Does GMAC require agent licenses as part of the Short Sale package required for approval?
Greetings. I have been working on a GMAC Short Sale as the Buyer's agent since St. Patrick's Day 2012.
We have been through 3 negotiators, negotiated terms multiple times, contacted the escalation department to convey both the Buyer and Seller's dissatisfaction with the process thus far and now have been asked to submit our (Buyer's agent and Seller's agent) State RE License as part of the documents required by GMAC.
1) Is this a 'new' GMAC Short Sale package requirement?
2) Has anyone had success closing in a timely manner after involving the GMAC escalation department?
Any insight is much appreciated!
Replies to This Discussion
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Permalink Reply by Rosa Gomes on
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Aloha Marc,
Yes, I had never heard of this either but our licenses had to be provided as part of the short sale package requirement. I just went through the same thing last month with them. We managed to get through all the hoops in under 2 months with one negotiator and got a response yesterday. If you have escalated and the file is now complete it should not take too long to get the file in front of the investors for approval. Keep after them.
Good Luck!
Rosa
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Permalink Reply by Anna "Banana" Kruchten on
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Yes Marc they're requiring the agent licenses. As for timely - not at all. We are dealing with a file that should have been a slam dunk but it's turned into a nightmare. We've uploaded docs a total of 4 times now and they keep saying they don't have them. I just looked again and they're all sitting there! Somethings going on this time around.
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