Patty's "All Things Real Estate" Blog.

November was a very interesting month, and one that really shed some light on the incompetency of the short-sale ‘department’. 

First call to verify docs had been received.  The rep says it appears they have received the short sale package and purchase agreement and the docs have been uploaded to the system. However the file is still in ‘modification’ status.  She will see if she can ‘push it through’ to pending status the the negotiator will be assigned.  This takes another 7-10 business days to push through. 

7  days later called again for the update.  Short sale documents are there but the file is not opened.  The file is supposed to automatically open, but for some reason did not. Rep is opening the file manually (whatever that means).  It should be activated in 48 hours.  Call the bank next week to see if activation is complete.  Then it will take another 7-10 business days to be assigned to a negotiator.

7 days later called again for the update, fully prepared to receive the name of our short sale negotiator and get this purchase approved!  Was advised that short sales are now all being tracked through an online system.  Was given the web address and login instructions.  Once I log on and enter the required information, the negotiator will be assigned through the online system.  Great, getting closer!   …….NOT

After logging on the system with the instructions they provided, I was unable to get into the correct area.  Called the bank back to get some assistance. Was told (this same day) that they are not using this system yet.  I was also told the short sale is still in ‘modification’ status.  It cannot be changed to Pending status until the homeowner calls to cancel the modification and request the short sale.  {What? I think they have in house incentives for the reps who can confuse the most customer and cause the longest delays! } I called the seller and advised they needed to communicate with the lender about the short sale status.

The seller called back and said they talked to the bank.  Said the modification was cancelled and the short sale option was requested back in August (according to the bank record).  So why did the bank tell me it was still in modification status?  Called the bank again to make user the status was updated.  Was told the file has been assigned to a negotiator!!  I was even given the persons name!!!  I am so excited, we are finally getting somewhere!!!  Transferred to short sale department to get phone number for negotiator.

Well, that excitement was short-lived.  The name the previous rep gave me was not the name of the negotiator, it was the name of the person who input the record.  This rep does advise the short sale was ‘pushed through’ today (coincedence?), the file has been ‘opened’, and we just need to wait for the negotiator to be assigned.  This can take an additional 15 business days.  Advised to call back next week.

One more phone call…..Was advised the negotiator was requested on 11/22/09.  Negotiator should be assigned by 12/14/09. 

So more waiting………………..