Short Pays!

Short pays can be a nightmare.  I just had a client who bought a short pay from a well known "Big Bank" and this is what happened......  The listing agent got the approval from the bank and this particular home had two loans, a 1st and a 2nd.  The approvals for both were sent over in an email to the agent, but the agent didn't see that the 2nd approval was right behind the 1st approval, so escrow has been trying to get this bank to send something in writing to show that the 2nd was approved as well.  The bank was tellling her that it would take 2 days to get an approval and 2 days to get it in writing.  We were already approaching the close date.  Finally, after much research, the bank said that the approval on the 2nd was sent weeks ago with the 1st approval.....My point here is that agents, escrow and the banks need to review all pages of items sent to them before creating havoc.  The agent should have noticed that approval on the 2nd in the first email, the bank should have known that it was in that email and we would have all been in a better place.  Nothing is worse than scrambling around trying to get things rushed the day or two before close of escrow.  So all I have to say is communication, communication, communication.......It would make all our lives so much easier!  One more tip for this banks is that they should have one contact person that handles everything regarding each property.  Instead, they have many folks getting involved and the more involved, the less each seems to know.....