Hi,
I am the buyer on a short sale in which NationStar holds the primary loan and SunTrust holds the secondary loan. NationStar has been moving along somewhat speedily, SunTrust however is stalling the process wherever they can.
On Monday the SunTrust negotiator told us that he had forwarded our offer to the investor and that we would hear back from him within a few days. So far we haven't received any response.
What in your experience are the prospects of contacting the investor directly to apply pressure on the lender? And how does one find out who the investor is? So far SunTrust isn't telling.
Thanks already for any suggestions,
nick
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Do you have an agent? Is the negotiator speaking to you directly? Or do you mean this is the info that was relayed directly to you? I am unclear on how you think, as a buyer, you will pressure the lender or an investor.
You do not have authorization to speak to the seller's lender. The seller owns the property and therefore your updates will be from your agent (or if you do not have one) from the listing agent.
My experience with Suntrust is they are slow in the beginning....but when you get a negotiator and they tell you a few days- that's usually what it is. They have been quick to respond to me after that. Whether you decide to walk or not will not influence Suntrust's financial decision. Plus, such cummunication is to be going through your agent to the seller's agent. There is absolutely no reason why you would contact an investor directly.
Thanks Tara,
you are right, I am not planning on communicating myself with either SunTrust or the investor. We have a real estate agent who has been doing a fabulous job in getting this deal to where it is right now. The reason I was posting my question on this forum is to get more information that might help our agent to speed this up. I had read in a previous post here that someone suggested to contact the investor to put pressure on the lender, in the case the lender is not moving.
Thanks,
nick
Tara, finding the investor is not difficult, actually it is something that you should do on every short sale. Fannie and Freddie have look up tools and you and send a Qualified Written Request to the servicer to get the name of the investor. Going to the investor is something that is done very often and works well, but you really have to have made an attempt to get the servicer to help first before escalating.
Sounds like this case is pretty early to start escalating.
Thanks Jeff. What about when a loan is 2nd? Can you contact those investors directly?
Knock on wood...I haven't had a need to do this yet...but just in case...
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