Hello Short Sale Superstars!

We are set to release a Short Sale Super Star Survival Guide and we want your Tips; We want to know your BEST Short Sale Survival Tips and so does the world!!!  Only Ten will be accepted so make them juicy and powerful. Please read the directions and details below. If you’re tip is accepted your full name, city and state will be listed below your TIP as a contributor.

This will be a free survival guide for Investors, Homeowners, Agents and any other real estate professionals nationwide!

 

Step by step instructions to enter:

1.     Limit the title of your tip to 140 characters and that the explanation of the tip is ideally between 150-250 words. 

2.    You may email the tip as well if you’d like to info@shortsalesuperstars.com   

 

Thank you all in advance for volunteering to share your experience. Please reach out if you have any questions to 1-888-664-6964.

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Choose me!

Tip #1 Always make sure to check your settlement statement!

The short sale servicer reviewing a short sale will base the numbers on their approval off of the settlement statement submitted for review. Funny, enough so many people fight and fight to get a short sale approved only to have the wrong numbers on the net sheet approved and be short at closing. Do your best to update your settlement net sheet for the short sale lender before they send you off for approval, this can diminish the chances of mistakes and shortages. Don't be a statistic! The difference between the good and the great are the small tweaks in their approach.

Hope this helps!

Tip # 2 Always open a ticket when running into challenges on a FHA Short Sale 

If you are going through challenges on a FHA short Sale you need to open a ticket with HUD to get a HUD counselor involved in the processing of the FHA short sale. The HUD counselor will work side by side with you to find a resolution to your problems with the servicer and will assist you in escalating the review within the servicer. HUD representatives in many cases help expedite variance review time frames and will assist in trying to assure that FHA files are moving forward in adequate time frames per HUD guidelines and regulations. When the mortgage servicer is dropping the ball and operating outside of or not in compliance with HUD guidelines then you must open up a ticket.

Homeowners Beware!

As a homeowner with a distressed property who is facing one of the most difficult decisions they will ever have to make, what to do with their most prized asset, their home? Make sure you contact the Bank and verify any of the programs they offer to homeowners for short sales. Any incentives a homeowner receives can lessen the burden of selling their home without realizing a major profit. Once you have verified if the Bank offers any such programs, you will then be in a position to make your best and most informed decision. 

Know your options!

When uploading or faxing any documentation, never "assume" it has been received by the recipient, always follow up in 48 hours to make sure documents have been scanned into the file for viewing.  This creates an extra step, but will save you a lot of time and frustration in the future as banks are notorious at losing or saying they never received documents.

TIP - Write a compelling Letter of Explanation (LOE) for the hardship being experienced.

This is one of the most important things a homeowner can do is tell their story of what happened and why.  Having done short sales before anyone knew what a short sale was one thing to me is clear . . . no one buys a home in order to lose it.  It is one of the most emotional experiences any homeowner can go through the process of requesting to sell for than owed or lose the house.  Write that letter of explanation as sincere a story as you are telling it to me. Don't get entitled in that letter cause the bank does not care. Most people do not want others to "know their business" but remember someone is actually reading that letter. And don't lie it serves no one and you will get found out.

Find out from the bank if it's a portfolio loan or a investor owned loan. Every investor has different guidelines.

Portfolio loans tend to close faster.  1 less layer of approval needed.

When all else fails and the lender is not co-operating with your short sale seek help from your local association. I am in California and I have called Car Association of Realtors and reached to their “Finance Helpline” department where they were able to help me with a difficult short sales. You can submit your file and they will review and get a hold of the Short Sale Team that is handling your short sale and help you get back on track. There are times that your negotiator is not willing to assist or their hands are tied. I have been doing short sales since 2007 and reached out to them 2 times over the years and they never failed me. Of course you can always reach out to the Executive Offices and Ombudsman Team which I have done in the past but this is my go to help when I am up against a wall where the other offices seem to disregard my calls and forward me back t the short sales department. They have lawyers as well in the Finance Helpline office that will also assist. They will let you know when they will call your lender as they have a schedule for conference calls for all lenders during the week.

Would love to know what happened in your case and how this association could help your situation?

I personally used FDIC and added these info regarding the Fed could be a great help and resource to push lenders but never the CAR... Please give more info in detail. Thanks alot. TryWRI@gmail.com

Check the Court Docket Weekly!

Oftentimes, at some point, the distressed seller stops opening mail from the lender, attorneys, etc. The sellers often refuse certified mail and commonly move without a mail forwarding order.

Unless you, as the short sale listing agent can check the court docket once per week, you will not know what new motions have been filed or whether or not there is an upcoming hearing. The result can spell disaster for your short sale. That is because lenders' left hands almost NEVER know what their right hands are doing, Properties are many times sold on the courthouse steps deep in the middle of short sale negotiations.These misguided courthouse sales have even occurred after the short sale was approved by the lender!   

If you are a seller or short sale listing agent, check the docket once per week!!

I agree, always check on the sale date or an auction might happen right under your nose!

Tip-----Be familiar and aware of what may not go right in the short sale process.  Fees could be cut, documents may need to be updated due to longer processing times, questions may arise from the homeowner’s completed documents (i.e. Uniform Borrowers Form).  

Take steps to be proactive and address these items on the front end with all parties. Be aware of how a lender's review process works internally and within the investor's guidelines.  Being extremely detailed on what needs to be included in your short sale package will make the process go quicker and more smoothly.  It also puts you in the Driver’s seat versus the Lender/Servicer since the package is complete and excuses to delay the process will be greatly reduced.  

Submit Complete Paperwork

Make sure that your initial paperwork is accurate and complete.  Then be consistent on everything submitted from then on.  If your initial paperwork had an initial and another submitted later does not, you will be having a name affidavit signed by all parties before closing.  Each deviation requires a written explanation and more signatures.  Save yourself and your client time and start out carefully from the beginning.

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