Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing
I am so sorry that many answers you were provided were less then helpful. Unfortunately most people answer through emotion and personal experience and as with anything in life being it banking or buying a burger at McDonalds, we can have good experiences and bad.
The most challenging issue with Short Sales is the "unknown". Who the negotiator is that is assigned by the bank has a lot to do with how smooth and/or quickly the process goes. I have closed Bank of America short sales recently in 45 days and I have seen some take as long as 4 months.
Another huge factor is WHO you have negotiating with the bank. If it is the Realtor, this may not be the most effective choice. The process takes substantial follow up, detail and literally being on top of the file on a daily basis. Make sure you have someone who has the resources in place to get that done on your behalf.
If on the other hand, you are trying to purchase a short sale, all these factors still come into play and your Realtor should be able to establish some basic information from the start to determine how the transaction will go (is it an approved short sale, have the sellers already submitted the short sale pack, how many lenders are involved, have they completed a BPO, etc...).
Please feel free to contact me if you have any other questions or require any additional information. I am happy to be of assistance.
Best of Luck to you,
If you chase a shorty with them, keep your expectations as low as possible - set the goal of wasting time and getting frustrated and you be successful....