There are enough of us realtors who handle both sides of short sales. And the bottom line is that one must have a complete package when dealing with the loss mitigators from the bank. It's time consuming, but being ready and knowledgeable goes a long way.
There are expediters like Mortgage Resolutions Services and Short Sales Advantage who provide the much needed service to agents and their sellers. But many agents may not need to, if their information is complete.
First, it's necessary to establish contact with the Bank. That initial contact should contain:
1. Letter of authorization from the Seller informing bank that you are representing the seller in applying for the possible short sale.
2. Hardship letter from the Seller explaining reasons for the short sale.
3. Be prepared with documents that the bank will need from the seller: last 2 income tax returns, copies of 2 most recent bank statements and 2 most recent proof of income or source of funds, monthly financial statement showing income and expenses for the household
However, do note that most banks will not touch a file UNTIL there is an offer. And each offer must have an estimated HUD statement which the buyer's agent is requested to submit witht the offer.
If your package is incomplete, it slows down the process because then the loss mitigator will not work on it until everything is available.
If there is more than one lender, this process and package must be duplicated. And in all communications, and on every page, ALWAYS INCLUDE THE LOAN NUMBER.
If there is more than one lender, I turn to the professional expediters to handle. This is so time-consuming and may rob you of your energy.