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How the Short Sale was Won

There are currently 3386 homes for sale in Portland according to RMLS.  703 (21%) are listed as short sales and of those 251 do not have at offers that have been submitted to the bank for approval.  There are 278 “pending” sale which means that new offers won’t be submitted to the bank until the current offer runs it course.

The short sale process requires constant communication by the listing agent with the bank in order to get the transaction approved.  That communication requires incredible attention to detail and persistence that most Realtors don’t have, me being one of them.  I’d probably have a few choice words and slam the phone down.  Fortunately, Vicki on our team does all of our short sale negotiation and she’s good at it.

I’ve sat at my desk on more than one occaison and listened to Vicki have conversations that go something like this:

Vicki: “I’m calling about XYZ that you said would be done last week.  When I followed up at the end of last week you said it would be done by yesterday.”

Bank: “We don’t have XYZ.”

Vicki: “Yes you do.  I talked to John at 3:15  last Friday, sent and received a reply email and a fax confirmation at 3:21.  I talked to Betty about the file on Tuesday.”

Bank: “We don’t have XYZ.”

Vicki: “Can I talk to John or Betty?”

Bank: “They are not available.  And by the way, we don’t have XYZ.”

Vicki: “Look again.”

Bank: “We have XYZ.”

Vicki: “and????”

Repeat this conversation about 15 times with the same person about the same file during the same phone call and you quickly see why getting a short sale approved can be such a challenge.  Needless to say not all banks and conversations go like this but I’d say it is more the norm than the exception and almost universally the bigger the bank the more likely the conversation goes like this.

The foreclosure process doesn’t stop while the seller is working through a short sale (or a loan modification for that matter) and one department, more often than not, does not know what the other is doing.  We are fortunate enough to have Vicki working on short sales in our office.  Another option is a “third party negotiator” which I can’t comment on as we have no experience using them but know that they exist.  For me, a Vicki or a negotiator would have to be a part of my short sale business model because I know that I couldn’t do it myself.

One Comment on “How the Short Sale was Won

  1. Thanks for the great blog on how to get a short sale done. I agree with you short sales can be difficult. In the pasted I have done a number of them and depending on the lender some are easier than others. In the future I will use the Vicki approch and wear them down.

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