The Shrinkage Factor for Short Sales in 2013 "Don't Jump in this Pool"

Reblogger Julie Chapman
Real Estate Broker/Owner with DR Horton BK3273954
https://activerain.com/droplet/Rxw

Fernando,

Short sales are an ever changing arena of real estate that is becoming more the norm than not.  Realtors and Sellers alike will find this information valuable. Thanks for taking the time to update this post and letting me share. 

 

Julie

Original content by Fernando Herboso - Broker for Maxus Realty Group Broker - Realtor - CEO

 

short sales










I wrote this a few months back. .
It was my aattempt to educate agents and the public after listing many short sales for the last 5 years
It is worth to revisit and add a few new nuggets for you. .
Agents, when you call on a listing agent to ask. .How many loans on this short sale? The answer really does not reveal anything to help your buyer(s) make a decision. . There are hundreds if not thousands of (one loan) short sales that where not approved. .and there are thousands of (two loan) short sales that were approved. 
Better questions you may want to ask?
  • Have you already send a complete package to the lender PRIOR to putting the property in the market?
  • HAFA Short Sale? . .then asking price is the already approved price? My client wants to write an offer, can you share with me the bank's approval on the price so my buyer can be more collaborative?
  • Is there mortgage insurance in this loan? (A YES here could extend the approval by weeks!)
  • The bank is Bank of America? That does not tell me anything. .they just happen to be the biggest servicer for mortgages in the world. . "who dat is the investor?. . it's a better question, really!
  • What is your procedure when submitting offers to the lender? one at a time, two at a time, 3? . .the answer should be one. .and all others should be labeled back ups. .the seller can only ratify one contract!
  • Is there a foreclosure date? . ."yes! is this Friday" That is not a good thing!
  • Are there any liens besides the lender on the property? Mechanic's liens?, HOA? 
  • Are all sellers in approval of the short sale? Divorcing spouses sometime act a little irrational?( ". .over my dead body!")
  • How many short sales have you already go approved by this lender? Experience counts. .if they become defensive there. . it's a clear indication of that agent's inexperience.
  • Has the seller filled in the short sale package from the lender?. . this indicates the seller's understanding of the process and accepting the fact that they are going all the way with the sale. among other things.
  • How often do you update buyers agents during the short sale?
  • Do you need for me to send you a CMA to obtain bids for major repairs on the house and help you validate our short sale offer? My personal favorite!

Entering in a short sale transaction with another
agent is like starting a relationship with the opposite sex. . There are no one night stands here. . 
There are sad moments,
happy moments, 
commission shrinkage factors,
silent treatments
and sometimes cheating in between. .
 The final outcome is consummating the relationship in one passionate act on a table . . closing table that is.. .
In some cases, it never gets there and the courtship unfortunately ends abruptly
A cheating buyer looking for more houses. . .
or a seller's remorse and accepting a loan mod (going back to their ex)
. .and this is when they give you the. .
 "is not you. . it's me!" routine 
which in many cases
. .. .it was really the lender!

"Short" in patience for short sales?
We really appreciate your referrals. .

www.Short-Sales-Expert.com

Fernando Herboso 240-426-5754 MD, DC and VA

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Rainer
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Ki Gray
SkiHomes.com LLC - Aspen, CO
SkiHomes.com - the ultimate snowsport home search!

Short sales can oftentimes be quite difficult but there are some banks such as Wells Fargo and Chase which are allegedly easier to deal with.

Mar 04, 2013 03:12 AM #1
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Julie Chapman

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