Preparation is the Key to a Successful Short Sale Closing
Morris Massre has done his homework with short sales. I have talked about them enough. It was time you got a new prospective.
Thank Morris for his time and effort on this one, and you might want to check out some of his other posts as well.
Thanks, Morris.
Even though the short sale process has gone from a live human being to completely impersonal with the Equator online program it does not mean that you still cannot close your transaction. Based on the progress I have seen over the years maybe this is going to be better in the long run. When short sales first started as all the rage you might find yourself on hold for hours trying to track your progress, but now all you have to do as an agent is send everything in that the bank asks for via Equator.
The best way to make sure your deal is accepted and there are no problems with your deal is to simply be prepared. Too many agents piece meal a deal together and send it in in complete. This is the kiss of death. You are much better off putting together a short sale package with all the necessary documentation and sending it all in at once. I have found that by doing this the appraisal or BPO is order quickly.
As an agent it is your responsibility, and quite frankly, in everyone's best interest, to give your client all of the necessary paperwork at the time of the listing so that they can get started on it while you are showing and marketing. If the buying agent knows that you are ahead of the game and on top of things they are more likely to make an offer and to do so quickly. I have found that filling out all of that paperwork for a short sale is a lot like doing your taxes, so take your time and do it right.
Is the process today impersonal? As far as I am concerned, yes. All I can think of is the banks are trying to find a way to streamline the process to make these deals close quicker. The old method took forever. But in the end who cares whether or not Equator is impersonal as long as your agent gets the deal closed correctly? If you are considering short selling your home be sure to ask your agent whether or not they have a short sale package ready for you now and if they would be willing to guide you through some of the items on the list that you may have trouble with like a hardship letter. Being prepared for the short sale is more than half the battle.
Comments(2)