Although I have been an assistant to brokers for quite some time now, I am just jumping into doing short sales. My true experience is REO's. Can anyone give a sort of step by step into the process to give me an idea of where to start. I know each bank is different. I am just getting into two files, that have already been initiated by a less than stellar agent, and I am expected to fix it. For both files, I have contracts that are above what the bank suggested as a listing price. But I am having a hard time getting all the documentation from the sellers. I also cannot get one of the attny's to make a correct prelim HUD. I have worked on equator before a lot for REO's and am very familiar with it. I am now in the offer submission phase on both properties. This just means they are waiting for me to put all the docs in the library correct?? I am very overwhelmed, starting with a new broker who thinks I should be an expert already!! Help Please! advice, tips, anything.
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Thank you all for your advise. I am slowly finding my footing and learning new things every day. I have developed my own system which seems to change by the minute! haha. I am constantly on this site reading new things, and have been taking all my extra time to do webinars and such. Thank you all. I will definitely be posting more questions in the near future I am sure.!
First of all Katy if you are having a hard time getting information from the sellers this means that the "other than stellar agent" whom you took this file from did not qualify the seller. When a seller is behind they have 1 of 2 options. Option 1 is do the right thing by doing the short sale, deed in lieu or some other type of workout program. This means when your agent or processor ask for something you provide it ASAP. Then there is Option 2 which is talk about doing it, they get an agent to the house than they list the house with the agent but then they never take action. When you go on a listing appointment ( I know this was someone else and not you) I make sure that my agents whom I process short sales for QUALIFY the SELLERS. This means how excited do they seem to be when discussing the short sale? Are they giving you a hard time getting the original documents at the listing appointment? If so, how willing do you think they will be sending their paystubs and bank statements on a monthly basis. If you get someone who is not willing to provide the information it is a complete waste of time for you. You would be better off cold calling out of a scrubbed lead list then to try to close a short sale with no documentation. People need to help you help them. They must take action or it is just a waste of time.
It sounds like the lender you are working with is using Equator, and that you have already started the SS process in Equator. ASSUMING you are using Equator, the lender should be giving you 'tasks', and yes one of the tasks is inputting documents. I believe it's the library where you input documents, but you can search their site to confirm that. Not allMost lenders do not use the equator system, and the process for SS's can usually be found on their website
Regarding the fact that your seller is not providing the paperwork- well, you need to go back to their motivation. if they are not motivated to participate, you may be spnning your wheels. I have never had a lender proceed without all documentation from Seller. One of the hardest lessons in this business is that you cannot save everyone, and if they don't want to be saved - you can't force the issue.
In our state (Missouri) the title company (not the attorney) provides the HUD-1. However, in the very beginning, I prepared the preliminary settlement statement. Is the attorney one you have used before? Maybe taking him/her to lunch might help to learn how the two of you can work together to assist your mutual clients.
I hope that helps!
Kathy,
Each point made so far is dead on. But if you are going to be doing short sales other than the two files you currently have, then you will need a system. I have checklist and forms that I use for each client so that I don't miss out on the small details. Every time I run into a unique problem or hear of one thru other agents or this forum, I add to the checklist. Short sales are run on details and if you miss out on one form or fail to submit one document, it can set you back days if not weeks when time is of the essence.
See if you can find an experienced agent who is willing to share their system with you. In the meantime, get as much information as you can on your current files and lay down the law on uncooperative sellers. You are working to help them.
Katy - Bank of America has lots of guides on their website to the short sale process. Check here: https://agentresources.bankofamerica.com/shortsale/process