We all know a short sale can be stressful and difficult from all angles. All angles include the listing agent, buyer, seller, buyer’s agent and in some cases the title company…Saying that, a short sale can also be successful with the help of all the parties that I just mentioned.
The listing agent has to keep constant contact with the lender and the seller needs to
make sure requested documents are provided to the agent within 24 hours of request. The buyer’s agent has to make sure proof of funds or pre-approval is updated.
The title company has to make sure they can provide a revised HUD within 24 hours.
It seems in order for a short sale to be successful it has to be a collective effort from all parties. The same thing applies to a stressful short sale. When the seller is not cooperative, the title company does not return your call and the buyer’s have not sent you an updated proof of funds…then to top it off, the negotiator for the lender has closed the file…..
Now, that’s when the stress begins. The listing agent has to go back to the seller and request all updated information (pay stubs and bank statements), and resubmit the entire package to the lender then wait days or sometimes even weeks to have ht file reopened and assign it to a new negotiator. In some cases the new negotiator may pick up where they left off or they may start the entire process over, it all depends on the lender. From there, go back to the buyer’s agent and provide that update. That can make or break a deal because no one knows how long it will take to get an approval.
In conclusion it is important for all parties involved in the short sale process to communicate, cooperate, and be aware of any updates and developments
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