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Do You Have a Nomination for the Short Sale Hall of Fame?

Do You Have a Nomination for the Short Sale Hall of Fame?

If you’ve been intimately involved with the Short Sale process over the past 30 months like I have, then I don’t have to tell you that the evolution of the short sale request process has changed DRAMATICALLY.

Initially, the short sale process was summed up perfectly by a West Palm Beach attorney, Richard Zaretsky, who classified the process as:  “the Wild West”.   He was right.  There was no conformity among lenders —- each had their own way of doing things.  What seemed like a no-brainer deal for one bank’s exit was often denied short sale approval, while other transactions that you thought didn’t have a chance were approved.

Thanks to innovation, technology, accreditation, time and experience the process has leveled out quite a ‘bit.  There is, however, tremendous room for improvement.

All this being said, I’d like to announce my list of Short Sale Hall of Fame Recipients (in no particular order).  I ask that you add to this list, via comments, so we can all enjoy the efforts exhausted by us all to move past this “Great Recession”.

Alex Charfen – Certified Distressed Property Institute – Mr. Charfen took the Distressed Property World by storm a few years back when he created the Certified Distressed Property Institute.  There are currently thousands of real estate professionals around the country who are better educated in how to process a short sale because of his program.  I am proud to say that I just renewed my CDPE designation and intend on keeping it for years to come as the Institute has proven to be a valuable asset to my Career.

Matthew Vernon – Senior Vice President of Bank of America – Mr. Vernon took over as the head of Short Sale/REO properties at Bank of America earlier this year.  Prior to his involvement, Bank of America appeared to work extremely slowly in processing a Seller’s short sale request.  Once Mr. Vernon took over, the process was immediately streamlined/expedited.  While Bank of America still has a lot of enhancements to work on, their current efforts are evident.  I have received approvals from Bank of America (non-HAFA) in as little as 30-45 days recently.  This is a dramatic improvement over what used to take 8 months or more with their company.  To be blunt – if this article were written back in February, Bank of America would have been in the hall of fame for worst short sale performance.

Equator – The online Short Sale Software System previously called REO Trans has become a staple for Bank of America’s short sale processing efforts.  While the system can be clunky at times and while it requires efforts on the Seller’s part, the system has dramatically sped up the short sale process.  Yes, there is room for improvement, but, the system appears to be working (at least initially).

Richard Zaretsky – Thank you, Mr. Zaretsky, for all the short sale articles you have written on Active Rain!  Your insight is tremendous.

Michael Lewis – For those of you who don’t know him, he is the author of “The Big Short” but you may know him better as the author of “Liars Poker”.  In “The Big Short” he discusses how Wall Street bet on the Sub Primes to fail.  This is a good read as it sheds light on the real reason(s) why the banks failed.

Home Guardian Title (HGT) – DISCLAIMER – I OWN HOME GUARDIAN TITLE.  Ok, so I’m biased.  HGT has processed over 400 short sale requests with Seller’s lenders in the past 30 months.  I am very proud of my staff of professionals and consider myself fortunate to be surrounded by them.  Thank you!

Active Rain – The network established by the Active Rain Community is second to none.  If I ever need guidance or assistance regarding Short Sales (or any other real estate matter) the first place I turn to is Active Rain.

Ok, so my word count is at 652 now and this post is getting too long.  So, I recognize that I have left out lots of other people/entities including but not limited to HAFA, I would love to hear about your nominees.   Please take a moment to comment and include who you think is worthy of a Short Sale Hall of Fame designation.

About Rick Schuster: Rick is a Licensed in the State of Florida as a Real Estate Broker, Title Insurance Agent and Mortgage Broker.  His companies have processed more than 400 short sales over the past 30 months and have an excellent track record of success.  Rick can be reached at 561-893-0077.

Categories: Real Estate
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