Wednesday, Jun 26, 2013
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The Bank Won’t Call Me Back on my Short Sale!!

We have been dealing with banks for many, many, years in the Portland and Vancouver market. I know how frustrating it can be when you can’t get a hold of a short sale negotiator or processor. What happens to a typical real estate agent or investor is the silence treatment. Cricket. Cricket. Does this sound like you?  You call the bank and get put on hold, you get voice mail, they transfer you, voice mail is full, they can’t find your packet, they can’t find your information and so on and so on it goes. You are not alone! This has happened  to     anyone  that’s been dealing with short sales  for a  good  period of time. So how do you cut down those problems and get the bank to call you back in a timely manner?

The first key is to make sure you do ALL of your up front work with precision. Do the up front work correctly and the end result will be much better.

Key point #1 Contact the bank to get the list of items that they need for a short sale. Ask them what order they want the items to be in.

Key point #2 Gather ALL of the necessary documents. Make sure the homeowner signs the hardship letter and all areas of the Purchase and Sales Agreement.

Key point #3 Stack all of the documents in order to which the bank has requested. If they haven’t requested a stacking order then I suggest that you put it in the following order….

  1. Fax cover sheet
  2. Cover letter
  3. BPO or Appraisal letter (Tell them to call you for BPO’s or with questions)
  4. Hardship letter
  5. Purchase and Sale Agreement
  6. Hud-1
  7. Tax Returns followed by other financial statements

Key point #4 Once you have the items in order you must put the Account # in the right hand corner. You can do this digitally or by hand.

Key point #5 On the bottom of every page put your name, phone number, and email address. Again you can do this digitally or by hand.

Key point #6 Send the packet to the correct department!! This sounds simple but banks have hundreds of fax numbers and it can get lost easily.

Key point #7 Follow up with the bank that they received the packet within 72 hours. Ask them their turn around time.

Key point #8 Gather contacts from the bank on past deals you have worked on and put them in a contact folder. This can be past negotiators, reps, Vp of departments, etc.

If you do these steps methodically then the chances are the bank will call or email you with questions or counter offers on a property before you contact them. Why? Remember behind every house is a homeowner and behind every short sale negotiator there’s a person. Treat the people with respect. Don’t yell at them. They have a 9-5 job that can be grueling. Stand out in your professionalism. If your packet is very accurately and methodically put together with effort and precision, then who’s short sale packet do you think the negotiator will look at first? They will look at the cleanest and best file. They want to get these files off their desks. Help them by standing out and doing an oustanding job. I know it’s time consuming and a pain.

The question I leave with you is this. If you want to get a short sale done and have your file go to the top of the negotiators 150 plus files, then you need to do something that’s different from the hundreds of agents and  short sale companies out there to do so.

I wish you luck in your short sale endeavors!!

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