Hellooooo my Beautiful Wonderful San Francisco Bay Area!!… The Burning Question of the Day!!

Everyone listen up… NOT ALL BANKS have the same requirements to close short sales… Dont Assume they’re all the same… ding ding ding… please wake up sellers, buyers and agents!!…

The short sale process is generally as follows…

• Complete Short Sale Package from seller and submit…
• Submit Offer…
• Bank acknowledges receipt…. 10 to 30 days…
• Bank orders BPO or appraisal… 30 to 60 days…
• File is reviewed… 30 to 60 days…
• Negotiator is assigned… 30 to 60 days…
• Level 2 Negotiator may be assigned… 30-60 days…
• File is approved or rejected… 60-120 days…

If you’re running past 120 days… its possible the listing agent or a 3rd party negotiator isnt on the ball and very lax in contacting the bank… calling the bank can mean waiting on hold anywhere from10 minutes to an hour or longer… or it could also mean the bank has internal problems ie) not enough staff or lost the file a few times… causing agents to resend packages over and over… You cant always avoid problems in a short sale… PATIENCE is key… threats to walk away from your offer means nothing to the bank… stick it out and wait… if you really truly want the home….

Thanks for checking in… your comments are always welcome…

Come back and visit all the time!!…

Isi

Isi Wu… the realtor for you…

Serving Clients All Over the Eastbay…

Greetings to You My Beautiful Wonderful Bay Area… The  Thanksgiving Holiday has come and gone… hope it was spent the way you wanted!  It always takes me awhile during and after the holidays to come back to full work mode… its always a special time for reflection and its a great way for me to just take it all in… whatever that might be… but you’re never ever far from my mind…

Today I want to share this with you… Its something that came across the news yesterday…  There’s a growing epidemic of people across this country… about to be foreclosed on who have resorted to burning down their homes!!… mostly out of sheer desperation because they cant get help from their banks… many resort to this with the misguided understanding that by losing their homes to fire their home insurance will pay off their mortgages!!…  Some may look at this as not being desperate, but being spiteful and destructive and greedy. The fact is… its happening… right or wrong… (its not the issue)
http://bit.ly/7zUIUI      and       http://bit.ly/8cX1lv

Its a terrible terrible situation… this problem obviously is too large for any one of us (as individuals) to fix…but we need to remember that there are so many others with much bigger problems than we have… whether they brought it upon themselves or not… I surely dont know what the solution is or if there ever will be…

I just hope we can keep in mind the “reason for the season”… and work towards a better future for all.

Thanks for checking in… your comments are always welcome… Come back and visit all the time!!…

Isi

Isi Wu… the realtor for you…

Serving Clients All Over the Eastbay…