Short Sales are made up of many different components. We all know about the stacks of documents, the necessity of an experienced List Agent..and what else? Who exactly do you meet during the process of a Short Sale?
List Agent: Critical. Choose an experienced Agent that CLOSES their short sales. Certified is great, familiar with the different Lenders and their different MO’s is also required.
Buyer’s Agent: I LOVE when my Buyers’ agent understands short sales and can explain it to their Buyers. I keep my buyers’ agents updated, but if they don’t understand the process, it’s often a moot point.
Customer Service Rep: First level of contact for yoru Lender. You can call them, and you can bet I will be!
Equator: The online Customer Service Rep. This system keeps us all honest. It creates an online record of what documents have been asked for and received and any correspondence your List Agent has had with your negotiator.
Negotiator: The person that actually gets your file and starts reviewing it to see if any docs are missing. There are several levels of negotiators. Each level gets you a little closer to the Investor.
Investor: Once the negotiator decides the file is complete, it is passed to the Investors to either counter it or accept it.
Closing Representative: This is your contact that sends your List Agent the Approval Letter. If you need an extension on your close date or a buyer substitution, you hope this person is competent!
Remember that the entity you write your mortgage check to is called your “Servicer.” The entity that actually decides on the net amount they are going to write off in your note is called the “Investor”.