A few days ago, we were in touch with Aurora Bank. We have a few short sales in process with them for our Short Sale clients. In all of the cases – they are the First. The larger part of the loan(s) on the specific properties.
The process has been quite difficult, as far as Short Sales Go. We do all of our negotiation in house. We don’t farm any of our short sales out. We find that we have much better control over the short sale process. We have “farmed out” short sales in the past, when we first started handling them for our clients. It always ended with “less than satifying” results.
That is when our Short Sale Strategy had changed. We hired a full-time, committed and licensed Short Sale negotiator for our Paris911 and Associates real estate team. She sits in her very own office amongst our offices at our REMAX of Santa Clarita “Old Road” location and does our Short Sale Sellers bidding. The Short Sale process is interesting to say the least. Any more Short Sales, than a hand full, require this type of time commitment. A full time staff member(expert short sale negotiator) that calls, calls and calls the banks some more to get our clients what they want.
Back to Aurora. Our Santa Clarita Short Sale negotiator came to me a few days ago and explained that she thought that Aurora was going to be getting out of the “Short Sale Biz…”. I told here that was not possible – we had multiple files with Aurora. She further explained that Nationstar had been given the ball. She contacted Nationstar and so far so good. On the approved files that we had with Aurora – Nationstar has said they will honor the amounts and terms. Time will Tell.
The catalyist for this article was when I read the following headline by DS News: “Nationstar Completes Acquisition of Aurora.”
Be safe and make sure you are hiring the BEST Short Sale Team you can find in the Santa Clarita Valley!!!