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Here are the best articles in Real Estate right now.
Sense of Urgency can Lead to Faster Lender Response Times
Today I’m going to talk about how creating a sense of urgency can produce faster lender response times with it comes to short sales. When a loss mitigation negotiator has 500 to 800 files to work on, almost every one of those files is seen as urgent to an agent. Foreclosure time lines may seem long, but getting an approval from the lender and then waiting another 30 to 45 days for the deal to close, there isn’t much time at all.
10 Truths about Loan Modifications
Loan modifications are still be a tough option to achieve. This is very true. There have been a lot of reports from the media that talk about the droves of scam artists that are taking advantage of homeowners in today’s ailing real estate market. We want to shed some light on loan modifications, and if in fact they can help you or your plan with your current situation. That is a really good question.
Follow through with your commitments
The timeline for the short sale process can be extremely long and will test your patience. Once a file is submitted to the lender, it is processed according to the bank timeline. While you may be limited in your ability to try and speed up the process, you do have the ability to avoid items or circumstances that cause delays in processing time. For example, it is critical that a complete file be submitted: all bank statements, tax returns, pay stubs, financial statements, hardship letters, purchase contract, buyer pre-approval letter, estimated HUD-1 statement.