As much as I love doing short sales, and negotiating them takes up a good chunk of my day, I try to keep the post topics of my blog pretty well-rounded. After all, this is the "Sacramento Real Estate Blog" - not necessarily the "Sacramento Short Sale Blog."
However because short sales are such a large part of what I do (as of right this second, I have 16 active short sale listings in the greater Sacramento area, and that number does not include my buyer transactions, pending sales, or my many already closed transactions), it is inevitably a topic that I have a lot to say about.
I have put in place very systematic processes for negotiating these. I do not farm the negotiation of short sales out to a 3rd party. I negotiate them myself. That's right - sometimes I awake before 5am to place calls to loss mitigation operations on the East Coast. Sometimes I spend in excess of an hour on hold with loss mitigation. Luckily I am an excellent multi-tasker! I am actually on hold with Bank of America right now!...yes I am blogging, replying to emails, answering calls on my other line, filing paperwork, catching up on my social networking, etc.
I just want to emphasize to the anyone reading this who may be researching short sales in Sacramento - this is an ever-changing short sale market we are in. Short sale lenders make and break their own rules on a daily basis. There are many complexities to these transactions, and no two short sales necessarily alike, although there are certain consistent elements in each one.
Luckily I have been doing so many short sales that I am able to anticipate many of these changes before they create actual problems.
Next week I will be posting Part II of Erin's Short Sale Experiment, where I measure the number of short sales vs. "regular" and bank-owned listings...very excited to see where that data is heading...