this one makes me crazy. stark raving, maniacal outa my head nutso.
i do a lot of short sales. too many quite frankly, but i’ve become good at them over the years. so i guess that’s why other brokers and past clients refer their friends, family members and clients to me when there’s a distressed property that needs to be sold.
the short sale process is a lot like making sausage or legislation – neither of which should be witnessed being made, per otto von bismarck. a short sale is a messy, time consuming process that few brokers or consumers have the stomach for, but the end result (when successful) is worthwhile.
what makes it crazy (in addition to the reams of documents, arcane rules and byzantine process) is the short sale lender’s timelines. most have set guidelines for reviewing documentation, moving the file forward to negotiation and providing a decision, but most also don’t follow those guidelines. they’ll take their sweet time, thankyouverymuch, at slow-walking their process to suit their needs. the file is “under review,” or awaiting “verification of documents.” and when you press the short sale lender for answers that were promised last week, they offer that the file is “still under review,” without any indication of when it will be “out from under review.” meh.
but when a short sale negotiator gets up from their afternoon nap and decides they need another document, don’t be surprised if you’re pressed to provide it no later than end of business tomorrow, lest they decline and close the file.
short sale negotiator: “we need a new hardship letter. this one’s 6 months old.”
real estate broker: “that’s because we started this file with you 6 months ago.”
short sale negotiator: “it’s too old. we need a new one dated within the last week.”
real estate broker: “my client is a commercial fisherman and he’s in alaska.”
short sale negotiator: “i need it by tomorrow or i’ll decline the file.”
real estate broker: “but my client’s on a fishing boat in alaska.”
short sale negotiator: “tomorrow. or i close the file.”