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New Policies for Taking Short Sale Listings
A Monday morning review lead to New Policies for Taking Short Sale Listings.
Thus far, in 2010, I have successfully closed 20 short sale transactions and failed on 11, which ended up going to foreclosure. (These are in addition to my traditional listings/closings.) These 11 that failed to close, really get to me! In times past, I have had an excellent closing ratio for listings. This does not feel good.
So, after reviewing the successes and the failures of my short sale business this morning during my meeting with my team, I came to the conclusion that there are some listings that I should not take.
We discussed each one, and they each have their own unique story, however, there are some basic polices that I think may help me moving forward:
 
             1. Seller has to ABSOLUTELY, have their head in the game!   This means for them to grasp the complete understanding of the process and the potential risks along the way.  I need to have a good understanding of their financial position, beyond the house itself. Are they a candidate for a bankruptcy down the road?
They have to be cooperative in showing, staging, keeping a lockbox and a ... more

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