The problem with the model is that the variations by lender are also coupled with the effort put in by the listing agent. Together these two variables make it tough to model. I would agree with the points you have captured.
It is work to list and cope with a short sale. The one I had in Lakeside last fall was just so grim. Months and months of dealing with different people as the file was passed to a few different negotiators. Countless efforts of resending the same damn data 3, 4, and 5 times.
Here is something I have found, NONE of the negotiators I have worked with seem to accept email. So far Wells, Countrywide, Wilshire Credit Corp, all require faxes only. It took me 2 weeks just for Wells to receive the authorization letter for a client just to discuss the account.
On the buyers side it (to me) is even worse. You can totally tell when you get an ambivalent listing agent. I am dealing with one right now in Mira Mesa. He just does not give a sh-t and you wonder where the sellers find these guys.
Yet… if you can stick it out and get it done, you can save some bones. I am closing one on Monday that got done and we are on the buyers side and it only took about 7 weeks for the lien release to get through and we have had a 25 day escrow. Pretty cut and dried… Good listing agent as well and she has really helped to make it go. Now these same buyers submitted another ss offer on a home back in April… Lame listing agent and the lender was Countrywide. Basically we had given up on them in July. Two weeks ago the listing agent called me asking for another copy of the RPA which I had sent him 3 times since April. So there you go…
Anyways, the variables for your model, LA and lender are the two biggies.. .oh yeah.. time as well. I have ran into alot of active listings that are shorts and have called to make offers and the LA says we will take it but NOT submit it because we don’t want to derail the lender. Which to me actually is understandable.
