Spicy Advice For Short Sale Agents
A vastly critical topic that has come up in the last couple weeks is our focus today. We’ve seen this trouble pop up over the last couple weeks and we want you to be able to avoid it.
Make certain that the bank you are working with on a short sale is not the lender where the home owner has a checking account. We have currently had multiple people over the course of the previous couple weeks that have approached us on this issue. Both present customers and soon to be clients have been telling us that the have missed payments and the bank has taken the money out of their checking account without their authorization.
We assume that the note you signed for the mortgage is only secured to the home. It is not secured to the checking account. However, we believe that the banks have revised or applied their checking account terms of service to obtain their money. Basically, they are saying that if you are deliquent on other accounts they can seize the money from one account to apply it to a different account. They are stealing it without any approval.
We do not know if this is right or wrong, but it is happening. So, there is a path around this. Ask your house owner up front where their checking and savings accounts are presently held. Make certain that if they are not held in the bank that you will be doing a short sale with. Without delay have them shut down those accounts and get the cash out. It is exceedingly important that you know this as short sale agents and that you share this information with your clients.
Get the word out to other teams and your clients. Don’t let this become a difficulty for the people that you are trying to assist through the short sale method. Also, please comment below if you have seen this take place already. Let us know what banks are utilizing this policy.
One more thing to note, we will be in Las Vegas on August 25th with our Crush It short sales lecture. So, obtain your ticket today!
Get powered up by Kevin and Fred at Short Sale Power Hour by the Short Sale Specialists of Arizona
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