Agreed, lack of communication is the problem. I find that the reason for this lack of communication is typically from listing agents that are not involved in the process. These listing agents are perfectly comfortable with turning the deal over to a "short sale" attorney.. and will wait for a response.
As I have learned said attorneyâ€™s office (usually the paralegal) make a weekly phone call and then put the file on the pile and call again next week.. Hence the 6 - 9 months. If you take the bull by the horns and have yourself documented as an authorized third party contact.. Well the ball moves much, much faster.
A daily phone call will get you a response a lot faster than a once a week phone call.
As a listing agent of a short sale I prepare al the documents for the bank, contact and follow up.. aside from having the right connections that have been made previously at many banks. I can get a response rapidly.
It is all about communication and how you go about it.
These are the basics of how I go about it, there are many other "techniques" involved that I choose not to disclose.
Probably not with an agent that projects the "I really donâ€™t know" on how long the short sale will take. There are many short sales banks will get these transactions done much quicker for experienced agents. Agents that know the documents necessary and the contacts to get these deals done.
THAT information projected to the buyer will remove the questions of patience.
For my buyers, this queston does not apply.
Broker / Manager
Orange Key Realty
SFR Certified, Short Sale and Foreclosure Resource
#1) Inform your client of the worst case scenario (the deal may fall apart)
#2) Try to show properties that have completed the hardship package... or at least submitted it...
#3) Ask if there are offers pending
4) Find out if there is an agreed upon price...
5) Find the bank(s) holding the notes... more than one can add additional complications...
Others however including 2 current ones have taken well over 9 months for a vast variety of reasons.
If there are multiple mortgages or leins or if it's an FHA original loan be prepared for the wheels to turn very slowly.
The answer is yes, but a lot of coaching and preparation is involved. If the buyer's agent properly qualifies their client and otherwise manages expectations, there can be a win-win outcome.
Lack of communication between agents seems to be the challenge with an offer that my client has in now on a short sale. Can't get the guy on the phone and he will not respond to email. My client is about to walk, not because of frustration with the process, but with the lack of engagement from the other agent.