Realtors Say Lenders Squeezing Short-Sale Pipeline - LBPOST.com

And a recent report by the California Association of Realtors confirms just how much angst there is between those groups, and that Realtors feel that lenders are keeping short-sale deals from closing quickly. Realtors These issues include slow response time, poor communication and repeated requests for documentation. Realtors were promised that this new system would streamline the short sale process by having agents upload their short sale package directly to the lender,? he said. The BPO is a mini appraisal that will give the lender physical pictures of the property and three sold and three active properties that are within a mile of the subject property. The BPO should be scheduled 15 days after the lender confirms that they have received a complete short sale package. This includes a hardship letter, authorization letter, last two years tax returns, last two months paystubs, and last two months bank statements. I also will ask my clients for their last mortgage(s) and HOA statements. The new Equator system also promised Realtors direct email and phone access to the managers making the final decision whether to approve or deny the short sale. Now Wells Fargo has started to use the Equator system and Bank of America will approve a new buyer within 15 days. I will have my assistant call the bank between two to three times a weeks to speed the process along. Also, sometime the emails from the Equator system will go straight to my spam box. So you have to log into the system each week to see if you are holding up the process because the lender is missing or need updated documents. Between 2002 and 2008 he covered real estate, redevelopment, general business, tourism and downtown for the Long Beach Press-Telegram. For the past year he was Editor of Real Estate Southern California and edited and wrote for the popular commercial real estate news source globest.