Monday, January 31, 2011
Short Sales-The Listing Agent Must Know How To Present to Banks!
I just read an interesting article as to why many short sales fail. I always like to try to deal with an agent who is representing the seller that I know. Typically, if I know an agent and have worked with them in the past, I know how they operate. This means whether or not they actually do their job etc. It has been noted that most banks can tell if the agents submitting packages to them for short sales really know or don't know what they are doing by the presentations of their packages. And...guess what? If the package is not complete or is sloppy, it goes to the bottom of the stack. And, their stacks can be large and take a very long time to get through. If the package is complete, it typically gets reviewed within a few days and the process starts. Sometimes, I know this is not the case because of other various reasons, however, the conclusion is that the banks will tend to work with a complete file from an agent who shows them they do know what they are doing.
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