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Preparation is the Key to a Successful Short Sale Closing

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Services for Real Estate Pros 0659282

Even though the short sale process has gone from a live human being to completely impersonal with the Equator online program it does not mean that you still cannot close your transaction. Based on the progress I have seen over the years maybe this is going to be better in the long run. When short sales first started as all the rage you might find yourself on hold for hours trying to track your progress, but now all you have to do as an agent is send everything in that the bank asks for via Equator.
The best way to make sure your deal is accepted and there are no problems with your deal is to simply be prepared. Too many agents piece meal a deal together and send it in in complete. This is the kiss of death. You are much better off putting together a short sale package with all the necessary documentation and sending it all in at once. I have found that by doing this the appraisal or BPO is order quickly.
As an agent it is your responsibility, and quite frankly, in everyone's best interest, to give your client all of the necessary paperwork at the time of the listing so that they can get started on it while you are showing and marketing. If the buying agent knows that you are ahead of the game and on top of things they are more likely to make an offer and to do so quickly. I have found that filling out all of that paperwork for a short sale is a lot like doing your taxes, so take your time and do it right.
Is the process today impersonal? As far as I am concerned, yes. All I can think of is the banks are trying to find a way to streamline the process to make these deals close quicker. The old method took forever. But in the end who cares whether or not Equator is impersonal as long as your agent gets the deal closed correctly? If you are considering short selling your home be sure to ask your agent whether or not they have a short sale package ready for you now and if they would be willing to guide you through some of the items on the list that you may have trouble with like a hardship letter. Being prepared for the short sale is more than half the battle.

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Morris Massre
https://about.me/mmassre
 

 

Comments (5)

Michael Blue
Home Smart Realty West - Encinitas, CA
REALTOR - 760-889-8877, Encinitas/Carlsbad

experience with the lenders and their programs has really helped me.

Nov 16, 2011 07:28 AM
Carlotta Remong
Berkshire Hathaway HS N.E. Prime Properties - Newport, RI

Morris, it sounds like Equator should be an improved alternative and a more efficient way to process the paperwork to the Banks. I certainly hope so...hope for the best but plan for the worse. Thanks for sharing.

Nov 16, 2011 07:37 AM
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

Morris, you are correct about preparation.  If we do our homeword, and are well prepared... no matter what we are trying to do... it goes easier.  Including short sales.

Nov 25, 2011 01:22 PM
Karen Anne Stone
New Home Hunters of Fort Worth and Tarrant County - Fort Worth, TX
Fort Worth Real Estate

I don't know about anyone else, but for me, the blue-colored type is harder to read.  Also... the fact that there are no spaces between your paragraphs makes it MUCH more difficult to read.  Just a friendly suggestion.

Nov 25, 2011 01:23 PM
Suzanne McLaughlin
Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN
Sabinske & Associates, Realtor

Hi, Morris.  Thanks for the opportunity to reblog this.  It was a great post.

Nov 26, 2011 01:06 AM