I received a question from a student the other day regarding submitting short sale packages to the lender. It was a good question so I thought I’d post it here, and help you avoid a lot of extra work when submitting your package. The question was “when I submit my short sale package to the lender, is it better to mail it or fax it, and if I do fax it, how soon after should I mail it.
I answered them by telling them that we haven’t mailed a package to the lender in well over a year. There’s typically no reason to mail a package to the lender, and they’ll hardly if ever ask for it. I know that there are many trainers out there who say that you need to put together this big complex package with pictures and comparable properties and mail this whole big package priority mail to the lender. I’ll tell you right now that’s the absolute farthest thing from correct. Think about the sheer volume of files that a typical loss mitigator has on their desk. Currently the typical loss mitigator is working anywhere from 100 to 150 deals, and is absolutely slammed! I mean really, what are the chances that your package is going to make it through all of the channels that it needs to and arrive in that loss mitigator’s hands at all? Answer: slim to none.
Almost every loss mitigator that you talk to is going to prefer a fax, which is also a much more reliable way for you to know if your package made it through to the other side are not. Some loss mitigator’s even prefer that you scan the package and e-mail it to them, which works well if you have a commercial copy/scanner machine. We do this often, and by doing so you get immediate access to the loss mitigator through their e-mail address!
To recap: never mailed your package to the lender unless they specifically ask you to do so!
