Even If You Do Everything Right...
Even if you do everything right.. from the intitial and all important prequalification of the short sale candidate; to the completion of the mortgagee's boilerplate application; to your preparation of a factual and compelling Proposal....the mortgagee can and often does, turn you down, flat.
Why?
Because we are never 100% sure about their particular policy de' jour.
Mortgagees are always rotating their managerial staff or outsourcing to consultants to reduce their exposure to loss... and are always trying new policies and practices.
What works today may not work tomorrow. But may well work again next month.
To be successful in this, or any other business, you must devote a portion of your time to the anticipation of change.. and how to adopt to tomorrow's problems. [ Edited by TheShortSalePro on Date 02/06/2004 ]
Great post ShortSalePro,
Thank you for sharing!
BAMZ
TheShortSalePro, it sounds like you just had an attempt that didn't go as planned. Is there any more to it that we can learn from.
Thanks
No, I don't leave too much for chance... and frankly, I can't recall the last short sale proposal that hasn't been accepted... but that's because I'm selective, and carefully prequalify the candidate.
(actually, that's not true. I have had a few that came to me quite late in the process... I was asked to help salvage a deal but it's really tough to revisit and restate the Proposal. I've had a few where the lender was annoyed, and took the property to sale....)
I wrote this blurb because I've been sensing the confusion experienced by folks who, although who profess to be detail oriented, and
whose Proposals make financial sense... they just aren't busting through.
I guess my point to those who aren't getting an acceptable approval rate is to stay in touch with the Loss Mit rep on a regular basis... and don't leave anything to chance.
[ Edited by TheShortSalePro on Date 02/06/2004 ]