The Short Sale Battlefield; Choose your Weapon Banksters-I'm taking you down! The way I see it, the Banksters have only ONE weapon..time. I on the other hand have a myriad of weapons at my disposal. Time, real estate experience, Short Sale Experience, a HUGE file of "go to numbers" and the tenacity of a bulldog. Think you can take me down Sirs..have at it!
Over the past almost five years of handling Short Sales from List to Close, I have learned several things that I KNOW help me to win the Short Sale battle. Here are a few..
- NEVER asume anything. Such as "the person on the other end of the phone working for the Short Sale dept. knows about real estate." Rather, assume they do not.
- Have a back up plan. When Plan A fails, roll into Plan B, and then onto Plan C.
- KNOW that your Seller has NO idea of what to expect..educate them!
- KNOW that your Buyer's Agent will say they know how to handle a Short Sale, but pretend you did not hear that and grill them. They MUST understand what's ahead.
- Nothing verbal sticks. Paper trails or electronic trails..period!
- NEVER believe it will actually close..ever! Again, pretend it is still up in the air..and keep working it.
- The APPROVAL letter was meant to be disapproved. Keep pushing.
- The Banksters can and will do whatever they wish. BELIEVE that! Keep working it.
There are many other small lessons that I've learned and now have stashed in my Short Sale Arsenal. The most important weapon is a rather cynical sounding one..don't fall for it! Everything the Short Sale Negotiator says is up for grabs, change, denial, reversal and cancellation, so...KEEP WORKING IT!
Here in the Palm Springs Valley, my closes for Short Sales that I list and work are very high. Short Sales make up about 50% of my business now, and still, I NEVER believe it's going to close..until I have that commission check in my hand.
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