To be fair we need to give credit where credit is due! The fact that Short Sale approvals are not taking weeks vs months is a huge improvement. But still the Insane Bank Practices on Short Sales continue to this day where the Wrong Nick-Name or wrong zip code could kill your Short Sale Approval! So, keep these factors in mind when you are assembling your file for Short Sale approval:
Bill is NOT William: If your name appears in Tax Records, Loan Statement and Department of Motor Vehicles (DMV) as “William”, then you can NOT used “Bill” on your Short Sale application!! Banks view Bill as a different person who does NOT own this property.
Attention to Detail: Depending on the kind of information each bank is requiring, submit ONLY the exact information they are asking and no more.If you mess up an address or the wrong zip code, your file could be sent back to the Start of the line adding un-necessary delays and frustrations.
Hire Right: If you don’t conduct proper research on the Short Sale Agent you retain, your Short Sale application could take longer that you need. If your Short Sale Agent is savvy enough to navigate these initial steps, your Short Sale file could be doomed.In our case, we were able to coach our counter park to get a Broker Price Opinion ordered even before the file was assigned to a negotiator that saved us at least 5 business days.
Contact us if you have any question about working with your bank.