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TIPS ON NEGOTIATING A SHORT SALE - CALIFORNIA SHORT SALE REALTOR -

By
Real Estate Broker/Owner with Aston Group - Orange County Real Estate 01451803

SHORT SALE NEGOTIATION TIPS (ORANGE COUNTY SHORT SALE REALTOR)

Here Are Ideas on Successfully Negotiating a Short Sale

What are some ways to successfully negotiate a short sale? One positive impact approach is to be organized during the negotiating process. Loss mitigation departments appreciate it when the agent has a high level of knowledge and is organized. The following is a 10 point process that gives a high level overview of how everything works and when it should occur during the process. Remember, the specific lender always dictates the process.

1. Gather all paperwork from homeowner to show the bank that there is a hardship (this is the paperwork discussed in the presentation).

2. Fax "Third Party Authorization" Make sure all acct#'s are listed as well as property address, name of seller, and social security # is listed and all your contact info.

3. Call the next day to verify the authorization is in their system.

4.Once authorization is in system, call loss mitigation to request any additional hardship packages that may need to be sent along with homeowner's paperwork.

5.Once everything is filled out (lender and homeowner's paperwork), fax or overnight it to loss mitigation department.

6. Wait 3 days call loss mitigation to make sure they got the paperwork.

7.Lender will hire a real estate agent as a BPO to give the bank an appropriate market price.

8.Meet BPO appraiser at the property to get the price that you need to sell the house.

9. Once assigned to negotiator in the loss mitigation department, then work with them to get the price you need to sell the property and get the time you need to sell it.

10. If the bank accepts your offer, move forward with selling the house (usually within 30 days). If the bank rejects the offer, go back and renegotiate with the bank.

 

http://www.remaxann.com/

Orange County SHORT SALE REALTOR

 

SERVICING SAN BERNARDINO COUNTY, RIVERSIDE COUNTY, LOS ANGELES COUNTY AND ORANGE COUNTY

" I have successfully negotiated 13 short sales in the month of April"

List with an Expert!!!!!!!

 

Comments (5)

Michael A. Caruso
Surterre Properties - Laguna Niguel, CA

Hi Ann,

Nice post with great information for today's market.  Have a good week.  Michael A. Caruso

Apr 21, 2008 11:24 AM
Gaye Granice
Robert Defalco Realty - Staten Island, NY
Associate Broker
Sounds like a plan.  Thanks for the good tips.
Apr 21, 2008 11:24 AM
Chuck Carstensen
RE/MAX Results - Elk River, MN
Minnesota/Wisconsin Real Estate Expert
I have seen this tips before, but each time I read them in reminds me what to do on the Short Sales to get them through.  This is a nice straight forward list. Thanks.
Apr 21, 2008 11:45 AM
Heather the Realtor Orlando, Lake Mary
LemonTree Realty - Orlando, FL
First Time Home Buyers, Bank Owned Homes
That's great but half of the banks wont order the bPO unless you have a contract on the property and wont do anything with the paper work until then, which is half the problem.
Apr 21, 2008 02:00 PM
Ann Urias
Aston Group - Orange County Real Estate - Irvine, CA
Your Real Estate Concierge

It is better to wait to send in your package when you get an offer. You don't want the BPO done to early.

Values are dropping quickly.

Apr 21, 2008 02:44 PM