A short sale makes sense right?
So why is it so difficult?
I work a large amount of Los Angeles Short Sales,
and my team and I have become advanced experts in this type of transaction. People
think a Short Sale takes a long time and lots, of paperworkâ€¦ -it is true!
There are many stakeholders, each with their own
interests to look after and put in front of yours. The involved companies have
committees and teams that decide on process and guidelines of what they will
accept and will not accept, and how they will accept it. Yes, each stakeholder
has probably a list of 50+ conditions they have to satisfyâ€¦ and sometimes the
conditions of one stakeholder contradict the conditions of anotherâ€¦ to that
mess you then add humanity and its natureâ€¦ there you have it! Rigmarole!
An example of who may be involved in approving your
Los Angeles Short Sale:
1. Loan Servicer (this could be Bank of America, Wells Fargo, Chase, etc., etc.)
2. Loan Servicer for Subordinate Liens (2nd or 3rd lien holders)
3. Mortgage Insurance Company for each loan!
4. Governmental entity (Fannie Mae, Freddie Mac, FHA, VA, etc.)
5. Actual Investor
a. He or she who owns your loanâ€“this may be a pool of
investors! â€“each with their own list of conditions!
6. The Buyer
7. The Buyerâ€™s new lender
8. The Buyerâ€™s appraisal company
9. The buyerâ€™s mortgage insurance company
10. Listing and selling agents!
Well you get the picture! With these many
organizations, each trying to get the best out of the deal is a miracle that we
are able to do it. A successful short sale listing agent has to have:
Â· Superb Organizational Skills and Support Team
Â· Technological Expertise
Â· Negotiating skills second to no one! -I am proud
Â· Friendships and presence within the industry to be
able to call in favors if need be.
Â· Highest Ethical Standards in the Universe (I
Â· Process High Volume of short sales so they can do
it with patience and their income is not affected by any one particular deal.
If you are considering a Short Sale in Los Angeles
County, please do your homework and interview many agents. Read their profiles,
send them emails, ask them questionsâ€¦ donâ€™t take it lightlyâ€¦you will be very
glad you did so at the end when you have a successful transaction and you are
able to buy a new home within 3 years, and after shedding 100â€™s of thousands of
dollars in bad debt!
Do your homework up front and before you decide on
who will be earning your business! Stay in control.
-One more thing: DO NOT BELIEVE THEIR/OUR CLAIMS!
Ask us to Document them. Ask for MLS numbers for their closed transactions,
then look the mls numbers in the internet or call your local MLS group. Ask for
previous clientâ€™s contact information and call them to verify is true!
You are in controlâ€¦ not the bank and not the real estate agent. You can make a
calm decision, but do not wait until the last minute.
I wish you the best, and remember that home is where your heart is at. You will
take that with you, no matter what building or structure you will occupy. It is
going to be OK, no matter what!