We were having a conversation with a fellow short sale agent the other day, discussing the major failure points in Short Sale transactions. The most common (across both our businesses) was the failure of the seller (our client) to get us updated financial information and items from the bank’s honey-do list in a timely fashion.
We are really good about setting expectations on short sale transactions that the entire process hinges on the seller and us (the marketing arm) of the short sale transaction working together as a team. When paperwork rolls in slow, we can only imagine that these files are looked at with less vigor than the files where the paperwork is flying in fast.
We can only assume the banks have rating systems on short sale files, the files that have slow turn around times from required paperwork have a significantly slower response time by banks.
As a short sale seller it’s extremely important that you work closely and diligently with your short sale agent to get the paperwork back to the bank fast, as this will expedite your short sale process.