Short sale process.

There is a belief that calling a lender in a short sale often is appropriate. Rightfully so! Every time the agent that negotiates the short sale calls the bank, the call is logged into the file database log with notes about that call. Prior to the file being assigned to a negotiator, the file cannot be put ahead of another file. Why not you ask? Because the lender cannot put a one file ahead of another file that was submitted earlier. The short sale files are served in a first received, first served basis. So your file cannot be put ahead of another file.

Consistent calls to the negotiator and mitigation department are the reason the short sale files will keep moving.  Once the negotiator assigned to the file begins working on it, it is important to stay in good graces with that employee. They are usually low paid, under a lot of stress and with a lot of files on their desk. Calling consistently, being professional, having a positive attitude and making sure the negotiator has everything she/he needs is a great service to your short sale file and your clients.

After the negotiator forwards the file proposal for approval, the negotiator can do nothing to hurry it along. However, with the MI (mortgage insurance) carrier, the negotiator can, if taking too long, send email inquiries that may hurry it a bit. MI are insurance companies, not lenders, and sometimes this short sale review and approval assignment is one of several for the given processor.

So how often should the agent call? The agent should call 3 days after submitting a short sale package to make sure it was received. Then a call is recommended at the end of every week to check the status of the file and see if there are any requested/required documents needed by the lender. If so, they need to send to the lender as soon as possible so the file keeps moving and not stalling.

It is important to understand that calling often is a great service to your short sales and your clients.  The lender’s negotiator does not really negotiate, but merely processes so by calling in often and making sure everything the negotiator needs are at his fingertips will make the file move along smoothly.

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