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March Madness - How's your short sale game?

By
Real Estate Broker/Owner with Broadpoint Properties Cal BRE #01324959

short sale processWith March Madness just around the corner, it’s time to discuss another game—albeit not as exciting as college basketball. It’s the game of short sales. The objective: How to get your short sale approved and closed as quickly and efficiently as possible.

We always hear and frequently personally experience the grand irony of short sales. That is, we wait and wait and wait for the short sale lender or the bank employee to make some headway on the file. Then, all of a sudden after waiting for months, they lender makes a request. They cannot find the listing contract; they do not like a signature; they want updated bank statements. Whatever it is, they want it and they want it now! It does not matter that it took 8 weeks for your file to finally hit the processor’s desk. Now that it is there, it must be dealt with immediately or closed out.

Often times, if the paperwork is not provided quickly and efficiently (sometimes at a superheroes warped speed), the bank employee will close out the file, and the short sale process must begin all over again.

In order to be a winner in this game, it is vital to keep control of all of the “drop dead” dates (such as the Trustee’s Sale or the close of escrow date) and double and triple check with the bank to confirm these dates. Also, if you fax or email a document, it is imperative that you call to confirm that the item has been received in its entirety.

Just like in a game of basketball, the entire team needs to be working together to get the job done. The seller, the listing agent, the buyer, and the buyer’s agent need to cooperate and move as quickly as possible. If you can manage this, then your next short sale should be a slam-dunk!

Want to learn how to get more short sale listings? If so, please join me to learn some proven lead generation techniques this Thursday at my next short sale webinar.

Comments(4)

Fernando Herboso - Associate Broker MD, & VA
Maxus Realty Group of Samson Properties - Clarksburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

I won a few with a last minute buzzer shot. ..

but I also experienced the pain of humiliating defeat. .  .not even close

Is all about controlling the ball ( ~ short sale) 

 

Mar 11, 2013 11:50 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Melissa, great post on short sale information!    The last short sale I was assisting the buyer - the lender had 4 personnel changes, all of whom lost the files.     This started that LONNNGGG process all over again.    The public does not know how much time, patience and effort the listing agent does for these transactions!

Mar 12, 2013 01:17 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

Melissa, I have started some and finished in 3 months, while some have lingered for more than a year...crazy the banks refuse to streamline the process so people are able to move on more quickly!

Mar 12, 2013 02:44 AM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Hey Melissa: But you know when you call to confirm that the documents have been received, and the bank says, Yes, yes, they are all in the file. Then the next time you call they say, "Wha, who are you? What docs? There are no docs in the file." That's because you're either not talking to the same person, or it is the same person, but it's a POC who has no authority except to answer the phone. You may as well be talking to a termite.

 

Mar 12, 2013 03:26 AM