Just started on a new short sale today for a property here in Fresno, CA. The lender is GMAC, typically GMAC is a little slow (60+ days) in their short sale processing.
Well it appears that’s all changing! The Loss Mitigation rep I spoke with today said they just changed their rules for shorts sales. All they need in the short sale package NOW is the purchase contract, HUD1, and Listing Agreement, that’s it! NO HARDSHIP DOCUMENTS!! The financial information will be gathered over the phone from the Realtor.
This is GREAT news! It looks like GMAC is following the lead of Wachovia who has been doing it this way for a year now. GREAT NEWS for homeowners and Realtors.
What does this mean? For buyers I think it means that shopping for short sales in Fresno has become more of an option for them — they just need to come in with the correct expectations. And they must keep in mind that given the competitive state of our market, being the winning bidder on a short sale is still quite difficult, especially if the home is very desirable. But, short sales can no longer be easily ruled out as the supply of homes decreases and the number of approvals appears to increase. If you would like a list of Fresno short sale properties, send me an email at jeremy@jeremysmiley.com. If you would like to consult about a possible short sale of your property, I can be reached at (559) 790-8760.
Jeremy Smiley
Realtor/Short Sale Specialist
London Properties
www.JeremySmiley.com
www.FresnShortSales.info
www.FresnoBailOut.com
(559)790-8760
jeremy@jeremysmiley.com
Hi Jeremy,
I have been dealing with GMAC since July. How is your short sale going with this property so far? We have been assigned an analyst and she is horrific!!! She told the seller to never call her or email again! Please email me to let me know how your deal is going and what analyst you are working with and I will do the same.
Hey Brooke!
The BPO was just done two days ago. That took ‘em two weeks. Not to bad, but not to great either. No negotiator as of yet, should be getting one in the next 5 days or so.
I just lost a GMAC deal to foreclosure last week. They were the 2nd lien holder and it was horrible! It was in the works for over six months, went through three different buyers. The negotiator was the worst I’ve ever dealt with. Don’t want to name names here. He never checked his voice mail (Always full) and didn’t have an email, so my only option was FAX! Can you believe it? I’d fax him and he’d fax me back, so funny.
Good news is the first and seconds are dealt with in different departments. I’ll let you know how it go’s. I’m working on three deals with GMAC right now. So far so good on all of ‘em.
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