Southwest Florida Title Insurance & Real Estate Blog -

Like I’ve mentioned before, there are two types of…

This is the 3rd step in our series: “12 Things You Should Know to Survive a Short Sale.”

…distressed sales.

Getting coveted REO listings, which admittedly sell quickly, is like winning the lottery.

Banks don’t generally like to mass-market those listings, so often it comes down to the old maxim, “It’s not what you know, it’s whom you know.”

It may be easier to earn a short sale listing, but a short sale still comes with its own challenges.

So let’s get started on the short sale process.

We have all heard the horror stories about how long a short sale can take.

A long short sale? You wouldn’t think that phrase could exist!

There are hundreds of pages of documents to gather and assemble from sellers and homeowners who may be less than motivated to help your efforts.

Some of the people you’re dealing with may not be as keen to return a phone call or answer an e-mail as you would like.

Once you have gathered and assembled all the required documents, there is the proper compilation and coordination of those documents according to each particular lender’s or investor’s guidelines.

That’s right, the guidelines for a short sale do vary, so it’s very important to know what certain lenders or investors require.

And if you’re a lender, you need all the right information from the Buyer and Realtor.

All players are important in the short sale process.

Successful short sales require follow up; and in the short sale game, follow up takes time.

Winged Foot Title’s average hold time (the time it takes to get a live person on the phone) when following up with lenders is just over 10 minutes.

Here’s a Wells Fargo short sale approval letter that closed 12/29/09. The short sale approval came within approximately 42 days from the date of submission. The original loan amount was for 176k and the lender accepted 46k with a commission of 6% to real estate agents.

12 Things You Should Know to Survive a Short Sale” is a FREE eBook that is available for immediate download at www.WingedFootTitle.com.

If you have any real estate or short sales questions – please don’t hesitate to contact us, or call us at (239) 985-4142. We service all of Southwest Florida including: Fort Myers Estero, Bonita Springs, Naples, Cape Coral, Pine Island, Punta Gorda, and Port Charlotte; and are licensed and able to service the entire state of Florida.

-Chris

1 Response

  1. Alan K. Forbes Says:

    I am currently trying to work a short sale on a property of mine through Aurora Loan Services, with no end in site. I came across your approval letter, and was hoping to speak with someone to see if you can help with the listing. It is my own home. THanks! Alan

    Posted on August 16th, 2010 at 5:50 pm

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NOT LEGAL ADVICE: This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Every effort has been made to assure that this information is up-to-date as of the date of publication. It is not intended to be a full and exhaustive explanation of the law in any area. This information is not intended as legal advice and may not be used as legal advice. It should not be used to replace the advice of your own legal counsel.

Winged Foot Tite, LLC is not associated with the government, and our [short sale orchestration] service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.