Submit That Offer
Ok,
now back to the seller’s bank. You should have already spoken to the bank(s) to
know exactly what to send and to where. Create a nice coversheet detailing the
borrowers (that’s your seller) Property Address, Name and Loan #. Include page
#s like a table of contents. Include the contact for the BPO/Appraisal. Include
a preliminary Hud1 (get from your title company), updated financial if
out-dated, comparables and property history of the property. Send this and call
the following day to verify. (Some banks say it takes up to 72 hours to receive
so you may have to call back again) DO NOT STOP CALLING UNTIL YOU HAVE VERIFIED
THAT THEY HAVE RECEIVED THE PACKAGE AND THAT THEY HAVE EVERYTHING THEY NEED.
Most of the time if you are NICE they will look through the package
while you are on the phone and let you know. Also find out who the
negotiator is and when the bpo/appraisal will be ordered. Get the negotiators Full Name, #, Extension and Email address if at all
possible.
Follow up
From today on, call at LEAST once a week. Some banks may
have an answer within a week; others may not for 2-3 months. All banks work
differently. Always ask them what their timeline is. Do not leave multiple
messages in the same day. You will irritate the negotiator. They are very busy
people. Most have 100-300 files on their desk. Make sure you acknowledge that
and make their job easier by having everything ready for them. If they prefer
email, shoot them over a quick email for an update. They appreciate the
non-intrusiveness of email.
Also
each week, call your seller to let them know what the bank said. Call the
buyer’s agent to tell them what is going on. Tell them to call their buyers to advise. Call the title company to keep them in the loop.
Communication is key. If you keep everyone in the loop
your chances of a successful closing go WAY up!
Approval
Now
you have an approval. Make sure the closing date will work for everyone. Send
the approval over to the buyer’s agent and the title company. The buyer may
need to get financing so make sure they have enough time for that. They’ll also
want to have an inspection completed. Make sure to have the electricity and
water turned on for that. If your seller cannot afford to have it turned on
then turn it on for them! You took the listing knowing
the financial situation of the seller. Don’t stop helping them out now.
You
know the rest of this, now it is just like any other transaction.
Close on the property
The sellers have now SOLD their
house. The buyers have now BOUGHT the house they wanted at a good price.
Everyone wins.
Conclusion
Good luck out there.
Buyers, don’t
be intimidated by short sales. Just make sure you have an agent working for you
that understands the process. They’ll be able to inform you right away if something
doesn’t add up or seem right.
Sellers, please
do not make the mistake of listing your home as a short sale with just any
agent. Make sure they fully understand the short sale process. This is a very
important transaction in your life and not everyone is cut out to handle this
for you.
We look forward to working with
the other professional real estate agencies on short sales and the many buyers
and sellers as well.
Yours in Success,
Susan Milner
Florida Future Realty, Inc.
888-764-6665 toll free
239-542-8521 local
To read the entire 4 part article: Short Sales
Copyright 2008 Susan Milner
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