How to process a short sale
Sounds so simple, and actually it is… if you have done them for 6 years.
What if you are new to short sales or have been listing short sales and lost your short sale processor and now you’re stuck doing the work?
It’s simple. Here is a quick guide, but let me make a disclaimer before I tell you the little secrets no one doing short sales will want you to hear.
Know this… processing a short sale will take a lot of your time. You will be making endless phone calls, resubmitting 1st, 2nd, 3rd time over and over again. Not to mention all the tedious follow up. So, before we get going on the quick lesson of how to process a short sale, look in the mirror and ask this very simple question, “How much is your time worth?”
Even if you are the best all-in-one agent/broker/short sale processer/assistant in the world, other people are just as good, if not better. (You would be surprised how many people tell us “I am better at processing than anyone else and how dare you even call me to offer this service). Now I will let you in on a secret. If you are in California, we will pretty much process your short sale for free. I am sure you are asking yourself how and the secret is on our website. There are no gimmicks or us forcing you to give up your information to learn more on how we do it. It is simple, just read one page on our website and it will explain it all in detail. (Yes we want everyone to learn about us and our services). http://realestatepaperpushers.com
Okay, now the nuts and bolts are going to get screwed together…
- Before you take a listing, make sure they really do have some type of legitimate hardship. If you do not know what they are, Google it!
- Know who your potential short sale client has their loan(s) with and what type of loan it is. If you are going HAFA, the client has to have attempted a loan modification and been denied. Also, this will make a difference if you submit the hardship package first prior to getting offers, or after you have an accepted offer from your sellers.
- Get the BANKS short sale package, not one you created on your own or a CDPE one. Banks are now standardizing with their own short sale packages. (We recommend you send it to the client before the listing appointment to have it completed or take it with you on the listing appointment and have it filled out).
- If you have a solid listing appointment and feel that your clients will be signing the listing contract, order a prelim to ensure there are no other liens on the property. Credit card companies are starting to put liens on properties and have been known kill the deal. (Also, you never know if there is a mechanic’s lien on the property either).
This is part one. Watch for part 2 in the next couple of days. Subscribe to our blogs so you are immediately alerted when we release part two.
Real Estate Paper Pushers Processes Short Sales
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