I am just now completing a short sale that had two lenders. Don't let people tell you it can't be done. It can, as long as you stay on top of it, you're thorough, and you stay in constant contact with everyone involved. Communication is key to having a successful closing where everyone is satisfied with the outcome. It took a total of 75 days to get written lender approval from both lenders and 30 days to close the deal. Everyone was happy, the buyers were happy because they got a great deal, the sellers were happy because they avoided foreclosure, the lenders were happy because they got a good portion of what was owed to them, and lastly the agents were happy because they got paid their full commission. Don't be afraid, but do pay attention to detail and communication.
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Tim & Julie Harris® Real Estate Coaching - Las Vegas, NV
We agree, you need a system in place to keep on top of those reps handling the short sale...
Shameless plug here... Did you here last week's Superstar Interview with Exit's Vicki Watawick? She's on track to do around 200 short sale transactions this year... and we're proud to say she's an Agent Short Sale Secrets student.
Jun 23, 2009 09:10 AM
Out of Real Estate
Short Sales are great when you stay on top of them. Record your conversations with the banks because you can catch them playing games once in a while and use it to your advantage.
Jun 23, 2009 09:17 AM
Berkshire Hathaway - St. Augustine - Saint Augustine, FL
Your St Augustine Real Estate Consultant
I never thought to record the conversations. Wouldn't know how technologically to do that - speaker phone? And is it legal?
Jun 23, 2009 09:32 AM
R.A.N Realty & Property Management - Mesa, AZ
Debrocke, ABR
Communication is the key. I'm glad you were able to make in happen in a reasonable timeframe.
Jun 23, 2009 10:00 AM
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