Is your short sale expert doing everything possible to get your short sale approved?

By
Real Estate Agent with Metro Premier Homes DRE# 0225-088780

Hello friends,

Here we go!! I was ask if I could put something on writing showing what and how we at "The Mateo Team" handle the short sales in "Northern Virginia / Prince William County" in order to get our amazing 95%+ short sales approval rating.

The full secret is on the package and follow up!!!

Well this is in a nut shell!!

Client(s)

1st visit:

  1. Present the CMA (Current Market Value) of the property
  2. Go over their motivation level and hardship.  (MUST HAVE A TRUE VALID HARDSHIP)
  3. Once we fully agree to work together, I provide them with the list of all documents that they must gather in order to list the property. (Hardship letter, bank statements, tax returns, paycheck stubs, etc........)  ALL DOCUMENTS MUST BE PRESENT IN ORDER TO SIGN A LISTING AGREEMENT!!!

2nd visit:

  1. First of all, I review all their documents.  If anything is missing we do not go forward (I can't waste my time). 
  2. Explain the entire listing agreement and obtain their signatures.
  3. Measure & take pictures of each room.
  4. Create a list of all the discrepancies and take pictures of them.
  5. As previously agreed on our 1st appointment, we schedule the full FHA appraisal appointment.  (In order for us to take the short sale, we must complete a full FHA appraisal by a fully licensed appraiser at the sellers expense).
  6. Place sign on property.
  7. Once everything is completed.  I get to work!!!!

LET'S GET TO WORK!

I start by creating the following:

  1. File
  2. Make the list of discrepancies with pictures and submit them to 2 contractors of the local market for a bid on making all the repairs.
  3. Call the appraiser for the report.
  4. List the property just like any other listing.  That includes: website, tons of pics, flyers, video and post everyting on the following sites:
    • Realtor.com
    • TheMateoTeam.com
    • Hotpads.com
    • Trulia.com
    • YouTube.com
    • Zillow.com
    • Homescape.com
    • The Mateo Team Newsletter

PREPARING THE PACKAGE

I begin with the following:

  1. Fax coversheet
  2. Short Sale Cover Letter
  3. Hardship Letter
  4. Homeowner Financial Worksheet
  5. Preliminary HUD-1 from your title company. (Try to keep both sides with the same company).
  6. Authorization to Release Information (Already obtained on 1st visit and faxed to the bank, but will resumit with the package).
  7. Full Listing Agreement.
  8. Full Ratified Sales Contract (Including all addendums).
  9. Copy of the escrow check.
  10. Copy of the Buyers Pre-Approval letter.
  11. Full Listing from your local MLS/MRIS.
  12. Full Tax Records of the property.
  13. List of discrepancies with pictures and repair bid.
  14. Full Appraisal (all pages).
  15. Copy of the Appraiser's license.
  16. My CMA.
  17. Their Docs(Banks statements, paystubs, taxes, etc....)

****Print the loan number and your contact information on top of each page!!!****

 

Follow up!!!

Once everything is gone from my hands to the lender or lenders (if more than one lender make 2 packages), I call after 72 hours for confirmation that they received something. 

Then FOLLOW UP, FOLLOW UP, FOLLOW UP, FOLLOW UP!!!! NO LESS THAN ONCE A WEEK!!!!

My packages are around 120-160 pages.  I have never been told by the lender that they are missing something or that it was too much info.

I obtained approval from:

  • Indymac 27 days
  • Bank of America 85 days
  • SunTrust 60 days
  • Chase 45 days

System works but I must give full credit to the CDPE training and certification.  Prior to the training it was taking me twice the time.  I strongly recommend the course!!!

I hope this helps!!!

 

Posted by

Nelson Mateo

Realtor, CDPE, CRPS, CSSS

The Mateo Team

Metro Premier Homes

571-921-2966 Cell

888-550-2922 Fax

www.TheMateoTeam.com

 CDPE Logo

 

 

 

 

 

 

Comments (2)

John Butler
Exit Twin Advantage Realty - Murrieta, CA
"Bald Guy in the Red Tie"

Thanks for listing the package out...I've noticed that when your package is solid and complete, then the negotiator won't have to ask for anything else.  Makes it smooth!  Good stuff...good luck in 2010!

Oct 31, 2009 08:21 AM
Nelson Mateo
Metro Premier Homes - Manassas, VA
Your Short Sale Expert - Serving Bristow, Gainesvi

You are right on the money!!!  I worked with negotiators that based on the package and BPO approved the package.  Including the full appraisal helps alot!!!

Oct 31, 2009 08:27 AM