Short Sale Approved with Three Mortgages

I recently had a short sale approved with three mortgages, the first lien holder was Nationstar, the second and third lien holders were Wells Fargo.   The interesting part was that Nationstar refused to issue their short sale approval letter until they received short sale approval letters from the second and third lien holders’ Wells Fargo.  Of course, Wells Fargo would not issue a short sale approval without the approval from the first lien holder Nationstar. 

Once I realized the problem, I was able to work with the negotiator at Nationstar to make them understand the quandary they had created.  Once I was able to explain, it was only a few days later that Nationstar issued their short sale approval.  Now I was able to work with Wells Fargo and received their approval within two weeks.

Understanding the short sale process and the chain of events that must happen in the process is very important and if the negotiator does not understand the process, we as Realtors must educate them in order to best represent our sellers in the transaction.

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Bev Dudley, Realtor
Fleur de Lis Realty
Miramar Beach, FL
850-240-3933
bev@sweetandsaltyteam.com


 

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