Closing Short Sales

On average, Oregon Home Savers is working to negotiate nearly 50 short sale transactions in any given week.   As those who have experience in the short sale business know, there are many details to keep track of and a multitude of pitfalls that work to kill the deal.   In the transactions that we are working on this week communication, or the lack of communication, has been a huge pitfall that has threatened several transactions and killed some.  Here are two examples of communication breakdown in a short sale transaction

First, It is imperative that the seller, or home owner, who is struggling to make their mortgage payments spends the necessary time and energy to communicate all of the financial information and details about their situation and property.  In one short sale transaction this week, the sellers, who desperately needed to sell, did not disclose the fact that they had a 2nd home equity line of credit.  After a week of work, the information was found, but the file needed to be completely re-worked and re-submitted to the banks.   Everyone in the transaction lost more money, more faith, more time and energy. 

Second, when multiple parties in one transaction (sellers, agents, buyers) begin to talk to, and negotiate with the lenders, it causes confusion and hampers our effectiveness to get the transaction closed.  As a professional negotiation company, it is Oregon Home Savers’ responsibility to negotiate and work through the transaction with the lenders.  A single point of contact, keeps the negotiations clean, moving forward, and efficient. 

Everyone wants a short sale to be completed.  The seller wants to be out of debt and start over with as little damage to their credit as possible.  The new buyer wants to own the property and close as quickly as possible.  The lender wants the short sale to happen because it is less expensive than a foreclosure and  they don’t need to carry another REO on their books.  With good, complete, and effective comunication Oregon Home Savers helps people everyday navigate successful short sale transactions.  If we can be of service to you, please call us.  503-594-0804 or 888-545-0656