I decided to start a blog since I get so many questions about short sales. My company is a 3rd party who facilitates short sales for minimal fees, hence we have contact with all the lenders on a constant basis and are up to speed on the latest and greatest (or lack there of).
Today I thought I would address how we have found to keep buyers interested in the property while waiting for the short sale approval. We find keeping the buyers informed on a weekly basis has made a big difference in keeping the buyer. Buyers want to know the truth and not be sold a bag a goods only to be dissapointed. Calling and sending email updates about specific communication (without releasing seller information) makes the buyer feel they are fully informed and more likley to close on the property.
What is also very important is how the agent writes up the offer; buyers need to have escrow deposit on the table. restrict your inspection timelines and require mortgage application be completed. As the agent you know if the offer is good and the chance of the short sale being approved, share that with the buyer so they can move forward on their end.
Feel free to visit our website should you like information on how we can assist your short sale business.
Gaby Hall
www.processingspecialists.com
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