I read a blog post by another agent the other day. He had a long story about a short sale that he worked on that was so difficult. He said the lender sent him a form on Friday.
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, 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.
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, 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.
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