Hi Hopeful in Corona,
Short sales are each unique.
While your agent is negotiating for you and dealing with the stress of dealing with the worst element at the bank, you need to know a few things.
First and foremost. not all short sales are approved. In fact of all the short sales listed, only 12-20% actually sell.
Second on the banks end,.... while all may be set and ready to go. each file processor handles approx 400 - 600 files at a given time. Oh by the way those people at the bank, quit their jobs as often as you wash your car. There is no faces on a file. They can't remember who is what and so on. In addition their bosses at the bank are not what anyone would call nice. They don't get hired to be nice and they don't keep their job if they are nice. This is not a bank teller position. This is a Collection department dealing with hundreds of people wanting to default on their loans or pay less than is owed. Those same bosses get paid on commission of money they collect over and above a certain number and or percentage.
While I know you are trying to sell your house, I understand your crisis. But as a person who is getting let off the hook for thousands upon thousands of dollars, you job to earn that is to put with crap from those who may let you off the hook for all of that money.
I ask you in the back of your mind to remember how you spent your refi money or second money. You may have paid off credit cards for many purchases in your home. You may have bought that SUV, or a boat awhile back. You may have sent your kid to college. You may have bailed out a family member out of jail. But it is truly amazing how mad people are at the banks, when the banks loaned you money for the promise you would pay them back with interest. Now I ask you to keep in mind you spent alot of money. and you are trying to short sell your house. You are doing the right thing by not letting it go to foreclosure. I hope you agent took the time to tell you, "This is a long process, it is in an effort for you to get away with thousands and thousands of dollars which you promised to pay." "I hope you will understand that many things can go wrong." "I want you to know, I will try my best." "I cannot guarantee that the bank will settle your debt." "However I will try, and I am trained to do this." "If it is successful, a short sale should help your credit out in about two years as opposed to a foreclosure putting you into financial ruin for 10 years, and you may be let of the hook for thousands upon thousands of dollars." " I will be working my ass off calling these banks 2-3 times a week, being on hold for no less than an hour each time." " I will have faxed every bit of your file to them at least 3 times." " I will have mailed it to the bank no less than twice." " I will have emailed your file 7 times." "Now double all of that cause you have two loans." " I ask for your patience and kindness along with common decent respect." " I do this for a reduced commission and the satisfaction of helping out a family and sticking it to the bank." " Now would you like to proceed with your short sale?" This is what I tell people upfront. They need to know the cold hard truth of what I am doing and I take the time to let them know. If they can't handle it when I let them know the truth, then they are not ready to steal thousands of dollars from the bank and have me help them get out of the messed up situation that they are in.
I hope you can laugh at this and look at the seriousness of it as well.
I am not this way usually, but when you negotiate with banks, you know you have to be ready to stand your ground to do your best for your client.
I wish you and your loved ones, the very best.
So Cal Homes Realty
951 821 8211