Successful Short Sale, Solutions

Solutions for a successful short sale.

1. Price the property correctly. Always remember that the third party still must accept the pricing. Do a detailed market analysis of homes in the area and price property accordingly. Keep a detailed log of any price changes to forward to the bank or third party.
2. Always prepare and present a full credit, financial and marketing package to the third party for an approval.
3. Communication is Key to getting third party approval. Make sure to communicate with everyone involved during the short sale process.
4. Timing is another important factor in a successful short sale. Know exactly how must time you client has prior to a foreclosure. Let your agent know how many mortgage payments that you had missed and what correspondence you have received from the bank.
5. Submit your complete file correctly. Always ask where the third party wants the package sent. Some want a fax, some an email, and some want a hard copy. Check what type of communication is required.
6. Present a reasonable offer including comparable from the area. Remember that the third party wants to sell the house at a reasonable number not just give the house away.
7. Make sure to present all offers with qualifying mortgage information or verification of cash. Send a copy of the buyers deposit check along with an escrow letter.  
8. Always send a complete package to the third party then follow up with a phone call to make sure that the package was received.

I hope that this short summary helps you in submitting offers to a third party.

Any additional information please email Valerie@belardoteam.com