How to Successfully Sell a Short-Sale Property 101

Real Estate Agent with BaileyMeadows, Inc - Real Estate Services

Unless you have been in the business over 10+ years, then you can call yourself a "rookie" at selling a short-sale property.

Basic 101:

(1) Be nice to the lender. Be friendly and professional. They are the one you are asking for approval.

(2) Ask questions! Don't be afraid to let them know that you are a "rookie" - they love it when they feel that they have some kind of power over you.  This will allow you to get information on how you can get a short-sale approved by asking them "how, since you (the lender) is the expert".

(3) To expidite the process, follow instructions on how to submit the package completely. It will only delay and may lead to cancellation of the short sale approval if it is not complete.

(4) Email and fax is the best way to contact the lender. As they seem to be very busy and hard to get a hold of by phone. This way, you have everything documented.

(5) Make sure you submit the 3rd-party authorization letter on a separate sheet of paper. Lenders will not contact you to let you know that you did not submit this. Time will be wasted waiting on this, especially if you are not aware that this is needed.

Hope this helps. In this everchanging market, selling short-sale properties is another source of keeping your top producer status going. Be an "A" player in this "C" market. This will show consumers that you are with them through "thick and thin" and that you will not bail out on them during a time like this.


("Rookie yesterday, today a pro")

Comments (3)

Virginia Hepp - Mesquite NV REALTOR
Desert Gold Realty - Mesquite NV Homes For Sale - Mesquite, NV
Mesquite NV Homes and Neighborhoods - Search MLS
Even if you have been in the business for 50 years, if you have never done a short sale, then you are a short sale rookie.  -Virginia
Jan 03, 2008 05:28 PM
Mark Horan
Resident Team Realty, LLC & Toni's Property Management LLC - Saint Cloud, FL
"The Resident Chef" - Resident Team Realty LLC &
Shiela- Virginia is right. Lenders are constantly changing the way that they handle the loss mitigation department. Not to mention each bank does it differently. I had a bank change the way do business 3 times during one of my short sales. It's a patience test.
Jan 03, 2008 06:06 PM
Shiela Meadows-Bailey
BaileyMeadows, Inc - Real Estate Services - Mountain House, CA
I could have not agreed more. It is a patience test, absolutely!
Jan 03, 2008 06:11 PM