Short sales require patience, perseverance and humor. Have you ever seen a rabbit warren? Well, I can't say that I have actually laid eyes on one, but I have seen pictures. There is the entrance into a space and then another narrow tunnel to another space, and so on. This is how I view working out a short sale. One needs perhaps a rabbit's foot for good luck but I have never been completely comfortable with the idea of some poor rabbit limping around without a foot. Most of the time I picture myself as a well armored warrior, championing the cause for my client. This of course, is the exact opposite approach that one should take with a bank. Instead, you really need to breathe deeply and calmly, and then slowly dial the phone numbers you have found on the internet.
I, originally thought the worst part of contacting the banks would be finding the right person to talk to. And in the beginning this was true. I made numerous phone calls to various people that would then transfer me (or not) to someone else, who would then transfer me to someone else. All the while I would have to explain to each person that; yes, I did have permission from the owner of the property to talk to someone about their loan; and yes, I did have the loan number, and yes, I wanted to talk to someone in the short sale department.
My most common response when I would identify the loan number was: "we do not have that loan number". And I would have to breathe deeply again and explain that, of course, they did not have the loan number because it was in foreclosure, and that it was necessary that they put me through to the right department that handles short sales and foreclosures.
More about my adventures next week...