jmonville

First thing is before even taking a listing is to make sure your seller even qualifies for a short sale.

After the offer comes in:

The offer should be fair market value.

One offer to the bank.

The complete packet of information that the bank is looking for should be submitted in at once. Call the bank and ask what documents they are looking for. HUD, Hardship letter (1 page simple), Letter of Authorization, 2 months bank statements, contract, copy of MLS, recent pay stubs and tax returns. I also include a CMA with mine.

Call about 10 days (some banks you can call quicker) after you have faxed ALL the paperwork to make sure they have received it. If they have not request another fax number or e-mail.

About 1 month after the packet has been submitted calling each week to check in seems to help. I always ask is there anything they need, and is there anything that can help this be a successful transaction. Ask them what are their time lines. Each banks process is a little different.

Oh and don't call on Mondays. Call sometime in the middle of the week in the afternoon. I actually was thrilled when I called BOA last Wed. I did not have to wait on hold. They were nice and very helpful. So maybe the day before a holiday was the best time to call??????

Final tip... be pleasant, helpful and understanding. They are way over loaded and the last thing they want to hear is an agent that is upset. Short Sales take time. Some banks are quicker than others.

Good luck if I can give you any other helpful hints e-mail me. I have worked with several different banks on successful short sale transactions. - Tue Dec 1 2009, 11:09