Tag: credit reports and short sales

The Responsibility of an Orlando Short Sale Realtor doesn’t end at the closing table

I’ve heard of this happening time and time again. The realtor gets the short sale done, the bank signs off on everything and everyone goes home happy. Then, one day the seller goes to check his credit report a year later and finds out that he still has an outstanding debt with the lender that approved the short sale on his house. Even though the seller has all the closing documents, the approval letters, and copies of the wire transfers to prove them wrong, it was still showing a delinquent loan.

You would think that this would be an easy fix, just provide proof of the transaction to the bank and they would report that everything was paid to the credit bureaus. Not always true. This situation has the potential to become a complete nightmare for the former homeowner. Sure you can spend countless hours and phone calls trying to get it resolved yourself, but the chances of that happening are slim.

Make Sure your Orlando Short Sale Agent follows up after the closing

After you’ve completed the short sale with your Orlando Realtor, make sure that you or your agent follow up with your lender after the closing. It is absolutely crucial that the satisfaction of mortgage is recorded, if not, then you’re still on the hook for the balance in the banks’ eyes as well as the credit bureau’s eyes.

Banks are made up of people and people make mistakes all of the time. Sure, they have people in place whose only job is to look over these documents to make sure there are no errors and also to make sure the payoff gets recorded, but even they make mistakes. One thing is for sure, no one will care about your situation as much as you will.

I’ve been an Orlando Short Sale Realtor since 2004 and I learned early on that when dealing with Orlando Short Sales there are some extra steps that need to be taken as opposed to just a regular closing. Short sales can get very complicated at times and if you don’t know how to navigate your way through them…well…remember what happened to the “Titanic”?

As an Orlando Short Sale Expert, I have a system in place in which closed short sales get followed up with until the payoff to the bank has been recorded, at no charge to my clients. So as far as “Orlando Realty Consultants” is concerned, it’s not closed in our eyes until the client receives a “satisfaction of mortgage”. Unfortunately, most realtors just assume that everything has been done the way that it’s supposed to be done, collect their commission, and don’t give it another thought. This means that it falls on you.

Get a Credit Report after your Short Sale Closes

It’s a good idea for all of us to check our reports every so often. However, if you’ve completed an Orlando short sale recently, getting a credit report is not only recommended but necessary to ensure that you are free of your short sale lender once and for all.  A good place to do that is at your bank.

Still, have questions? Call us at 407-902-7750 to consult with an Orlando short sale expert.

Jenny Zamora, Lic RE Broker/ Short Sale Specialist