In this troubled times when many homeowners experience hard time to pay their monthly payments our duty as a professionals is to help them. There is a lot of articles written about Short Sale, and you've probably read about it. In this post I'd like to give you some tips how successfully complete Short Sale transaction. As you know, a Short Sale is when a lender accepts a discount on a mortgage to avoid a possible foreclosure auction or bankruptcy. Short Sale is the process and to successfully close it, you need to invest a lot of time and hard work, either you work with the homeowner or with the buyer:
•§ develop a new skills,
•§ know your state foreclosure law,
•§ educate your clients,
•§ be patient,
•§ know market - what's selling, for how much, know fair market value of the homes, how much home values are decreasing
•§ be expert in doing CMA - use recent sales & price it fair and correctly - we're not doing short sale to rob the banks
•§ develop negotiating skills to protect your clients best interests & your commission - you'll probably negotiate with several banks, HOA, etc.
•§ be updated with changes in mortgage industry,
•§ prepare short sale package
•§ offer a higher commission split or guarantee the buyers commission
•§ communicate regularly with buyers agent and keep them updated weekly; let them know what is going on
•§ make sure that buyer knows that short sale could take a long time to close, also
•§ keep buyer updated about changes in mortgage industry,
•§ before write the offer, make sure that buyer got pre-qualified with lender
If you still think that this is too much for you and you don't want to deal with short sales, you can still earn money by referring short sale leads to someone who likes deal with them.
Comments(0)