I never thought I would see the day that US Bank did anything in a hurry. In ten years in the business I never saw a short sale with US Bank take any less than a year (minimum), and with good reason US Bank landed at the very top of my list of the worst lenders to work short sales with.
But it seems even the king of lost documents, unresponsive negotiators and endless frustration gets it right sometimes!
My client had been attempting loan workouts for years without success and had finally decided to call it quits and sell the home. Unfortunately, she had bought the home at the height of the market and it was worth about half of what she owed, leaving a short sale as her only option to avoid foreclosure.
The home went on market and a month later a buyer was secured. I prepared my client for the usual runaround with US Bank and the long road ahead.
Much to our surprise a short sale approval letter seamlessly arrived just 4 weeks later! A few weeks later the property closed with my seller walking away debt free from her upside down home and with a $3,000 incentive check to boot!
Last Updated on December 15, 2020 by Minna Reid
Congratulations on this success!! What would you say aided you most in hvi g such a fast and successful response? I recently submitted an offer to us bank for a property in Virginia and am now in the waiting process. Are there any tips you can offer to get the best reponse from them?
There is not much you can do except have your ducks in a row – All the paperwork correct, consistent follow up and knowing what to anticipate from every lender/investor.
I know the feeling. I found you looking for others dealing with USBank short sale approvals. They are the worst Ive ever dealt with, next to Nation Star/Mr Cooper. Denied twice and going on the third round with them-the house is falling in value! There’s no rhyme or reason to the short sale catastrophy of lost documents and still no comprehensive system to deal with a short sale