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The first 30 days are the most important in the short sale process

Posted by Jeff Payne on November 19, 2010 at 4:58am in Short Sale Discussions

I talk to alot of agents, ALOT of agents on a daily basis about short sales and the common question is "How do you get your short sales done so fast?"

Simple answer...

The first 30 days are the most important in the short sale process.  You need to make sure that your file is complete and submitted, confirmed reciept from the lender, BPO has been ordered and that there is a negotiator assigned to the file AT THE VERY MINIMUM.

Do not wait 30 or 45 days to see if your file has been recieved.  Actually, DO NOT wait 7 days to see if your file has been recieved.  Typically I give them 48 hrs from the time that I send it before I check on the file.

Once you confirm reciept of the file, be sure to call at LEAST 2 times per week until it gets assigned to a negotiator or until the BPO has been completed.

If you follow the "First 30 days" rule, your files will be completed much faster.

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Replies

  • Michael Ackerman, CRS, SFR, November 25, 2010 at 10:29am
    Jeff,

    Not unlike regular transactions where the first few days are crucial to keeping everything on track. Great post! I'm having success with the negotiators at Chase getting my short sales through.
  • Jeff Payne November 24, 2010 at 5:21am
    Tina, I typically wait to submit the entire package at one time with the offer. I will send in the authorization letter right away though. If it is a Wells file, they will many times get the file opened and started without the offer and alot of lenders are following suit with the same thing

    Tina Smith said:
    Do you submit your Short Sale file for approval before you recieve an Offer to Purchase or after you have an offer?
  • Tina Smith November 22, 2010 at 7:00am
    Do you submit your Short Sale file for approval before you recieve an Offer to Purchase or after you have an offer?
  • Wendy Rulnick November 20, 2010 at 7:32am
    Good advice, Jeff!
  • Jeff Payne November 20, 2010 at 2:08am
    Are you the buyer? If it is taking 8 months, it is not very likely that it will happen. Don't know your situation though. The longer that a short sale is drawn out, the less likely it will actually close

    JL Wdng said:
    so do i bail and say forget it?



    Jeff Payne said:
    JL, I think that was my point, I have not had a short sale take more than 3 months since last year. If a short sale is taking 10 months, there is something wrong for sure

    JL Wdng said:
    then just HOW do these things end up taking 8+ months for simple short sales with no apparent glitches.
  • JL Wdng November 19, 2010 at 12:14pm
    so do i bail and say forget it?



    Jeff Payne said:
    JL, I think that was my point, I have not had a short sale take more than 3 months since last year. If a short sale is taking 10 months, there is something wrong for sure

    JL Wdng said:
    then just HOW do these things end up taking 8+ months for simple short sales with no apparent glitches.
  • Jeff Payne November 19, 2010 at 11:45am
    Smitty, I agree.. working together with the negotiator is the key. 6 weeks is not bad if, especially if you are already at the approval stage

    Smitty said:
    Jeff I agree with this wholeheartedly. The only problem I've run into is sometimes it's out of the negotiators hands. So I have one file that has been sent for approval that is going on the 6 week mark. I've called once a week. This week the negotiator thanked me for not bugging him daily.
  • Jeff Payne November 19, 2010 at 11:44am
    JL, I think that was my point, I have not had a short sale take more than 3 months since last year. If a short sale is taking 10 months, there is something wrong for sure

    JL Wdng said:
    then just HOW do these things end up taking 8+ months for simple short sales with no apparent glitches.
  • Smitty November 19, 2010 at 9:16am
    Jeff I agree with this wholeheartedly. The only problem I've run into is sometimes it's out of the negotiators hands. So I have one file that has been sent for approval that is going on the 6 week mark. I've called once a week. This week the negotiator thanked me for not bugging him daily.
  • JL Wdng November 19, 2010 at 5:04am
    then just HOW do these things end up taking 8+ months for simple short sales with no apparent glitches.
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