Friday I was on the phone with a bank, funny thing there were 3 of us who contacted the bank and three of us who spoke to the bank and all with different info. A couple of things you should think about before working on short sales..
1. Get the seller involved, if the seller will cooperate with you in getting docs in a timely fashion to you, speak the truth and assist with correspondence with the bank..you have solved about 60% of your challenges. Seller's who really want to solve their challenges will do as you ask!
2. Build a relationship with the person at the bank, we are allies in getting the property sold. That means, BE RELENTLESS and get to the right person who has the answers. It won't be easy but you have to be determined and relentless. TIP * Start compiling Bank contact Information save it and exchange it with your peers..* Does it always work this way, cooperation....NO! Banks are slammed right now! Just like we are with excessive inventory. We really have to put some effort into working together!
3. When calling the bank, check the area code and remember not everyone is on the same time zone often times you are calling and they have not even opened! It's been my experience it seems the department or person you are calling is on different business hours again in most instances its a different time zone.
4. Be realistic as far as pricing, after talking with the person at the bank, he stated that agents submit all offers and depending on how you look at it...you could say that the bank had the final say so and you should present all offers to them but whose signatures are you requiring on contracts and listing agreements? The bank is not yet the owner, they just have to approve the sale. They need to approve the fact there will be a deficiency in repaying the mortgage.
5. Realize the documents have to go through a series of processes, yes lots of red tape..that means do your due diligence and tell all parties involved that it could in fact take up to x amount of days. The bank I spoke to said approximately 60 days, why would anyone expect a shorter period if it is stated in the mls? The bank told me there are lots of instances where the offer came in and was in the 3rd day of processing and agents calling frantically that their buyers want to back out of the deal. And do you think that is the best use for the banks time?
6. Make sure the buyer of a short sale understands the process and how long it will take, you will hurt yourself if you do not let the buyer know with maximum number of phone calls, frantic conversations and threats of backing out of the deal.
7. Realize not everyone is cut out to deal with short sales in any way. Your expertise will be cheapened if you can't handle the stress, or are extremely impatient or intolerant of certain things. Refer it out if you feel it is not worth it to you!
8. Last but not least, keep your emotions out of short sales, empathy not sympathy is what all parties need. Remember empathy is needed but sympathy sometimes costs $$$$$. People in short sale situations need options and your skill.
Short sales can be a very rewarding niche it requires, patience, being relentless, details and expertise. Do you do short sales? What piece of advice are you willing to share?
Disclaimer: The opinions expressed by The Activerain Network and it's members and those providing comments are theirs alone, and do not reflect the opinions of Midori Miller AKA Daytona Beach Real Estate Trainer and CENTURY 21 Sundance Realty. Midori Miller and CENTURY 21 Sundance Realty are not responsible for the accuracy or content provided by The Community.
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Midori Miller
CENTURY 21 Sundance Realty
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Mobile: 386-453-3236
midorimiller@yahoo.com
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