Short Sale Hints and Tips that work and will help smooth the process

Short Sales Short Sales...

Working with short sales can be extremely frustrating and plain old completely nerve wrecking.
Here are some proven tips that will help you when dealing with these lenders.

1. When first sending in your documents, but sure that you call and get the
Correct number to submit your "Authorization from the owner for you to speak to the lender, make sure it is dated as well.
Often you will need to fax the authorization to a different number then your short sale documents.

2. Be sure to write the loan number on each document you are faxing

3. Convey to your client that they need to fill out each and every question, marking those that do not apply with n/a. The lenders hate blanks and will call you to verify that they were meant to be blank, which causes delays.

4. Ask to stay on the line with the lender while their updated your file

5. Call them on weekly basis to get updated, always asked if they need any additional information. Some lenders will not tell you what else they may need, but "snail" mail the request to you, if you don't have your authorization in place, you will hear nothing.

As always when you have any doubt, just call the lender, 5 minutes on hold beats 3 days of delays.

Additionally, it is a good idea to keep blank copies of the lenders request for documents, this way if you have another listing, you are prepared and can give the client the package to complete, while you are waiting for the your "third authorization request" is being approved.