Needless Bank Requests Slow The Short Sale Process

Today’s episode is going to bring out some complaining. However, by the end of the episode, we will bring this chat full circle with a little information on how to overcome the problems.

Recently, we have been receiving an increased amount of requests from bank staff for documents that is completely pointless to the transaction. For instance, we have a short sale package at B of A, accepted several months ago. Yet, the buyer walked away, so we obtained a new buyer at the same offer price. Because the folder has a new negotiator assigned to it, the file didn’t get approved.

Clearly, if you are a lender watching this, we are annoyed. Nonetheless, enough is enough. Understand that you have a lien against the home. We recognize that the banks are trying to guard their interests. Nonetheless, there are specific things that are not necessary. Stop and consider it. This procedure is about loss mitigation. So, we merely want the bank to make decisions based on loss mitigation.

Specialists, we have to put up with some of this. When a bank worker requests papers, ask yourself if it is quicker to give the document or fight with the bank. Most of the time it will be quicker to merely provide the document to the bank. However, there comes a particular instant in time when enough is enough. Then it is time to escalate the package to a person at the lender that is paid to mitigate loss and formulate decisions for themselves.

The requests for documentation continue to get greater and greater. Ultimately, this is actually slowing down the process. Both transactions we chatted about today were already approved. You are hurting real estate specialists that are attempting to assist you and you are hurting your investors.

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