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Just a very brief note on my experiences and my suggestions on how to manage Short Sale deals.
I can sum it up in one word....diligence!
As a listing agent of a short sale: You will encounter numerous obstacles including the lack of cooperation from your seller. Stay on top of the forms, get those financials, tax reports...etc all the documentation that the lender is asking for. It will take more than one request and/or visit with your clients. Once submitted, call the lender and ensure they get the package. Push to speak with the negotiator that will handle the file. Things will NOT happen on their own. If you have not heard from anyone in a few days, pick up the phone. These are not average deals that move on their own. Most important, don't give up on your first obstacle (and there will be several). Be persistent with the phone calls and keep the big picture in mind. Your struggles will be rewarded but it will take diligence.
As the buyer's agent: Ensure that the above steps are being done by the selling agent. Offer to help if necessary even though most actions have to be done by the selling agent. Become a team with the selling agent and remember that the seller is not in control of the deal....it is the lenders. In other words, don't get stuck in trying to negotiate price, closing cost, title...etc with the selling agent because they have very little control over this.
I hope this helps those of you who are in short sale deals or simply searching for knowledge in the successful dealing of these negotiations.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.