Ok, so I got my first short sale listing. What do you do if customer service will not give you the name and # of the loss mitigation supervisor. I told them I have a signed authorization to release information. They said that they would not give me the loss mit. information until they receive that. What do I do?

I do not know why you need the loss mit supervisors info at this tiem.

You only want the fax number to loss mitigation so you can fax in the package.

I only talk to loss mitigation super when I have an issue with the person I am assigned to or if I need policy clarification.

Dan

They won't even give me the fax # unless I fax the authorization form to customer service first. How do I know who I need to talk to in loss mit.at the time that I need to talk to them? The letter that was sent to my client did not have anyone's name on it.

Welcome to the world of S/S
You can not talk to anyone till you get the Authorization on file
You can not get the Authorization filed without talking to someone
and then you can not talk to someone about if Authorization has been received or filed without the Authorization on file. So how do we go up over and around?
I have my client during the listing pick up the phone, call the 800- customer service line on their monthly statement and ask to have my name added as an authorized party. Then I complete the written Authorization and fax it into the customer service team, loss mitigation team, and any all fax number I can get from the lenders website. Then start listing and SELLING the property as I don’t need the Authorization till I get an offer in hand. So about a week after I do all this faxing of document guess what shows up in my clients mail box and notice of account status change... stating "you added the following persons to your account....bla bla bla" Once we have that I know I can now talk to anyone and everyone.
The key is you do not need to worry about the Authorization till you have an offer.
I have done about 20 s/s in the last 6 months it is HARD work do not think differently. but I love it.

I always fax the authorization the minute I get the listing. I then have one of my assistants call 48hrs later and confirm it's on file and get the fax number to loss mitigation. (I list me and my team members on the authoriation so any of them can talk to the lender). I also am now building a database of names, numbers and fax numbers to all the banks I deal with. Now SELL THE HOUSE!

Once under contract I complete the package and send it off. Again, 48 hrs later I call to confirm they have received the package and ask has the case been assigned to a person. Sometimes it has, somtimes it has not. If it has not call again tomorrow...and the next day, and the next day! Once I know the name of the person I try to reach them directly. If you do not reach them, they will reach out to you soon enough (if the package is done right). This is when the fun begins!

Have fun with it. And I agree with the post above. These are A LOT of hard work, but I can't see myself doing anything else. Hire help for the gathering of paper work and leg work, you will find it so much easier! My people do all the gathering and I do the overview letter and BPO for the lender. I do all the talking with the lender as well.

Best of Luck!

_________________
Frank Wible
REMAX ALL PROS
Turnersville, NJ 08012
(856) 228-2990
[url="http://www.ShortSaleNJ.com/"]http://www.ShortSaleNJ.com/[/url]

So what do you do.. My Century 21 office has a loss mitigator on staff (and we pay 20% referral fee )

Once the listing is taken then the file is turned over to this department (we really never are allowed to get involved), the packet is prepared by him, he nego with the bank. We continue to market the property and take contracts (multiple)

Now we are being told that after the packet is submitted and an offer comes in and is submitted that the banks are taking 60-90 days to respond to the offer.

What do you do then. Most buyers don't want to wait 90 to see if the offer has been accepted.

Good question. I suggest you keep looking for back up contracts. If the first buyer backs out do not stop working the file. Keep things moving with the lender while you look for the backup. This is another if they dont ask you dont tell question. I have had a couple deals were the buyer backed out we got approved a week later then the buyer was back in.