Archive for month January, 2009


Tuesday, January 20th, 2009

Well now, after my Reality Check marathon, I have GOOD NEWS….  Lenders have realized (not all) that Foreclosures are not the solution…  And they have moved some of their people from the Foreclosure departments to the Loss Mitigation Departments.  They are making them stronger, more effective, with trained people.  YEEAAHH, this is GREAT NEWS, Agents.  This is the YEAR OF THE SHORT SALE.


Let me give you one of my examples:  I had a house in Sugar Hill in the Short Sale process.  The owner had 2 loans with the same lender, and I presented an offer to the Lender (a good offer).  I had been waiting for about 10 days to pass before calling them back and asking for feedback about my Short Sale packet – and to see if they had assigned a negotiator to the file.  Well, on day 10, before I called them, I received a fax with an Acceptance Letter for the second lien.  WOW!  That was a new world for me.  I called them very astonished about what I had received.  The person who answered me, a very professional gentleman, told me that Yes, he had seen in the file that this was the letter for the second lein, and to call back in a week to ask about the first lien.  On the 20th day, I received another fax – the Acceptance on the First lien!


I called again and congratulated them on their process, telling the person who answered tha the last time I had done a Short Sale with them (6 months ago) they had taken three months to close, and that I was astonished at how much they had improved their service in 6 months.  The man told me that in the last 6 months, they had brought in more than 300 people, and that was the reason for their great service.


Well, this is happening more and more.  Small lenders have thought about how to implement and improve their Loss Mitigation Departments all the time, and when we agents send them a complete Short Sale packet, things go very well.  Short Sales are going to be the way forward in this market for us Agents during 2009 and 2010.


The interesting part of this story…  We had to close a month later because my Seller had not had time to find a house to rent!

Leave a comment and let me know if you are seeing the same improvements over time as I am.  Are there “star” lenders out there doing a great job?  Laggards who haven’t seen the light yet?  Let me know your experiences.