I have gotten a different answer for this question.  I have a past client who needs to sell as a SS.  I believe she has hardship and have already spoken with two attorney's who handle SS's.  The question comes in the actual 'listing'.  Right now she is listed as a regular sale which of course is way over priced due to her being under.  I also tried to sell for her last year with no luck.  What I wuold LOVE to hear back about are the steps in which to list her home as a SS transaction.  This is where I get a different answer for the same question.  Should the seller call their bank and request a SS package from the loss mitigation dept?  Do the agents order the SS package?  Do you list the home before the package is ordered, at the same time or after?  To me the SS process seems backwards.  Isn't it best for a seller to call their bank, see if they will consider a SS and ago from there?  I look forward to hearing some feedback from your personal experience, thanks!

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Ahhh...if there was just one cookie cutter answer.  It depends.  Are you going to do a HAFA short sale or regular?  Who is the lender?  is the seller behind on payments? Is there a second lien holder? Is there MI on the loan?

All of the above impacts the sale.  I personally like a good old tradtional short sale and the minute the price drops beyond what the seller owes, we start the disclosure process right in the listing to notify buyers that they are dealing with a short sale.  You can call the lender at any time and get their requirements on short sales or just go to the lender group page on this site and they've done a fantastic job loading most of the lender packets.  Grab a packet and get started!!  Make sure you're working with a good title company that can see if there are any other liens you're not seeing or issues with prior discharges..etc., The more you know UP FRONT the better.

I think the reason you are getting so many different answers is there are MANY ways to approach the same sale.  I don't think you need a whole new listing, but definitely adjustments when it becomes a short sale. 

I personally am the contact for the banks.  My sellers like they don't have to deal with the bank, but I'm sure other agents do it differently. 

 

Good luck.

Jackie. It all depends on who the lender is and what type of short sale your seller may qualify for. How you start the process can make or break the entire transaction. YOU have to be in charge of the transaction not the lender. Please team with an agent in your area that has experience.

Jackie:  I am with Bryant..team up with an experienced Short Sale List Agent in your area..one with alot of CLOSED ones under their belts.  There is so much involved...

Most likely the bank is not going to talk to you unless you have an offer. 
First place to start is..

Do you know who the investor is?  Fannie Mae, Freddie Mac, VA, FHA, etc

Next step is to determine the current market value.

Price the property at or near the current market value and drop the price regularly, every 2 weeks, every 3 weeks, the key is regular. Once you drop the price and get an offer that you believe will work with the lender, assemble a COMPLETE short sale package with EVERYTHING that the lender needs.  Be sure to include your own market analysis, listing history, price drops and showing report.  Number each page and put the sellers name and loan number at the top of every page.  Add a cover page with a table of contents that shows what page each document is on.

Most of all, stay here and ask plenty of questions.

Jackie I would suggest maybe using this to your advantage and let this post serve as like a mentorship program. Why don't you get all the information you will need upfront. Find out how many liens, if there is MI, who the lenders are, prepare your seller and post it all.

Then let us share our experience and input to help you. I think it would be interesting to see the responses and possibly your learning curve.

Jackie,

one of the most important factors is knowing what the bank will accept as a value. Check out the bpo group on this site for how to figure out the bank's number.

 

 

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