Call the Loss Mitigation Department and ask how long the approval process will take once a complete package is received by them. Find out their fax number to send in all the information we discussed in Part 5. Be sure to include a fax cover page stating that "this is a NEW SHORT SALE PACKAGE." Also state on the cover page that you would like them to order an interior BPO, or Broker Price Opinion (this is an advanced form of a comparable market sales report). The more complete the package, the greater your chance for success. Additionally, the Loss Mitigation Department will be more likely and willing to work with you. You have ONE opportunity to impress the lender with a strong, complete and well organized short sale package!
Once you have sent in your package, you will usually need to wait one week before calling back and asking which loss mitigation specialist is handling your file. When foreclosures are at a peak, the Loss Mitigation Department at the bank is busy ... if not highly overworked. These loss mitigators each usually have between 80 to 300 files on their desk at one time. The loss mitigation specialist will be your contact on this file for the duration of the sale. Remember, you need to get the specialist to want to work with you. Give them as much information as possible. This will help them with the file and will ultimately help your client. Show the mitigator you know what you are doing by sending them a complete package and by being organized. Also, let them know you understand they are busy, and that you appreciate the valuable time they are spending to negotiate with you.
The next post will cover 4 common mistakes.
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