My mother was a teacher. She always made sure her children did their homework every night- NO EXCUSES! However, I do remember kids who never had their homework done and always had some sort of an excuse such as “I couldn’t find a pencil”, “No one at home would help me”, etc. It was never believed or tolerated by any savvy teacher. The teacher was in control, not the students.
We are in an era of a new kind of real estate where we ask for the cooperation of a mortgage holder to allow us to sell a house (that has dropped so much in value) for less than the homeowner owes on the property. The homeowner is put through a grueling process and must provide detailed financial information as well as a hardship letter about why he needs to sell. At best, the process is difficult for all parties involved. The real estate agent spends hours on the phone (many of them “on hold”), the seller never knows when he has to move, and the buyer doesn’t know if he is even getting the house!!! Patience, patience, patience is required.
The banks have taken a difficult process (like homework) and made it a ridiculous farce. I have decided to write what I believe to be are the Top Ten Reasons Why A Short Sale Takes So Long. I am using some of the exact quotes we have been given by negotiators, customer service representatives, and any idiot at the mortgage company who happens to answer the phone.
#10. “We are missing the authorization to speak to you and we have to start over again”. (Even though we have faxed it 10 times and have the confirmations to prove it)
#9. “The computer crashed and we lost the file. We have to start over again”.
#8. “You have been assigned a new negotiator and we have to start over again.”
#7 “Our phone system is having problems and you are talking to someone in Texas when you need to speak to someone in California. Call next week and start over again.”
#6. “We converted the files to a new computer system and we have to start over again.”
#5. “We closed our company and transferred the file to another mortgage company and we have to start over again.”
#4 “We changed the loan number and we have to start over again.”
#3 “We merged with another company and formed a third servicing company and we have to start over again.”
#2 “We never got access to get in to do the appraisal and we need to start over again.” (Access to vacant land? Where is the front door?)
And the NUMBER ONE REASON short sales take so long…
#1 “The dog ate the short sale package and we have to start over again!”
Seriously, we really have heard most of the reasons above. We cannot understand why the banks are making the short sale process so difficult and often buyers and sellers take their frustrations out on their agents. We all have to be patient and graciously “start over again” when the banks ask us. The banks are in control, not the agents. Remember the race with the tortoise and the hare? We all need to act like the tortoise and just keep moving to the finish line of the race and have a successful closing for both the buyer and the seller. In essence, short sales are never really “short”!
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