Short Sales are very complex and take everyone working together to finally get an approval from the Banks. To learn more about short sales you can go to our Short Sale Information Guide linked to below.
A trend has started to emerge within the Short Sales that we have been negotiating. The banks, for what ever reason, have denied several short sales due to lack of communication with the Owners.
If the owner has fallen behind on payments, the lender will often start collection calls - sometimes twice a day! Even after we have a buyer for the house and have submitted an offer to the lender, the calls keep coming in. The banks are so over capacity with short sale business, the different departments within the bank have no idea of what is happening in the other departments. Therefore, you can tell the collection agent that you have a short sale till you are blue in the face, but they will just call again tomorrow.
The owners, can't blame them, get irritated and stop taking the collection calls. At some point in the process the negotiations start to happen, the short sale attorneys representing the seller are communicating with the lender, the listing agent is communicating with the lender, but the seller/owner has stopped communication due to the harassing collection calls. At that point, several sellers/owners have received rejection letters due to "lack of communication".
This has happened with Wells Fargo's short sale department....so far.
Short Sale Tip: As much of a pain as it is, take the collection call once a week and tell them, "I am short selling my home, I have a contract that we have submitted, we are waiting for your negotiator to give us an answer, are you the negotiator?" They will say no, you say "thanks for calling".
Short Sale Tip Bonus: Send your bank a certified letter stating the above.
Short Sales are a mess, but they do serve a purpose. In this slow and messed up process with the banks, the more communication you can have with them, the better!
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Give us a call at 904-234-5196 if we can help you buy or sell real estate in Jacksonville, FL.
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Listing information last updated on October 22nd, 2019 at 1:38am EDT.