Tuesday, October 13, 2009

#1 Reason short sales do not close…

The paperwork submitted to the lender was not packaged adequately.

Here is the deal…the mitigators for the bank are overwhelmed, overworked and underpaid. Many carry 200-300 files; way too much for even a super worker.

Some banks are now paying incentives to employees for closed files…so what files do you think they will work on? Certainly not the ones that are incomplete, missing information, illegible, or unidentified…those files have a place of their own… at the bottom of the pile or “out of sight”.

There are rules that need to be followed and if something is missing, the short sale package is stalled many times “forever” and you never hear from the bank. The property may just go into foreclosure.

Coming next: “What goes into a short-sale package?”