Take Control Of Your Expectations And The Lenders Expectations
Another common query that Kevin and Fred hear on a regular basis is based on the measures that take place after the first month of the short sale transaction. If you have been watching for any amount of time, you recognize that Kevin and Fred spent a couple weeks in January chatting about the first thirty days of a short sale transaction and how crucial those days are to the achievement of your short sale. However, a lot of people question what is happening after the initial 30 days.
Realize that you have to do detective work constantly. We refer to the discovering of information as detective work. After a BPO has been prepared and the packet has been verified, each bank has a unique method. Figuring out how each banks procedure works is crucial to the success of the transaction. You have to be able to deal with the banks routine and each bank has their own technique.
You simply can not be an agent that calls the bank and trusts that the process works exactly like they tell you it will. In essence, you should be taking on the part of babysitter for the bank. The lenders have rules for this practice. So, professionals have to be aware of what those guidelines are and then deal with the bank to their own progression. It is vital when you call the bank that you find out all of the complex details. Who is negotiating each phase of the process? How many coordinators will deal with this file? Who approves the folder? How does the bank transition the folder from each person to the next?
Bear in mind that one of the goals in this process is to manage the lender to your expectations and to the lenders expectations. The more you understand about this progression, the better off you will be.
Understand that playing detective is significant every single time that you speak to the lender. In addition, you need to babysit the progression to guarantee that your expectations are being met, but just as critical, you need to manage the bank to meet their own expectations.
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