The Short Sale Myth
Your agent can’t submit your hardship package without an offer and estimated closing statement.
This is a matter of considering whom you’re dealing with. Most likely, advice like this comes from a lower-level paper-pusher who is following a set of generic scripts or guidelines that show up on their screen when the agent calls.
If your agent listens to the banks "advice" and hold off on submitting your initial hardship paperwork until you actually get an offer, you’re going to drag out that escrow by an extra four weeks just to get your file processed. Believe us when we say that four weeks is a conservative estimate with most banks. We’ve seen transactions with some of the lenders or loan servicers that easily take six to eight weeks to actually set up and order the BPO from the time they initially received a file with an offer.
Your agent can shorten this time-frame considerably if you’re aware that you can send a file in without having an offer. The key is your agent has to follow-up repeatedly and be working on getting an offer quickly. Your agent is responsible for keeping up on the status of your file and making sure the bank is moving forward at a reasonable pace.
Whenever your agent gets a call from a lender asking "where’s the offer?" they should hopefully have one by then and they can respond that they’ll be faxing it right over.
Then for the bank it’s only about reviewing the numbers from that point forward.
Instead of taking your chances and hiring an agent who falls for the myths themselves and causing you unnecessary and risky delay contact us at OCForeclosureOptions.com and we’ll connect you with an agent in your area with the right amount of knowledge, the right amount of experience and the right tools to get your short sale closed the right way.
