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Sunday, December 5, 2010

Short Sale Transactions

Short Sales and Telephones.
They go hand in hand. Getting an offer on a short sale listing is the easy part of a short transaction. Unlike a standard sale once a short sale goes into escrow the hard work begins. On most standard sale we use to the normal back and forth paper trail and inspections. On a short sale we have to call the seller's lender,be put on hold & once they do answer it's the same drill.We're asked account #,seller's name address, social security number,dollar amount of the offer and more. These same questions are asked every time we call on the file. These phone calls are a pain but necessary.Short Sales and telephones
Some banks are now getting the message that the phone calls are not the way to get the job done and there is a better way. That way on on line processing. The larger banks have been using a online platform called "Equator". This is a better system to process a short sale but it has not speeded up the short sale process,more trained negotiators are whats needed.