GMAC Short Sale Procedure Getting Better
Many times we giggle during this show, but we have to maintain a optimistic outlook because reflects on our company and we need to keep that positive approach to work with the lender and get short sales closed quickly. So, whereas we have to be hard with them, we attempt to preserve a positive approach.
This is true with GMAC, which is our new beloved bank after venting yesterday in relation to Wells Fargo. GMAC is utilizing Equator which is a short sale folder management system which helps dialogue between us and the bank. It is incredibly beneficial. We are working on a folder that is moving as quick as we have ever seen. They did forward us a counter offer that was a bit high, but generally, GMAC has been extremely easy to work with. We had the property listed at that price for close to a month. So, at the moment we do love GMAC. We just want you to realize that there are encouraging things occuring at the lender.
When we obtain an offer that nets them a good percentage of what they are losing we have a improved likelihood at closing the folder. If you are an agent, one of the most essential things is to discover is what the BPO comes in at. They have been telling realtors the percentages that they are trying to net recently. So, if you know the BPO and you know what percentage the bank is trying to get back, you will be ahead of the game. You will also know whether you need to wrangle over the file and get it closed in a timely way.
Thanks for tuning in to Short Sale Shift. If you have a residence that you would like to short sale in Minnesota, please do not hesitate to contact us today.
Get more help from short sale Realtors, Josh and Sarah, at Short Sale Shift presented by the Short Sale Specialists of Minnesota