Replies to This Discussion

Permalink Reply by Elizabeth Wright on March 7, 2011 at 7:14am

I just got approval on one today and we submitted the offer in November. My seller was 7 months behind and they had not started any legal proceedings. We received a negotiator rather quickly but we had to contact them to get the information and we have been through 2 negotiators and had to get to a supervisor to get to the approval. We called HSBC at least once weekly since submitting the offer, they don't seem to respond to emails or at least we didn't have any luck with emails. My advice is keep calling them and if you don't get answers ask for a supervisor.

Permalink Reply by Brian Burry on May 18, 2011 at 3:55pm

 We are just begining another HSBC Short Sale.  The last one in December took less than five weeks from start to finish and had BOTH a 1st and 2nd with HSBC.  They contacted me at 7:30 PM at night on my first contact, gave me her name and all contact info and methods.  Each week we were told to lower the price until it sold and they released our seller from all liability for both notes.  They were fast, compared to over 8 other institutions we worked with,  They portfolio or hold onto all of their loans, so they do not operate under any rule of programs out there, as they boldy say "We didn't take any of Obama's money and will do it our way".  One cannot fault them, the only problem was there was a separate person representing the 2nd, another department, who demanded at the last minute $1000 to settle the 2nd.  Since this was a Refi on both loans, that was worth every penny to be released from all liability by HSBC. They only pay 5%,no termite or repairs so be realistic with buyers and their agents that it is an As-Is, Where-is sale with seller not paying for inspections or repairs of any kind.   So we just faxed in our Authorization on this listing and will begin the process again.  By the way, the last 2 Bank of America Short Sales went rather smoothly, so are they getting better now or were we just lucky?  Hope they are.  Be perseverant, you will save your client money and liabiliity working Short Sales and earn your commission in the process.