Inside a Phoenix Short Sale – Part Two

avatarthumbnail.jpgAnd now comes the waiting …

Yesterday afternoon I submitted the last pieces of the short sale paperwork that my sellers’ lender didn’t already have in hand – my listing agreement and the sales contract.

Documentation is paramount in this type of transaction. As Amber with the lender was adding notes to her system about upcoming payments, the offer itself and my sellers’ financial circumstances, I was documenting the conversation with names, times and other notes into my own transaction management software, REST.

(Quick aside … I took the plunge and purchased REST earlier this week after running in Demo Mode. If you suddenly hear from me a little more often, blame them. All I have to do is follow the to-do list and I’m flying.)

In theory, the file now will be transferred from the loan workout group to the short sale group – both received copies of the contract yesterday, just to be safe. Also in theory, I will be hearing from the person assigned to the file within the next couple of days.

The next step is for the lender to order a Broker’s Price Opinion (essentially, it’s a really fancy and detailed Comparitive Market Analysis conducted by a real estate agent rather than an appraiser) … when this could happen, who knows.

My own internal debate right now is how often to follow up on the file. Daily is too often because most days not a thing is going to happen. And I tend to believe that while the squeaky wheel may get the grease, it also may get rotated to the back of the bus so the driver doesn’t have to hear it anymore.

Twice a week feels and sounds about right … subject to change, of course.

Stay tuned …

[tags]Phoenix real estate, short sales[/tags]

Jonathan Dalton

Jonathan Dalton is a 40-plus-year resident of the Valley and has been helping folks buy and sell homes since 2004. He can be reached at 602-502-9693 or info at

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