Expedite Short Sale Process

Banks generally quote a 45-90 day review time for a short sale to reach a decision. Many times short sale reviews take much longer for a variety of reasons. Below you will find just a few reasons why short sales get delayed. Actions to prevent delays are one way to expedite short sale reviews.

Missing Items ( You need to be diligent in keeping up to date financials on a transaction for the borrowers. )
Lack Of Borrower Cooperation ( At times the borrowers drag their feet resulting in a file being closed out for one reason or another. )
Realtor’s Moving Slow ( Agents need to be an advocate to get items back quickly and to move the file forward proficiently. )
Poor Communication ( Keep a strong line of communication and build rapport with assigned representative on the banks end. )
Not Knowing How to Navigate The Banks System ( Many party’s will send documents to the wrong departments. )
Asking Bank For Things That They Won’t Grant ( At times party’s waste time fighting a battle they will never win with the bank due to investor guidelines. )
Not Structuring A Deal For Success From The Begging ( You need a birds eye view on the big picture of the transaction and how it will come together. )

Knowing how to navigate the banks system, seeing the forest before the trees in regards to bank and investor guidelines, while knowing what buttons are worth pushing with the bank are a few keys to a more successful short sale. The other key is to know how to properly escalate to managers or having contacts already at the bank that you can reach out to in order to expedite short sale reviews.

If you have questions or need support in expediting a short sale please reach out below as we have numerous contacts at a wide variety of banks who help us overcome delays on a regular basis.