Part of what makes Phoenix short sales so eccentric, chancy and frustrating is the, regularly seen, lack or organisation and cooperating between the banks themselves and within the organization. Some of this plays out in the open, reported on by media outlets, but much of it really is internal.
Each of these establishment is made up of people who've different talents and alternate ways to go about this: this despite common rules and steps they have to take to complete a short sale. Sometimes the play nice and infrequently not. Regularly you will not know how a short sale will go till your in it.
We latterly had a short sale which took 6 month to get the approval and another which took 1 month, both from the same bank and both owned the first and the second. If it's this troublesome and unpredictable with the same lender then imagine how it is if there are numerous banks for the first and second and possibly third loan.
There are some things you'll be able to find out and knowing them will help you decide if you'd like to go forward with a purchase on a particular house of move on.
Here are 7 things you should know.
7 Points to Ask About the Banks Who Hold The Mortgage
1. Who are the banks? Some are less difficult to cope with then others. They each have their earned reputations.
2. How many banks/lien holders are there? If there's one then it?s one or two less to cope with and seek approval from. Whether or not it?s one bank who has the first and 2nd, it?s truly two as of those mortgages can be owned by different financiers even though one bank is handling the servicing.
3. Are any of the loans portfolio loans or are they just servicing the loan.
4. In the latest quarter or two how have the banks handled business? Has anything changes or are they in the middle of any changes like being sold or implementing a new system.
5. Do the banks have any business policies? What is their short sale process. They've got it and if you get it you can hold them answerable to their own process and time-lines.
6. How experienced is the listing agent have they worked with any of the banks concerned?
7. Has your agent worked with the listing agent before and have they worked with these bank before?
Knowing answers to these questions and researching them with your agent will assist you in deciding if a particular property is even worth chasing.
inPhoenix Realty Group is a group of Realtor providing Phoenix real estate services in the Phoenix home market and access to phoenix houses lists with a cutting edge full encompasing homes search, including short sale selling and purchasing steerage.
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