For those of you who read my optimistic take on short sales I wanted you to know that I do have issues with short sales. I'm not insane or wearing rose colored glasses when it comes to some of the problems that occur with a short sale.
There is one thing that bugs me when I'm sending an offer to the lender. Having to submit a HUD-1 with each offer, especially when the offers all within a few dollars of each other. It makes sense to want an initial HUD-1 that shows the lender, based on the established value, what the "estimated net" will be. However repeating the process over and over again isn't productive and depending on how long the review process takes one or more of the initial offers may have moved on.
My relationships with the settlement companies are important to me. Asking them over and over again for a HUD-1 is starting to put a strain on the goodwill. I've decided from now on to ask the agents submitting an offer on a short sale listing to provide a HUD-1 with their offer. It will allow me to get their offers to the bank faster and not push my favorite settlement companies over the edge.
So there you have it my issue with short sales!
P.S. I'm still waiting for the call from a lender to help them with their business process re-engineering :-)
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