The first key step to becoming an effective short sale listing agent is to know how to properly pre-qualify the seller and determine the likelihood of a successful short sale.  Steve Kitnick and I have compiled the following strategies and questions to assist you in that process.

Become a Certified Short-Sale Specialist


Telephone Strategies
(Remember, the purpose of the telephone call is to "get the appointment, not to conduct your presentation!"

• When setting the appointment ask a few qualifying questions:
  •  “Is this your primary residence or an investment property?”
  • “Are you current on your payments?”
  •  “Have you received a Notice of Default?”  
  • “Is your name on the loan?” 

•  Set the expectation for the meeting and ask the seller to gather key documents for the most productive appointment, e.g.
  • Current mortgage statement(s) with loan information, payoff or current loan balance(s)
  • Any notices or letters from the lender
  • Other issues affecting the property
• Don’t over sell or over commit on the phone:  “I know things are tough.  But, it’s hard for me to do an unbiased study until I get there.  We’ll talk about the numbers then, OK?”
• Know in advance that the seller will likely react negatively

Listing Appointment Strategies

• Bring down the walls by building rapport - you do this by asking pertinent questions and "listening"
• Use a consultative / educational approach 
  • “Why are you considering a short sale?” 
  • “Tell me about the circumstances leading to your current situation”
• Ask questions!  Use the list below as your guide
• Explain the short sale process
• Set expectations and what is required of them and what you will be doing to facilitate a successful sale and closing
• Ask this key question after you have built rapport and trust: “Are you willing to do what is necessary to get this short-sale accomplished?”

Questions to Ask The Seller to Determine the Likelihood of Successful Short Sale

1)  Is  your name on the loan?  Are there any co-borrowers?
2)  Whose name(s) is/are on title?
3)  Why are you considering a short sale?
4)  Have you missed any payments?
5)  Has a Notice of Default been filed?
6)  What caused you to get behind in your payments?
7)  Are you considering or currently in a bankruptcy?
8)  Have you spoken to an attorney or accountant regarding legal and/or tax  ramifications?
9)  How many loans are there? 
10)  Who is/are the loan(s) with?
11)  How much do you owe? 
12)  Are you aware of any pre-payment penalties?
13)  How much is/are the payment(s)?
14)  Have you refinanced recently?
15)  Are you current with your CIC monthly dues and other related housing expenses   
       (sewer, water, trash, etc)?
16)  Are you current with any SID/LID or other assessments?
17)  Other than the loans, are there any other liens? (CIC, SID/LID, property taxes, 
        mechanic's lien, IRS tax liens, child support
18)  I presume you live here, is that correct?  Will you continue to live here?
19)  Will you maintain the property?
20)  Can you contribute to paying any closing costs?
21)  Would you be willing to sign an installment note if required?
22)  Do you own any other real estate?
23)  Do you expect your situation to change any time soon? 

ATTENTION LAS VEGAS REAL ESTATE AGENTS!

Steven Kitnick Seminars, LLC. in association with RealtyU® Presents
Certified Short-Sale Professional Designation Course
Friday, May 1st, 9:00am - 5:30pm  SOLD OUT - 
Prudential Americana Group REALTORS®
2140 E. Pebble Rd., #160 Las Vegas, NV 89123 

Added date June 5th
Reserve your seat and ENROLL NOW!

This program qualifies you for the Certified Short-Sale Professional Designation. The CSP designation is managed by the Short-Sale Council, an exclusive membership organization specializing in assisting agents in mastering the skills of managing short-sale transactions.  Earn the CSP designation by attending the full-day, live short-sale class held by Steven Kitnick and Jan O’Brien.  Course investment is $299.  Be a member in good standing with the Short-Sale Council. Your first year’s dues of $99 are sponsored by RealtyU®.

At the End of this Course, You Will Be Able to Do the Following:
•    Know if a short sale will be successful before signing a listing contract
•    Understand what needs to be included for a successful short sale submission package
•    Know the importance of each item the lenders require for a short sale
•    Have multiple lead generation sources for short sale prospects
•    Know the timeline for the foreclosure process and how to extend it if necessary
•    Understand how to make simple quick calculations to determine if a short sale will be accepted by a lender
•    Master the key steps to successful short sale listings and close more sales