Home > Uncategorized > How Rick Got an “Impossible” Short Sale Closed

How Rick Got an “Impossible” Short Sale Closed

We submitted Short Sale paperwork on behalf of our client in early March 2009 and it was now almost 6 weeks later and the lender had not responded to our repeated phone calls, emails and faxes.  This was not a surprise because the bank, although one of the largest in the world, had a reputation of losing paperwork and ignoring callers inquiring about the status of their Short Sales.  The buyer, however, was angry and threatening to cancel the purchase and the Seller was getting very impatient with the whole process.  Needless to say, the Real Estate Agents were quickly becoming “ance” as well.  I knew I had to act quickly and take bold steps to get the bank’s attention and save the deal.

After several phone calls, and much research, I was able to obtain the email address and direct telephone number of the bank’s CEO.  I then emailed him a very respectful letter detailing the inefficiencies of his Short Sale Department and stated that the Seller was about to contact the Comptroller of Currency and would also complain to the media if his transaction was not acted upon immediately.  I told him that the Seller had his direct phone number and I actually included the number in my email.

Shazam! … you never saw anybody act quicker.  Within two hours I received a call from his administrative assistant thanking me for making them aware of their internal inefficiencies.  She informed me that  she had already referred the file to their expediting team and promised to personally follow up with me in no later than 24 hours to assure that the matter was properly handled.

WOW!  I guess I hit their “sweet spot!”

Within 72 hours, after a flurry of emails and phone calls between our offices, we received written approval for the Short Sale.  To say the least, the Seller, Buyer and Real Estate Agent(s) were amazed at the speed at which things happened and they have both referred numerous other clients to us as a result of the actions we took.

While this technique (or those similar in nature) has worked on numerous other occasions, we are careful when to employ such tactics.  We never want to be known as the “Boy who Cried Wolf,” but, when determined as an effective approach to handle an otherwise hopeless or stalled out scenario, I believe in taking a proactive approach.

I’d be interested to hear some of your success stories and how some of you have taken a more aggressive approach in order to get your short sales approved.

As a way to expedite a transaction, many people choose to use an experienced Short Sale facilitator who knows the shortcuts and has processed hundreds of deals. This person understands the process, has previously dealt with the lender and can often cut through the red tape to get the deal approved quicker.  If you’d like a Short Sale expert to package and handle all the paperwork and communications with the lender at no charge whatsoever, contact Rick Schuster by phone (561-893-0077) or email (rick@homeguardiantitle.com).

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