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Permalink Reply by Jim Schneider on July 4, 2012 at 9:03am

Sending in a generic packet is counter-productive, eventually they will require their own bank specific documentation. By the time you wait for them to see what you're missing, they send out forms, get them signed by the sellers buyers other brokers, and sent back, then wait two weeks for them to review them you've lost a month easily. More importantly, you may have lost your buyer, gotten closer to foreclosure, and reduced your earnings per year.

 

 

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Permalink Reply by Becky Martin on July 4, 2012 at 3:40pm

Amen, I always use lender specific SS packages:)

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Permalink Reply by Smitty on July 5, 2012 at 3:35am

Yep.  Lender specific package is the best unless the lender doesn't have one.  Even when you use their packets, you'll likely still get other forms they'll send you to have the buyer and seller fill out

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Permalink Reply by Trong Dang on July 5, 2012 at 7:06am

Thank you. I definitely want to make sure that everything goes as smoothly as possible.

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Permalink Reply by Jim Schneider on July 5, 2012 at 5:48pm

Good point by Smitty, setting expectations with the sellers is critical in short sales, just like equity sales. I tell sellers that I have assembled every document that I can think the bank might ask for, but they're always dreaming up new ones. I let them know that I will work hard to get their short sale closed in a timely manner, but that this also requires them to get me documents when needed to avoid delays.

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Permalink Reply by Kevin - Greenville, SC on July 6, 2012 at 4:33pm

Servicer and/or Investor specific where possible.

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