Short Sale? Make sure you do this!
May 22, 2009 by Gordon Corsie · Leave a Comment
One small detail often overlooked by the stressed out seller of a property involved in a short sale happens when there are 2 or more loans against the property.
Even if you have 2 loans from the same bank on your house each loan must be individually negotiated simultaneously!
It does not make a lot of sense I know, to deal with 2 different bank representatives from the same bank and have to duplicate the work for 2 different loans on the same property but hey
banks work in mysterious ways! If you have a first mortgage and likely a equity line of credit, this is where this dual negotiation comes into play.
The biggest issue is to get the different departments to actually communicate with each other!
Try to contact the negotiators manager as soon as possible, and make sure the manager receives a copy of all communications that are sent to either department!
Always confirm phone call with an email and if the negotiator refuses to supply an email address which is often the case confirm with a letter sent by mail with return receipt, negotiators are often overworked and
your sale may be only one of a hundred files they are working on!
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