It’s an unspoken simple fact that for all those people making the living of ours in the real estate business, we sadly consistently need to operate in the “short sale” arena. I say sadly for a selection of motives, but very first and foremost will be the point that as realtors we come across firsthand just how traumatic it’s for the customer as well as the household every time a quick sale transaction turns into a casualty of disorganized business banking staff and also understaffed bank short sale practices.
The problems of the short sale “nightmare” were, as well as carry on and be, promulgated nearly exclusively by the banks themselves. Bank routing numbers directory is developed an expanding and intense stealth movement towards forcing the banks to begin being good friends together with the real estate market.
Anecdotally, in 2 really current short sale transactions with huge banks, (the lien holders of the respective properties), not one of the experts on the realty side associated with the transaction, (realtors, closing coordinators or title agents), may get everyone in the bank’s short sales offices to react to queries or marketing communications of any kind. Cell phone calls, email messages, faxes, as well as an outreach by courier… “Holy Foreclosure Batman, I notice a rat!”
In a single case the quick sale price was authorized by the bank, the customer had made a complete price offer, the agreement was completely executed, the house was vacant, (on an extremely short leash for foreclosure), and we still couldn’t receive the bank to respond! For 2 months we might get absolutely no answer of any kind out of the bank or maybe the representatives of theirs! It’s an incredibly regrettable, but popular issue, (there is little doubt that many of the realtors available are shaking the heads of theirs that have the same nightmare accounts of their own)… it has got to quit!
To approach the stage at what this specific home was intending to begin the chopping block in the county courthouse, the marketing representative, (and myself on the customers side), made the decision to take things into the very own hands of ours and turn into more “proactive” at obtaining the bank’s reps to react. We created an extremely intense work to meet the folks in the bank’s senior management degree who COULD come to a decision, while simultaneously convincing them of the importance to react.