How much time does it take to complete a short sale?

Curious how much time you spend working a short sale once you get an accepted offer?

How much time:

  • To gather intial documents from seller and buyers agent
  • To assemble short sale package and send (fax or email) to lender
  • To upload all required docs is short sale is in Equator
  • To do regular follow up, how many times per week, how long on phone or sending email
  • To counter offer or accept short sale
  • To escalate if needed
  • To gather all documents for closing
  • To get HUD approval and upload approved documents if in equator?

I ask this because I occasionally get a request to let someone else process my short sales because of the HUGE advantage that I will get by saving so much time, time that I can use to get more listings and work more buyers.

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Permalink Reply by Smitty on January 22, 2012 at 11:22am

I don't think 50 is lazy.   We have a small staff of 3 but can handle over 100 files if needed.  I think it all boils down to what you WANT to do and don't WANT to do.  The agents we work with don't want to deal with the paperwork, negotiating, etc., and some files may take 5-8 hours tops and some can take much much longer depending on how many liens their are, how we are supposed to contact and deal with those lienholders, etc.

 

 

Permalink Reply by Jeff Payne on January 23, 2012 at 9:47am

Smitty I agree, 50 is good.  One person doing 50 means that they have a good system in place.  I understand agents who dont like paperwork, it is not in their DNA :)

 

Permalink Reply by cindy keil on January 23, 2012 at 9:04am

The initial intake call should be handled by the Realtor, from there you should have a 3rd party or shortsale processor handle the tasks involved, unless there is an issue that the listing agent should handle. I believe in order for you to make $ all admin tasks should be delegated to someone else.

Permalink Reply by Smitty on January 23, 2012 at 2:52pm

Cindy why should the initial call be handled by the Realtor?  My office gets calls all week from homeowners wanting to sell short.  We assign them out to local agents and we take the initial call and explain the process with disclosures.

Permalink Reply by Elliott Levine on January 23, 2012 at 11:28am

Agreed. There are plenty of 3rd party firms, that have no clue what they are doing. Most realtors have a bad taste in their mouth from working with an incompetent 3rd party that couldnt close their short sale. Our firm has a well oiled machine in place. Our law firm staff is comprised of competent mortgage professionals (FHA DE underwriters, COO of mortgage companies, etc.) that understand the industry and know how to structure and submit a deal. We know how to properly structure a short sale and only submit full, complete packages. We have also developed executive level contacts at almost every lender. We actually have our own team that we work with @ Bank of America.  (They provide us with bi-weekly updates on all of our files). You cannot put an exact time frame for the amount of time it takes to successfully negotiate a short sale. Each deal is unique, and the turnaround time with each lender varies.

 

Lets all agree, that working with the lenders is a BRUTAL experience.

 

It is certainly more productive, and efficient to partner up with a 3rd party law firm that has the staff, expertise, and executive level contacts to close short sales. You also are able to keep yourself away from the legal liability of crossing they grey area of "unauthorized practice of law".

It makes all the sense in the world to pass the legal liability and time burden onto a law firm that has the knowledge and executive level contacts, to get the short sale approved and closed.

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