My New Blog

I just received a confirmation from my mitigator that she received the package.  Here's a portion of the e-mail that she sent me:

"I wanted to let ALL of you know that the SHORT SALE package has been faxed to BOTH lenders.  I actually faxed it twice to both of them.  Can't trust a ONE TIME fax!   It will MOST likely take a few days to upload all the documents into their system but I will follow up next week and make sure they have EVERYTHING they need."

Time is of the essence.  When I take a listing, I give my clients a list of items that they need to start collecting so that once the contract is ratified, we can get all paperwork submitted immediately.  The long list of paperwork is sometimes called a "hardship package" or a "short sale package".

I don't anticipate much activity over the next couple of weeks.  This is when the waiting period begins.  We will be waiting for the bank to order a "BPO" or a Broker Price Opinion.  This is an agent's appraisal of the property's value.  On occasion they will send out an actual appraiser, usually it's an agent who receives a nominal fee for completing the needed paperwork.