Sacramento Short Sale Approval From US Bank

bigstock_Short_Sale_Real_Estate_Sign_An_7360545-300x207Sellers ask me if it’s impossible to get short sale approval for a US Bank short sale because so many Sacramento short sale agents seem to encounter difficulties working with US Bank. I would not say that US Bank is harder to work with than any other short sale bank, but the US Bank short sale process is not as streamlined, per se, as other banks. A short sale that might take 4 weeks through Bank of America can easily take 4 months with US Bank. You’ve just got to have patience.

Take my recent US Bank short sale, for which I have been working with two loans, both at US Bank. This short sale has been in short sale negotiations for 2 years now. Two long years! Most of the time when a short sale takes this long, it’s because the buyers bailed. The buyers might hang in to wait 3 months or so and then they cancel the contract, just when approval is about to arrive. I’ve personally witnessed this phenomena over and over. They lose faith. They give up. Just when they should not.

We try to engage buyers, keep them informed and updated every single week, but no matter how hard we can try to nail them to the front door, they wiggle away. When the buyer cancels, the short sale starts over.

Having said all of this, most of the trouble in this particular transaction has been a denial issued by US Bank. I generally don’t let denials dampen my enthusiasm. A denial just means we are one less negotiator away from approval. One less person to deal with and one less obstacle to overcome. After a revised analysis, I repackage the short sale and resubmit. My philosophy is somebody is not listening to us or we did not present the facts in a light the negotiator can accept.

I can’t recall offhand how many rejections and denials we were issued on this particular US Bank short sale. US Bank rejected the sellers a few times. But we finally received that golden letter of short sale approval and release of personal liability. Two years later. You have no idea how ecstatic the sellers are right now. If there’s a way to get that short sale approval letter, this Sacramento real estate agent will get it. Just like if there’s a way to sell your home in Sacramento, I will do it. It’s called perseverance and determination.

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