Getting lenders to respond faster

Asked by B_schiller, Orlando, FL Sun Mar 24, 2013

I am looking at a short sale, as I will be financing, if I offer my business to the loan holder will I get a faster response? Can i approach the loan holder directly? What strategies are there for speeding up the process?

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5
Russ Ravary, Agent, Commerce Township, MI
Mon Mar 25, 2013
There is no way to speed up the process. You are at the will of the sellers mortgage holder
0 votes
Mark LeMenag…, Agent, Lake Nona Orlando, FL
Sun Mar 24, 2013
Tony is on the money. I'd go so far as to say that it you contracted them directly, they'd move the file to the bottom of their list. Remember, there is no contractual relationship between the seller's lender and you.
0 votes
Phil Rotondo, Agent, Melbourne, FL
Sun Mar 24, 2013
Your best strategy is to let the process run it's course.
Your agent should make sure that the owner has all their paperwork in to the lender; but after that, patience is the key.
0 votes
Alan Martin, Agent, Orlando, FL
Sun Mar 24, 2013
It is unlikely that any tactic will speed up the process. All of the servicers and banks have a process in place to deal with short sales. All you can do is comply with any requests for information as quickly as you can and hope that the sellers does the same. Also good to know that the sellers agent is actually doing the short sale themselves and have not allowed a third party, so called ' short sale specialsist to get involved for a fee. That can slow things down.
0 votes
Antonio Vega…, Agent, Saint Cloud, FL
Sun Mar 24, 2013
The only 2 things that can help are having a knowledgeable negotiation team and providing them with every single piece of paper they ask ASAP, that is if you are the seller. As a buyer all you can do is provide your loan officer with all the taxes, W-2s, 1099s they require so the loan is basically approved by the time the short-sale settlement letter is issued. There are no magic steps to speed the process and every Mortgage Lender is different.

The loan holder is not interested on "your business or being contacted directly". That is not the hold-up. Delays are mostly caused by sellers not providing documents to them, or initial advertised sales prices being below appraisal. Was this answer helpful? If so please click on the "green thumbs up" or the "best answer".

Tony Vega
La Rosa Realty
0 votes
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