There are people out there who say, “I’ll never do another deal with ASC” or “I’ll never do another deal with Countrwide.” They make these comments because they’ve had a bad experience with that lender, or that lender tends to be a pain to work with. For example, ASC takes a long time to get the file opened. They can be a challenge to work with. However, once the file gets opened and the short sale process has begun, they’re just like any other bank. So why would you NOT take on that deal? I just call a deal like that a “turd” and I’ll submit the package, follow up once a week, and wait for the file to be opened and assigned to a loss mitigator. When that happens, the BPO is ordered, and the short sale deal is just like any other deal. In fact, ever single ASC deal I’ve gotten, I’ve closed and collected a paycheck from. Every single one!
What about Countrywide. Yes, they’re a pain to work with as well. Sometimes they don’t seem to want to negotiate and they’ll demand full payoff or even more than what’s owed. It’s crazy, but it happens with Countrywide. So do I still take deals on with them? Absolutely. Just be up front with your homeowner and let them know that Countrywide deals just aren’t closing as often as other lenders these days. Then move forward. Just be willing to let the deal go if it turns south on you. Don’t put too much effort into it, but put enough to keep it moving forward.
So what’s the bottom line? The bottom line is this. Do not cherry pick deals based on lenders. Take them all on and get them all submitted. You’ll be surprised how on one deal the lender will fight hard, and on another, they’ll just roll over and take a steep discount. On the flip side, don’t beat a dead horse. If the deal appears to be dead, it probably is and it might be time to let go and move onto the next one.
Good luck! I look forward to working with you more on this!
