Things can get messy at the end of the year, and I’m not referring to your family dinner… 

But in all seriousness, short sales can get really, really messy at the end of the year.  After doing these for as long as I have, you have to expect the unexpected.  There are many reasons why it can get messy: negotiators go on vacation, people are trying to hit their quotas for the year, investors are pressuring the servicers to close out as many as they can or they will send them to foreclosure, the list goes on and on. 

I can’t tell you exactly what will happen, but what I can tell you is that it’s important to close them by the end of the year.  You never know what will happen in the New Year.

Here are a few tips to make sure you get your deal done before then end of the year.

1. Stay in contact with your closing negotiator.  Ask them when they will be taking time off.  If they are, make sure to get the contact info of the person who will be handling their file.  Then contact them!  I can’t tell you how many times I have been handed off to someone who is on vacation as well.  Make sure you have the contact info, and have communicated with the person that will get the deal closed for you. 
2. Stay on top of the mortgage broker, escrow, and the buyer’s agent.  Make sure they know the deadlines that they need to meet, and don’t budge on anything.  Even an extra day (if it is pushed over into the new year) can mean the whole deal will fall apart.  They need to know this, and they need to work hard through the holidays to get this deal done. 
3. Get your HUD approved!  Don’t wait to the last minute on this.  If the bank requires that they approve a HUD before you can close, make sure to send that to them several days in advance to ensure that it is approved, and to give time for any adjustments that might be needed.  Don’t let the hard work on everyone’s be for nothing just because the HUD was sent to the bank too late. 

Always remember: expect the unexpected.  Now, more than ever, if something seems off, it probably is.  Closing a short sale successfully is all about hard work, constant communication with everyone involved, and ensuring that everyone is doing their part.  With that said, I have some people to call…

If you have any questions at all about short sales, please don’t hesitate to contact us!  We look forward to talking with you. 

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