Post Short Sale Agreement Troubles
Today, Kevin and Fred have decided to embrace a subject that they have never covered in the past. In addition, they haven't ever talk about it in one of their Crush It classes. The subject is post short sale approval problems. Basically, you previously have an approval from the lender and problems occur. How do you deal with them? What is actually occuring out there?
With a deal that closed yesterday, our escrow representative was looking to get the last HUD approval from our negotiator at Citi. It was closing today. The negotiator denied the final HUD despite the fact that all of the terms were met. The most horrible part was that the negotiator was not willing to converse in plain english to make clear that the HUD had to look a precise way. It is important to note that just because the transaction is approved, it doesn't mean it is completed.
Appreciate that your approval note at most lenders says that they have to approve of the final HUD. Because the approval letters don't specify what they are paying and what they are not paying, you may not know if they will approve it.
We had one more post approval trouble of late, with an approval from the coordinator. We planned the closing. About a week into the closing, we got a phone call from another negotiator that introduced themselves as the the new negotiator for this file. She requested a number of documents so that she could get the file approved. When we told her that we previously had the file approved, she let us know that that approval was no longer applicable because they never got the file approved from the backer.
This is the kind of stuff that is occuring out there that you will not here in a standard short sale teaching lecture. The point is that there are post approval problems and you are going to have to deal with them if you desire to be successful in this industry
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