Why Closely Monitoring a Gainesville Short Sale is Important
Anson Properties received a short sale approval yesterday and from the start, working with the lender proved to be extremely difficult. We’ve jumped through several loopholes while maintaining as much patience as we could muster. The homeowner’s loan was transferred from their lender to ServiceLink for processing as a short sale and in doing so the loan number was changed. First of all the seller was not notified of the transfer until weeks after it took place, thus delaying our short sale communication. I would email and call and leave messages with our assigned negotiator at the original bank, with zero response in return. After 2 weeks of persistence I finally had enough and escalated the file to a supervisor which took an entire day of phone calls, transfers and being on hold. I was determined to get to the bottom of it no matter how much time it took. Once I finally was able to speak with a supervisor I was then informed that the file was transferred to ServiceLink.
The problem with this is that we will have to start the process all over again and the paperwork will have to be re-submitted with the new account number. This means the comprehensive short sale file will have to be redone with the new account information and resubmitted. Only problem is that we did not have the new account info. I hop on the phone with ServiceLink and knowing how to navigate the waters had to reference the file by the seller’s social security number. Not to my surprise they are unable to find the file. I walk them through how the file came to them so they can check with the appropriate department and I refused to get off the phone until I verified they had the seller and their account in the system and also obtained the new loan number. This took up my entire morning to resolve something that is not rocket science guys! Do you think they could stand for some process and policy improvement here?
I updated all the paperwork and submitted it to ServiceLink and we continued down the short sale negotiation path. Within about 2 months ServiceLink finalized their review, BPO and provided a Short Sale Approval Letter. The buyer and seller were in agreement in terms, we started the inspection and buyer loan process and low and behold the file is transferred again! Now it is with Seterus. Are you kidding me? We have a valid short sale approval letter.
Here is why maintaining correspondence and a log documenting conversations, points of contact with dates and times are so important. I spent 2 additional weeks speaking to supervisors to overcome the file transfer. This is important because Seterus wanted to start the process all over again and I was just not having it and our Short Sale Approval Expiration was coming up. After jumping on some desks as I like to call it and spending hours on the phone escalating the calls to supervisor, department head and finally VP did I get it resolved. I was successfully able to have the approval letter date extended to cover the delays caused by these institutions and made the closing happen.
This is why it is very critical you have an short sale agent on your side that knows what to do and does not take no for an answer. If agents do not stay on top of their files and do not follow up consistently this could have ended with no sale, seller in default and several upset parties.
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