Hi folks. One of the biggest myths with Short sales is that it takes a lot of time to work them. I have been asked numerous times why I don't outsource my files and use a 3rd party negotiator instead of handling the process myself.
Well it's simple........I enjoy working short sales!! I like doing paperwork and I love negotiating with the lenders. Short sales fit my skill set perfectly.
Time wise I spend about 30 minutes per week per file unless I have something out of the ordinary going on. I can handle about 35 files without too much of an issue and I handle ALL of it. The most time is spent at time of listing during document collection. After the property is under contract I follow up with the lenders once a week and preferably by email if able.
My sellers are updated simply by copying them on all correspondence. The buyer's side get's a weekly update via email.
If I ever reach the point where I can't do it myself the first thing I would do is hire a virtual assistance to do the paperwork. I would still want ot be in charge of the entire process because I truly feel that no body is going to look after my sellers as well as I do.
The majority of my short sales are listed over the internet. Because of that, I rarely meet with sellers. I hire runners to do photos and set up lock boxes (or the seller does it for me). In fact, I have a closing tomorrow where I have never seen the property, never met the seller and never met the buyer. And I'm on both sides of the transaction! How sweet is that?
Currently I have 30 Florida short sale listings either active or pending. I work from home and go to my office by 6am. I never work past 5, go to the gym 3 days a week (during work hours), cook lunch and eat with my wife everyday. I don't work on Saturdays and Sundays except for a couple of hours early in the morning to tidy up emails.
My title company handles my searches, the preliminary HUDs and all closings. I've worked with the same closer for 16 years and have complete confidence in her abilities to deal with my sellers and buyers. I don't attend closings but I am available if there are closing issues. There rarely are since everything has been reviewed and approved prior to going to the closing table
My sellers and I rarely speak on the phone after the initial consultation. This is a huge time saver plus it eliminates confusion by having all communications in writing. However, I do communicate with them several times a week.
BPOs are scheduled through my showing service and prior to the BPO agent going in the property I email them all of the comps, pictures, repair estimates and justification for the purchase price.
Short sales are nothing more than a process. Short sales do not need to be complicated or time consuming. Know what you are doing and have systems in place and you may surprise yourself with how many Short sales you can handle.
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