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Permalink Reply by Steve Early on January 4, 2011 at 6:29am

Hi Carrie:

No lender will talk to you unless you have the seller's authorization to do so. If I were a seller, I would not give you such authorization because you represent the interest of the buyer.

We manage short sales for listing agents, and both sides get frustrated because we are constantly telling them "no word". It happens - it is part of doing short sales, and there is not likely to be anything you can do to get a different answer. If you were to get authorization to call them, you'd get the same response as the listing agent and run the risk of causing confusion. The risk of confusion is real and can be troublesome.

We have had a couple of situations where a listing agent has called on a short sale we were working on for them and caused problems. One read the negotiator the riot act thinking we were being too laid back - she decided someone had to push on the negotiator and get them to act on her file NOW! Rather than expedite her short sale, she totally ticked off the negotiator (that we had a good relationship with). Her file got buried and w went for over 2 weeks without any responses from the negotiator on our calls or emails. Prior to this the negotiator had been excellent about sharing information with us and being genuinely helpful - or as helpful as she could within her investor's process.

In another case, the agent somehow confused the negotiator into thinking the buyer wanted to do a loan modification. She started asking questions about HAMP (when she meant to be asking about HAFA). The lender ended up flagging the short sale as a HAMP program candidate and it cost us 6 weeks in the process.

As a result, we don't like it when the listing agent gets involved (let alone having the buy side get involved on top of that.) Whether it is us or the listing agent that is working out the short sale, there needs to be focused communication from one source in my view.

These things take time and sometimes we go for weeks with "no word" even though we are contacting the lender quite frequently for the client.

 

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Permalink Reply by Jennifer Escobar on January 6, 2011 at 12:39pm

Hi Carrie...

 

Unfortunately, the listing agent is correct about this...the only way other than to call and get an update; which doesn't get you anywhere w/ Aurora because they give you a specific date that you can expect an answer back on the file, is online @ https://www.myauroraloan.com/HRG/Status/, but you would need to know the seller(s) information to be able to check the status online. 

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Permalink Reply by Kristin D Smith on March 8, 2011 at 6:54am

Jennifer - Thank you SO MUCH for tht link!  I have saved it as a favorite now. :)

How accurate have you found it to be in the past?  When I put my clients' info in, it said that they had a complete workout package as of 3/7/11, and we should expect a response by 4/21/11.  When I spoke to them yesterday (3/7), they said that they had everything as of 2/18/11.  I'm wondering if there's any instances of Aurora responding prior to the date they give on the loan?

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Permalink Reply by sharon herling on March 9, 2011 at 3:58pm

I applaud your wanting to follow up.  I am a short sale buyer and from everything i understand about these things....follow up is key.  I am asking my agent to do same.  I am now 5 months in and am now asking for a weekly follow up.  I have been more than patient!!

 

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