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Exclusive Short Sale Meeting Gives Unique Insight

Published January 21, 2011 in Bank America Short Sales - 0 Comments

Short Sale Power Hour

The man joining us now needs no introduction. He is the only cowboy hat wearing, short sale closing guy that we know in the whole state of Texas, Knolly Williams. We have just finished up the Keller Williams Mastermind event, plus a special get-together regarding short sales. This assembly included reps from Fannie Mae, Citi, Bank of America, and Wells.

We took many valuable things away from these meetings. Firstly, it was exciting to see the banks show up for this meeting. They cared enough to communicate with us. These were VP’s of short sale departments. There is noticeably a disparity between what we see and what they see. A lot of times the bank reps admitted that there were issues. Lack of communication and lost documentation were only 2 things that they noted. The lender reps are also aware of their workforce situation and noted that it is important to escalate if you observe a problem.

Moreover, the banks have increased their workforce to deal with short sales. Bank of America doubled their workforce from 1500 to 3000. You can not train 1500 loss mitigators in a few months. So, the lesson is simple. You have to be good enough to work through or above or around the 1500 new loss mitigators.

There were some interesting moments where there was some hostility between the servicers and the investors. You have got to overcome that conflict. You don’t want the lenders to bring the solutions all of the way since you will be out of a job. You’ve got to carry your bag of magic tricks to each deal.

Lastly, a special thank you to Knolly Williams for joining us yet again today. He was our first guest on Short Sale Power Hour and we always appreciate his insights.

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