If you’re an agent considering listing a short sale, chances are – you’re hearing things from your colleagues that are making you feel nervous about listing the property.
I’ve been speaking with agents about short sales for almost 10 years and below are the most common reasons agents want to avoid short sales:
As an agent, avoiding a short sale because it seems complicated is like throwing money into someone else’s pocket.
If you continue to avoid short sales, you are missing an opportunity to make money AND you’re passing up a way to support the members of your community who need your help the most.
Instead of feeling like you either have to avoid short sales or learn everything there is to know about them, hire a short sale negotiator.
As a short sale negotiator, I make the process easy, seamless, and straightforward so you can focus your time on acquiring more listings.
My short sale negotiation services are comprehensive and compassionate. I undertake full representation of your seller to ensure that they have the best possible experience while going through such a stressful time.
My negotiation services include:
Free consultations with sellers to answer legal questions related to:
- Their debt deficiency balance and how the lender will handle their remaining amount of debt
- Information about how second mortgages and junior liens get handled through a short sale
- Specific information about the seller’s mortgage lender and what type of process and timeline they can expect
- The seller’s individual foreclosure timeline and how much time they have to complete the short sale
- The benefits of the short sale process, how a short sale works, and how it will benefit their individual financial situation
Free consultations with buyers to help them understand the process so they don’t walk away in the middle of the transaction
Losing a buyer in the middle of the short sale often happens because buyers’ expectations aren’t managed and the process isn’t explained to them from the beginning.
I speak to any buyer who has questions at the outset of the process so they’re ready and willing to stick around for the duration of the negotiation.
Listing strategy guidance to help avoid counteroffers
There are some things you can do at the listing phase to help us get our offer approved down the road.
As part of my service, I review what I call the Stair Step Listing Strategy with you prior to getting the home on the market to set us up for the least possible chance of a high counteroffer from the bank.
Full document collection and completion from ALL parties
Short sales require a full financial package and an application form from the seller. Once a buyer is on board, they have to provide a few documents as well.
It is never your job to be spending time chasing down documents. I communicate directly with all parties to collect what I need while keeping you updated so you always know what’s going on. This allows you to observe the document collection process passively while you continue to focus on your business.
Full negotiation services from listing through closing
I handle the entire document collection process, lender financial review, valuation, approval letter, approval audit, and closing support until the transaction is complete.
Parties should always do everything they can to close a short sale on time but sometimes, extenuating circumstances require the parties to request an extension to close the transaction.
I request the extension from the mortgage lender and work with them to do everything possible to receive the extension, if needed.
Escrow and closing agent support
Not all closing agents have closed a short sale before. The settlement statements are often more complicated for short sales than for regular sales as there are limitations on fee coverage and capped fees that need to be labeled correctly to receive final approval to close.
Almost all short sales have a “final hud approval” process where escrow needs to receive final approval 48 hours before closing from the seller’s lender in order to close.
I work with escrow to ensure that the settlement statements they draft are easily approved and that any affidavits that need to be signed as part of the closing process are signed early to avoid last minute rushes.
Foreclosure tracking and communication with foreclosure trustees
I am in constant communication with all parties related to the foreclosure sale date during negotiations so everyone is aware of the timelines and what is needed in order to avoid foreclosure.
If you are an agent that is considering taking a short sale listing, give me a call at (425) 654-1674.
Even if we don’t end up working together, I want you to be successful in your negotiation so I am happy to complete a free consultation with you to hear about your upcoming short sale to see if I can give you any tips or tricks.
If you’re going at the process by yourself, I would recommend watching my videos to get as much information as you can about the process.