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
|
Comments(4)