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The short sale process is ever-changing; literally what is acceptable procedure this month may be a thing of the past next month. Here is a list of what I have encountered over and over again. This is the only guarantee I can give you regarding your short sale.

• The lender will claim they’ve not received a fax even when I have fax confirmations sheets showing it was sent.
• Once they do receive a fax, it takes 48-hrs to ‘upload’ to their system.
• Since it takes them 48-hrs to upload to their system, by the time they “lose” it twice, we’ve lost a week of time.
• Every person you or I talk to up and until we have a negotiator assigned to the file is “reading off a script”. They are uneducated ‘phone representatives’ hired to divert us from pestering them. This is my personal opinion, not a fact.
• Every time we call, up and until we are assigned a negotiator, we will never talk to the same person twice. There are hundreds of ‘phone representatives’ located in different states. We can ask the same question of 3 different phone representatives and get 3 different answers. Yes, they have a script, but each individual can throw their own twist on what they believe the script means.
• Once a foreclosure date is set, they will NOT allow us, you or anyone else to postpone the date unless they have an offer in hand that they deem acceptable and MUST be at least 7-days prior to the sale date.
• Once we have a negotiator assigned it can still be an additional 30-days before we have concrete information from them.
• Expect the unexpected.  Iwork so diligently on my clients’ short sale and sometimes when it makes all the sense in the world for them to work with us to complete the short sale, they will move forward with the foreclosure.
• There is nothing I can say with exact confidence that will put your mind at rest other than my promise that I make your transaction just as important to me as it is to you. There are no regulations in place that I’ve found to be consistent and the lender can choose their path at any given time without regard for your feelings.

 All of the above are my own personal experience with many different lenders and should not be considered fact across the board with regard to all short sale lenders. There are some outstanding lenders, such as HSBC and Wells Fargo, but for the most part, these are the exception to the rule.

You may wonder why many Realtors® do not do short sales. They are so much work on the part of the Realtor and there is no assurance of being paid since the lender can foreclose instead of short selling.

About the Author: Rhonda Fee is a licensed Realtor, ABR, e-Pro serving the Tri-Valley and beyond. For more information about Rhonda, please visit her website: www.rhondafee.com