Do I still have nothing? Or, is the L/M now stating, “The file has been properly documented, now we’re ready to start negotiations for settlement”.
I have a file like this and need to know what’s really going on behind the scenes. I’m thinking we’re close to final negotiations but maybe we’re just getting started?
The closer is usually the one who prepares the approval letter!! Who is the lender?
Citimortgage. They hold both a 1st and a 2nd.
Hey, Short Sale Girl – well that would be good news, as it should only take 15-30 minutes to type up an approval letter, eh? :bobble
But as we both know, it won’t move that quickly. I’ve heard I should expect at least 2-3 weeks from one investor, and 30 days from another. Why does it take so long?
Any one with experience with Citimortgage, what is the typical waiting period for them to crank out a payoff letter, or to finalize approval with the Investor?
well I’m @ 31/2 with them on mines…we’ve covered all bases what would be excepted etc. was told by this same bank they he my s.s officer that my offer was accepted & he was walking over to closing dept & I’m still waiting.
only thing I can say is I’m calling at-lease every day to keep my name on their brian…
AhmadT – you might be bugging them just a little too much. Twice a week once the file is under the control of a L/M is probably adequate, but I’d be interested in others feedback on this.
Your not bugging them enough!! Call and talk to the Supervisor. Tell them you needed it yesterday!!! And if that don’t work call the VP! LIGHT THE FIRE… Last I checked we didn’t do Short Sales to make friends.
Well or maybe not sorry this might be really bad advice… nevermind don’t do that. Let them take forever on your files that means they are working on mine. Don’t complain or raise hell I need my stuff done!! LOL
Thanks for the feedback on this, Summit. I thought maybe I was wrong on this and you confirmed it. As usual, if you want to get some attention you have to be a squeaky wheel!
I think I need to get a third party calling on my files. No, I KNOW I need to get a third party calling on my files. Now all I have to do is determine who that is going to be!
There is something wrong! There is no way it should be taking as long as it has! What kind of loan is it?
There is always a fine line about how much and when to call! Yes you can bug them too much, but if they are not responding then you need to go higher up.
I would not suggest “raising hell”, as they have control over your file. I am always nice and friendly and I get more help that way. If and when something does not seem right or taking too long then I get firm, but still nice.
I apologize OBIWAN as I am rarely on this site.
There is a fine line between raising hell and calling too much. A true key to processing short sales now and short sales in the future is to make friends with the agents you are working with… Why is this? Because these are the same agents that will help you in the future.
I have been doing short sales for years and works on dozens a month and even see more in the office (work in an office of short sale negotiators) and the amount of friends I’ve made and contacts I’ve gained have helped much more in the processing of future files with that bank. Contacts in this industry are golden nuggets, every chance you speak to someone is a chance to make a contact for someone who will help you.
As far as calling daily… I am not sure how many transactions you are dealing with, but unless you have nothing to do you are wasting your time as banks do not change status from day to day, but more or less week to week.
Regarding the topic of this thread: A closer is assigned to a file usually once it has already been approved. That is why they are called a closer, because they are in charge of the closing and making sure that all approved files are being watched. If your file has not been approved I can almost guarantee you do not have a closer. Only reason I do not give you 100% guarantee is because the industry is always changing and different banks have different policies.
Hope this helps!
PM me if you have any questions!