shorted by short sellers

By
Real Estate Agent

Hey folks! I haven't posted in a while for a slew of reasons but I wanted to get on up this evening.  I negotiate short sales for other agents because of my experience with the banks and their lack of experience.  However, the agents I assist are the ones that have the relationship with the client which can sometimes cause a bit of inefficiency.  For instance, I am doing a short sale now and have gotten the file to one the last stages.  Now, the bank needs updated financials.  I have requested these updated financials for 3 weeks from the listing agent!  The listing agent has stated that the seller is not delivering the items.  So, it is important when you are doing short sales to let you sellers know that is important to deliver requested items immediately.  What did we learn in Real Estate class that is even more important in short sales?...TIME IS OF THE ESSENCE!!! When you deliver requested items from your seller to the bank quickly, your rep is gonna know that you are about your business! Your file will take precedence over other files because the bank rep knows that yours is gonna get to the finish line first, close, and be off their desk!! To sum it up, tell your sellers who you are doing short sales for to save all of their paystubs each time they are paid and save all pages of each month's bank statement in a folder.  It would be beneficial if they faxed or emailed that as soon as they are received so that you, as the agent, already have what the bank is inevitably going to request when the time comes.  Early preparation leads to less future frustration! OMG - that rhymes

Have a great evening!

Seth Haskins

 

Comments (5)

Maureen Fukumoto
Help-U-Sell Realty Pro - Mililani, HI
Maureen

The banks never tire of asking for updates.  After a while clients just give up. They are already under so much stress they have difficulty handling the smallest tasks.

Oct 31, 2011 10:57 AM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Seth -- Great information -- would work for buyers also.

Oct 31, 2011 11:22 AM
Anonymous
Seth

Maureen: you are right about the sellers being stressed out. However, I have found that a lot of enthusiasm and confidence can really boost your client and get them on the same page as you.  When I set up initial appointments, I am like: "Ok, we are gonna get this done and get you out of this situation - together, we are gonna knock this thing out. But I need you to play your part and I need to be able to rely on you when I need something. We work as a team and we win as a team."  I find that sellers can be motivated especially when they know they are working with someone passionate who refuses to lose to the bank.

 

Steven: yes, true indeed. Buyers often times have to come forth with as many items as short sellers with all the new underwriting requirements.  So you can definitely use the same system. 

 

Thanks guys

Seth

Oct 31, 2011 11:41 AM
#3
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

Such an important thing to remember.  I let my Short Sale Sellers know up front that they need to be cooperative and act fast when it comes to fulfilling the banks' requests for paperwork.

Nov 01, 2011 06:06 AM
Anonymous
Seth

Hey Chris!! How are ya?  We are on the same page as far as making sellers aware of their obligations in a short sale up front. I have a short sale on 2684 Oakton Glen Dr. in Vienna. Check it out!  There has been a little interest and I'm hoping for an offer soon!  Chase is the bank, one loan.  Talk to you soon!!

 

Seth

Nov 01, 2011 06:22 AM
#5