If you are a Buyers or Sellers Agent contract Metro Mortgage Consulting LLC to represent you. The Bank will pay our fees; there is no cost to the Seller, the seller’s agent, the buyer or the buyer’s agent. We only get paid if we are successful in negotiating the sale.
Communicate clearly to all parties how much time will be involved and keep everybody apprised along the way as to what is happening.
Make sure the buyer has realistic expectations as to what is involved and how much time the Short Sale process will take. Don’t lose the Buyer.
As the Sellers Agent start the Short Sale process as soon as the property is listed.
Generate a good accurate BPO. THIS IS ONE OF THE MOST IMPORTANT NUMBERS IN THE ENTIRE PROCESS.
Determine the minimum price the bank will accept. Basically the break-even point between Short Sale and Foreclosure. Remember, for the bank it is all about the numbers.
List the property at your BPO for 3-4 weeks then drop the price ever couple of weeks as needed until you get an offer on the property.
Contact the Bank and find out what information they will need to process the short sale.
Gather all the information needed by the bank and submit the information to all lenders early.
Keep copies and a fax confirmation of everything you send to the bank.
Keep meticulous notes on every call you make. Date, time, phone number, who you spoke to, and what was discussed.
Call the bank every couple of days to confirm your packet has been received.
If after a week, if they cannot confirm your packet was received, resend and start all over. Expect this to happen 15-20% of the time.
Once the bank has your packet they will be scanned into their system. Find out how long this typically takes; log it off for follow up.
Make follow up calls to confirm the packet has been scanned into the system and is deemed complete.
Request the Bank to order its BPO.
When the realtor doing the BPO or the appraiser contacts you to gain access to the property, work with them and find out when they will be going to the property.
Meet them at the property or leave a copy of your BPO at the property for them to see.
Follow up to make sure the bank receives the BPO.
Request that the file be assigned to a negotiator.
When you get an offer, compare it to your break-even number to see if the offer stands a chance of acceptance.
Order the HUD, build in something for the second. Double check the HUD and submit the offer showing the bank how much better this short sale is compared to a foreclosure.
Follow-up, Follow-up, keep detailed notes and Follow-up.
If the first is giving you a favorable response start working on the second.
If the first is not cooperating, find out what the issues are and escalate as needed to resolve.
Find out what the first is allowing for the second and negotiate with the Junior lien holder to accept this amount.
Get the buyer moving, inspections, loan appraisals etc.
You may have to be creative on getting the second to sign off on the deal.
Pressure the second to accept the payment and consider their notes satisfied. You want them to but in writing that they will not pursue the deficiency.
After receiving written approval from all lenders you have thirty days to close.