Jun 7, 2010

Tip 24-2010: Short Sales - Back to Basics

Since HAFA (Home Affordable Foreclosure Alternatives) has not yet simplified and expedited the short sale approval process as was expected, it’s still the traditional Short Sale process.

This means wait for a ratified contract, prepare and submit the short sale package and then continuously call and/or email the short sale lender until a negotiator is appointed. Usually at this point, the negotiator will tell you to resubmit certain documents as the lender never received them or they need additional information.

But at this stage at least you have a negotiator (who may even return every tenth call or email). Occasionally, the negotiator will actually be very responsive and real negotiations for contract approval can begin.

The one basic advice for everyone involved in the process is “Patience”. In spite of all the attempts by the lenders to streamline the process (Ex: Equator with Bank of America, HAFA, etc.), the short sale process still continues to drag on. Just suggest that everyone be patient and continue to contact the short sale lender (daily sometimes). With practice and tenacity, the short sale approval will very likely be successful.

Please contact me if you have any questions.
William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia

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