Tremendous Escalation Tactics
March 9th, 2010
Prior to having to move the short sale process to the escalation stage, you must mull over pre escalation. You need to mull over a few things. Does the bank employee that you are dealing with have the capacity to assist the progression? Have you closed all of the essential steps through the process thus far? You have to be sure that the particulars are taken care of before you decide to escalate.
Brian Gubernick is continuously chatting with his team about asking questions. There are numerous common questions that have to be asked. For instance, who is the investor on the loan? Is there mortgage insurance mixed up with this property? These could create a potentialy lenghty process. Does the bank have the ability to make a decision? As we raise questions, we are gathering information but we are also generating a report with that bank employee so that we can keep ourselves in the forefront of the banks mind. Keep in mind that the majority of these bank people are honest people. They get screamed at all day by people like us.
In effect, we like to slow it down and allow the bank to understand that we are experts with a high level of experience. Get the bank employee at ease with you before you start hounding them for information. It is astounding what the bank will tell you if they feel comfortable with you.
Additionally, we try to be in touch with a folder every other day. Send out an email. Make a telephone call. Do something that puts your folder at the forefront of their mind.
If you have questions, get your Short Sale questions answered by Short Sale Specialists.
Watch this and more short sale videos by Kevin and Fred at Short Sale Power Hour
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For more videos on short sales check out Kevin and Fred on the Short Sale Power Hour. Video for Short Sale Specialists.
Posted in Short Sale
Fred Weaver is a founding co-owner of Group 46:10. He has been working in the financing/real estate business for over 7 years. Fred began his real estate career by working for a large wholesale bank as a processor and rate/lock specialist for home mortgages. After 2 years in the business, Fred transferred from the banking side of home loans to the mortgage side. While on the mortgage side of financing, Fred gained experience originating mortgages and processing files for Morgan Capital of Arizona, Inc.
Kevin is a founding co-owner of Group 46:10. He began working in the real estate business in 2007 after spending 8 years working in the finance industry for companies such as Bank One, Green Tree Financial, & GE Capital.