I often get asked what it takes to succesfully close a Short Sale in a "relatively short" time period.
Here are just a few factors that must be considered:
1. List home 5-10% BELOW market.
2. Submit only the BEST OFFER to the lender(s).
3. Make sure the Short Sale Packet is COMPLETE.
4. Write the Loan No,(s) on ALL Pages before submitting
5. Make sure a HUD is included with at least $3-5K going to the 2nd lien holder
6. Make sure you fax the Third Party Authorization to the right fax no.. (Most banks have a DEDICATED fax for this purpose
6. Follow up with a call to the lender(s) at least once a week to make sure the file stays ALIVE. Keep in mind BAC's process requires three (yes, three) different Negotiators. Level 1, Level 2 and Closer. In the event a new buyer comes along, the process resumes with a Level 1 Negotiator.
7. In cases where an HOA is involved, advise the seller(s) to continue making payments because if they don't, the HOA will assign the account to a Collections Agency adding thosudands of dollars to the cost of sale.
Hope that helps!!!
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