The Switching of Short Sale Negotiators
Sometimes people get discouraged with short sales when they really don’t need to be. A lot of times when they call in to get an update on their short sale they get told they have a new short sale negotiator. People feel as if their short sale has taken a step back. This is not always the case. These days, some banks, give you three different short sale negotiators.
- Short Sale Negotiator #1: The first short sale negotiator makes sure you have given them all the necessary paperwork and then orders the BPO/appraisal.
- Short Sale Negotiator #2: The second short sale negotiator, once the BPO is back, review all the numbers and makes sure the short sale is selling at FMV. ( Fair Market Value) If they feel your short sale is along the lines they need it to be they send it to the investor on the loan.
- Short Sale Negotiator #3: Once it is back from the investor, the third short sale negotiator draws up your approved short sale letter and you are done!
I hope this gave you a little more insight into a short sale!
Thanks for reading!
- Jeff Buettner
Real Estate Wiz Kid
I’m upside down on my house and need to do a short sale in Phoenix…
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November 4th, 2008 at 1:23 pm
Short sales can be a pain in the rear, but persistance pays off with the banks. Keep in contact with the negotiators until the deal is closed. It can take months, but some short sales are being closed within 30 days here in Oregon.
November 4th, 2008 at 1:52 pm
Dylan,
I couldn’t agree more. You have to be persistent. Do you negotiate short sales out of Oregon?
Jeff