Initializing A SS Transaction
I know the gurus say that you need to prepare a SS package to submit to the bank, but I'm finding that most banks I've spoken to recently ask that I fax over to them a signed P&S agreement, a HUD1 and maybe a hardship letter. They say that is all the need to initialize the process.
1. All of you that do SS, are you finding the same?
2. Should I trust what the reps say and submit those documents now or should I take the time to prepare the total package (case), including repair estimates, sellers financial numbers, etc., which can be time consuming?
I know the additional documentation will come into play later as the SS process continues, but I was feeling insecure putting off the bank until I gather all this info as my partner suggests we should.
The first time I made contact with Loss Mit, I actually got connected to the rep handling the account. He informed me that he needed the P&S and Hud1 faxed to him and that he would have a BPO call me to schedule an appraisal. The BPO called me later that day. My partner insists that we should wait until we gather and overnight all of the normal SS stuff before we schedule with the BPO.
What do you pros think? Should I put the BPO and bank off for a while until all this info is gathered? Or should I send the docs they are requesting now and the rest later? [ Edited by mpldja on Date 03/01/2004 ]
my experience is similar. they seem to be most interested in the p&s agreement and the hud-1. the hud outlines thier bottom line and that's the biggest concern to them - after all fees, closing costs, etc ... what will they make, with your offer.
i'd get that offer and hud in immediately and get the dialogue started with them. as you speak with the rep, you'll find more of what they're looking for and if you get to the point that they're calling you for a counter to thier counter offer, then you know you got 'em. just get cushy with them and before the end of the call, you'll know what they're looking for out of the deal - even if they don't expressly tell you the what the bpo came in at.
Been there, done that.... Here is what I think.. Preparedness is crucial.
The loss mit reps are only interested in getting the basic, boilerplate info needed to complete their task... which is to gather basic info, and process/incorporate that data into their software. That basic info is moved up the food chain to the decision makers.
The loss mit reps are not the decision makers....
You will seldom have an opportunity to present your case directly to the decision makers.
By preparing and submitting a factual and compelling Proposal that accompanies the boilerplate application, you have added a voice (interface) to present your side. By anticipating their objections, and providing solutions to their potential objections... you will get more of your deals approved. Quickly. Without being stalled 'in committee' until it's too late.
By asking a mortgagee to accept less than they are due, you are asking somebody to stick his/her neck on the line. A comprehensive Proposal in surpport of the Offer will serve to cover their rear ends, and pave the way for approval.
(Sorry, can't spell too well today.)
[ Edited by TheShortSalePro on Date 03/01/2004 ]