information provided by this author is strictly an opinion, is not
guaranteed, may be based on information collected from several sources,
which may or may not be deemed reliable at the time of researching this
article and may be time sensitive.
Copyright © 2009 by Donna Bigda, All Rights Reserved ...*Short Sales in Branford Connecticut and New Haven County – After The Offer Comes In - Part 6*
P.S. If you are listing your home as a short sale in New Haven County Connecticut make
sure you hire an agent who knows how to do short sales, can give you
the expertise to help relieve the uncertainty and most of all, help
your family. Call me at 203-488-1641, ext. 214 and let’s get started
on the path to recovery.