Short Sales can really afford  a fantastic buying opportunity for your client.

When putting an offer for one of our SHORT SALES . . 

please follow this instructions for a SMOOTH TRANSACTION and a CLEAR UNDERSTANDING  to keep you client and my client HAPPY

When you're making the offer on a Short Sale your client  will need to know the market as to what has sold in terms of the homes competition and please advice them that a BANK WILL NOT SELL A HOME at 30 cents on the dollar. They will foreclose instead.

The asking price is an attempt to guide you and your client . . the asking  price is what I feel we can use to convince the bank in accepting the short sale so we both can get PAID

This does not apply to you if you knew it already. .please do not feel that I'm patronizing you . ..I have received offers these past few months that will raise your eyebrows to the back of your head!

As far as time frame; this varies depending on the Lender of the Seller and the Seller's Agent. I've received approvals in less than 30 days and some have taken over 75 days; variance with me was due to the Lenders Short Sale process, their file load and who is the investor.

Please remember that ONE BANK may accept a short sale in 30 days and our next transaction may be 90 DAYS with the same bank. IT'S ALL BECAUSE OF THE INVESTOR

Please advice your clients that may take up to 60 days+ for THEM TO KNOW THAT THEY HAVE BEEN ACCEPTED

Some ESTIMATED dates are as follows:

You client will know within 24 hours if your offer was accepted by the seller. Take note that I will advice the seller to accept ONLY OFFERS that MAKES SENSE to the lender and has supporting comparables. I don't want to waste your time and my time.

Generally A BPO will be ordered by the lender once they have received  the complete package from us . . the next good news for you is that the BPO has been done. This could take as much as 21 days

Then the final verdict takes place.. .YES they bank is willing to negotiate. .NO the banks answers is COMPLETE SILENCE and our file gets tossed to a pile. . that could take another 30 DAYS

The LOAN SERVICER  sometimes IS the BANK and they are working for hundreds of investors that are in fact the OWNERS OF THE LOAN . . they are the ones that make the final decision on the SHORT SALE.

Sometimes I get this question:

How many  lenders are involved?

It doesn't matter. . what matters is that they are willing to negotiate a fair short sale.

Having one lender makes it easier for my negotiator because she has to only submit and speak to one person for the short sale. . but I've seen one lender short sales take more time than 2 lender short sales. . because THE INVESTOR MAKES UP ALL THE DECISIONS and he or she may be a group  of people in Switzerland looking at hundreds of packages submitted to them by the truck load.

Concessions are a possibility. It will have a lot to do with how much room the Lender has to net what it is that they're looking for. If there are a lot of other costs such as unpaid HOA fees and unpaid taxes, the Lender may have less room to offer any type of concession.

As far as how successful Short Sales can be goes back to what I said before;  I've closed Short Sales and have had a great rate of success. .but a short sale is not a guaranteed acceptance.

Just be aware that I will do everything possible to keep my client from going into a foreclosure. . if a short sale  that we participated in did not get accepted. . it wasn't because of something we did not do PROPERLY.

We have a vested interest to make it happen !

I hope I've answered some of your concerns for you and your client. .  You should know that Short Sales Sales really do work ( We closed 4 on one single month in November 2008)  and all I ask from you is: 

a little patience. 

Thank you for your consideration. . 

Fernando Herboso
Herboso & Associates

Realtor/Consultants

CHOICE REAL ESTATE

"Working with us it's not an OBLIGATION. .it's a choice"
Phone: (301) 881-8900
Cell: (240)426-5754
www.ReallyNiceHomes.com