Real Estate Broker · TEMECULA, CA · Member since 2011 · 18 posts · 2 votes
My short sale listings took a nose dive last year and the ones I had were some of the hardest to get to approval. This year I have noticed an uptick in calls and short sale listing and the ones I have in my pipeline seem to be easier to work with.
Contractor · Detroit, MI · Member since 2008 · 2 posts · 0 votes
11y
My previous short sale deals were completed within 3-4 month. But, my Wells Fargo deal I'm currently working on is dragging out, delay, after delay. I provide every document they want in a timely manner and they are still slow to respond. Appraisal was done in Aug. 2014, they didn't counter until Jan. 2015. We refused to ask the buyer to increase his offer simply because they took so long. He's also agreed to a 3rd extension. They ultimately accepted the offer, but we're still waiting for an approval letter. Not liking Wells Fargo short sales so far!
Real Estate Broker · TEMECULA, CA · Member since 2011 · 18 posts · 2 votes
11y
Hi Ray,
I would answer NO,but I have never tried.
Short sale are hard enought to get approved jumping thru all the processors hoops I think that an assignment would be a reason to reject the short sale package.
Investor · Minneapolis, MN · Member since 2014 · 133 posts · 29 votes
11y
@Sidney Kutchuk, thanks for the response.
The niche I'm focusing on is short sale properties in more than "normal" disrepair and not in the banks' interest of market as REO. I also like it if the short sale is pre approved and this is where I educate the distressed home owner and urge them to act.
If you don't mind me asking, how do you work your short sales?
Real Estate Broker · TEMECULA, CA · Member since 2011 · 18 posts · 2 votes
11y
I prefer to work with the larger banks that process the short sales via the Equator Platform. That helps keep all parties accountable and the system is all task driven.
Real Estate Broker · TEMECULA, CA · Member since 2011 · 18 posts · 2 votes
11y
John, I get emails weekly from services wanting to also take over the tasks of getting my short sales to approval. I have hired and trained a TC (Transaction Coordinator) to mosts of the tasks for me and I jump in only when really needed.
Investor · Los Angeles, CA · Member since 2012 · 1k+ posts · 500 votes
11y
As I always tell my clients, some are easier than others! I'm still seeing some that get done very quickly and some that are vampires that you just can not kill.