On Friday afternoon they demanded that he send them back a form signed and notarized by the sellers. He sent it back to them on Saturday.
On Monday they closed the short sale file because they hadn’t received the form within 24 hours. Apparently they didn’t check their faxes over the weekend.
According to the story the agent just resubmitted the short sale file and waited another 60 days for the short sale file to be processed. It appears that this agent let the short sale lender push him around.
But, why waste 60 days because of the short sale lender’s unreasonable demands? Why put your home sellers at further risk of losing their home to foreclosure?
The short sale lender should have re-opened that file right away. And they would have if the agent had held them accountable for their actions.
The bottom line is that this agent let the short sale lender dictate everything to him. He allowed them to have all the power. He never stood up for himself.
Now, I’m sure you are wondering how this agent could have stood up for themselves. Here is the simple way to do it. It all goes back to who owns the loan. A little known fact is that 80% of all loans are not owned by the banks themselves.
Most of them are owned by Uncle Sam or an unknown third party. In this situation you find out who owns the loan and contact them directly. I’ve posted on this blog instructions on how to find the owner of the loan.
Then, you tell the owner what is happening. But, you have to make your case. Remember, these loan owners only care about the economics.
They don’t care about a sob story about how the lenders are mean and your feelings go hurt. They only care about how it affects their bottom line. That is how you make your case.
Here is an example of what you say to them. “In October we received an offer on this short sale for $356,000. We submitted it to the ABC Bank, who is handling the loan. They were very difficult to work with.
They would not give us an answer on the offer for 68 days. In that time, the buyer canceled their offer. We put the home back on the market. Another buyer made an offer for $347,000.
We submitted that offer to the short sale lender. It’s been the same problem.” Next I would go into detail on how they canceled the short sale process for no reason.
Then, I would detail how much money I estimated this loan owner lost as a result of the lender’s actions. In this example, it is probably $11,000. That is the reduction in the sales price and lost interest income and other costs.
After you inform the loan owner of what is happening, then they will contact the lender and ask them to do a better job. There are more things you can do, but this is a start.
Tomorrow I’ll explain what to do when the loan is owned by the actual lender. The strategy is a little different. Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at email@example.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (707)548-1736
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Santa Rosa loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Daphne Peterson.
Daphne is a Real Estate Broker-Associate at The Samson Group. Santa Rosa Short Sales Realtor:
Phone: (707)548-1736. firstname.lastname@example.org.
Daphne Peterson specializes in loan modification assistance and short sales in Santa Rosa California. Santa RosaLoan Modification Help, Santa Rosa Short Sales. Santa Rosa Short Sale Realtor. Santa Rosa CA Short Sales. Santa Rosa Realtor.
Copyright 2012 SFI Marketing Institute, LLC. All Rights Reserved.
Daphne Peterson, The Samson Group, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Daphne’s personal views and do not reflect the views of The Samson Group.
This information on Are Santa Rosa Short Sales Really A Nightmare? is provided as a courtesy to our viewers to help them make informed decisions.