lyndonchiu_IHB
New member
What exactly does a short sale specialist do? It seems like these people are paid ~1% of purchase price in commision if bank approves the short sale.
I have recently encountered a short sale, and the listing agent claims that they have hired a short sale specialist, have gotten a "verbal approval" from the bank, and all they need is the official approval letter which can come any time between 3-6 weeks. Why would it take so long for the bank to type up an approval letter if it is already verbally approved?
Back to the original question, is getting an early "verbal" approval what short sale specialists do? If so, I don't see how their work is worth 1% commission...
I have recently encountered a short sale, and the listing agent claims that they have hired a short sale specialist, have gotten a "verbal approval" from the bank, and all they need is the official approval letter which can come any time between 3-6 weeks. Why would it take so long for the bank to type up an approval letter if it is already verbally approved?
Back to the original question, is getting an early "verbal" approval what short sale specialists do? If so, I don't see how their work is worth 1% commission...