Comments on: Can Buyers Speed Up a Short Sale Review?

By: Tim Burrell

Tim Burrell — Sat, 05 May 2012 23:57:31 +0000

GMAC should tell you who the investor is. If they will not provide that information to you, have the seller/borrower request it in writing. I have had some other lenders refuse to provide that information to me as the agent, but I have always gotten it when the borrower asked in writing. GMAC is doing a fairly good job, particularly since they have switched to doing most of their short sales on Equator. It speeds up the process by giving you a way to upload the documents immediately and the negotiator knows that you can verify that they have received them. Also, you can see the progress of your sale just by going to that site. Good luck with your sale.

By: Dick

Dick — Thu, 03 May 2012 11:20:12 +0000

Tim, I love the clarity and frankness of your blog. You have made numerous references to Fannie and Freddie mortagages. However, I have an offer in on a short sale and it is for a home with a VA mortgage with GMAC. Are VA mortagages any different and how can I find the present investor? Has your rather neutral opinion of GMAC changed over the last year?

By: Tim Burrell

Tim Burrell — Fri, 20 Apr 2012 01:56:59 +0000

Contact the escalation department that Chase provides. Call the Short Sale Hotline at 866-233-5320. If you need to escalate your review, send an email to liquidation.escalations@chase.com or you can call 877-496-9025. You can light a fire under them by explaining that you may have to reduce your offer because your lender will no longer appraise the property for the price you offered. Chase made a presentation at REOMAC saying their goal is to approve short sales in 25 days. You might want to show them how your sale will ruin their average.

By: Rich

Rich — Fri, 06 Apr 2012 22:11:24 +0000

We put a bid on a short sale on 8/19/11 and still do not have a closing date. The first mortage (thru Chase) was approved in january and the second mortage (also Chase) has not been approved. The owners of the property have not made a payment since 2009 and there is still no forclosure on the property. We have since had an appraisal (since the first loan went thru) and found out what we are paying would have been good in Aug, but the property dropped in value more since its been 9 months. Any advice?

By: yuliana

yuliana — Thu, 08 Mar 2012 19:32:10 +0000

Thank you for the quick response. Yes it is a. Hafa but tomorrow will be 1 month without knowing anything.. ? Know I’m thinking that’s bad

By: Tim Burrell

Tim Burrell — Mon, 27 Feb 2012 20:22:24 +0000

Yes, it will speed up the process. Hopefully, you have a HAFA short sale where the price is has been reviewed and approved as a part of that process. The response to an offer in a HAFA short sale is quicker. Also, Wells Fargo is normally fairly quick in its response to offers even if you are not in a HAFA short sale. Good luck.

By: yuliana

yuliana — Thu, 23 Feb 2012 15:21:20 +0000

Hi Tim. Thanks for all your help. We got an offet accepted for a short sale 3 wks ago, our agent told us when we check out the home that the bank had all ready approved the seller’s price. You think that will speed up the process? We have not heard anything from the Wells Fargo.
Thanks.

By: Tim Burrell

Tim Burrell — Fri, 16 Sep 2011 16:03:37 +0000

I cannot send it through this website because he will get tons of calls, which would burn that relationship. You will need to call me, and you can find my phone number at http://www.TeamForYOUrDreams.com . Your attorney is right. Tim Burrell

By: Paula

Paula — Fri, 16 Sep 2011 15:08:19 +0000

Can you send me your contact # or the contact at BofA. My attorney is trying to go up the chain but she says they are the most arrogant folks she has ever dealt with.

By: Tim Burrell

Tim Burrell — Wed, 14 Sep 2011 21:55:37 +0000

Give me a call and I will give you the right person to contact at Bank of America. Tim