Lindenhurst NY Short Sales - Three Little Words That Pack A Punch
Communication, communication, communication. I can't stress enough how important communication is from the listing agent to the buyer's agent. From the buyer's agent to their buyers. From the buyers to their attorney.
Lack of or no communication will kill a Lindenhurst NY short sale deal. The buyers will run like the wind and find another home to purchase. It's that simple and who can blame them?
I can't tell you how many times I hear an agent saying that their buyers walked from a Lindenhurst NY short sale because the listing agent didn't communicate back to the buyer's agent. Even if there is nothing to report back, it is essential that the listing agent contact the buyer's agent every week to let them know they have not heard anything back from the bank yet. In my world, there is no such thing as saying, "I will contact you when I hear something". That is not good enough!
Currently, I have a buyer on one of my Lindenhurst NY short sales since June 10th 2011. We are on the verge of closing on it this month or the beginning of November. This short sale is with Bank of America. I have an awesome negotiator who has been in constant contact with me and I her and that has helped tremendously. As soon as I have news to report, I send an email to the buyer's agent and the buyer's attorney. They in turn contact the buyers. And, every week I send both of them an email just to let them know I'm still breathing and it's going to be a few weeks before Bank of America comes back with another task for me to do in Equator.
Bank of America uses Equator to process short sales. Once I had a buyer on my Lindenhurst NY short sale, I was able to log on to Equator and initiate the short sale process. That is the very beginning stage of a short sale with Bank of America. Once that is done, I have to wait until a new Task is assigned to me. Agents cannot jump ahead in the Equator system because then the short sale file will get kicked out and we have to start all over again.
As of 10/17/11, my short sale was approved by the mortgage insurers. As soon as I heard this news, I sent an email to the buyer's agent and their attorney. Now the file is with the investor and we wait for their decision. They may even come back with changes or stipulations before the investor approves the short sale. My negotiator said we should have a decision this coming week.
This is why communication is so important during the short sale process. If buyer's agents and their buyers do not hear from the listing agent, the buyers will walk guaranteed!
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