Many people ask me whether we made a mistake in our company name, Short Sail Solutions. The answer would be no. Short Sailing is to signify completing a short sale like a short sail (sail –> breeze -> streamlining a short sale).
Short sales have certainly become more streamlined mainly due to a national increase in understanding the process and nature (lenders, servicers, buyers, sellers, and agents) of short sales and also through the contribution of government intervention and policy changes in government sponsored enterprises. However, short sales are still a challenging task and in order for homeowners and agent’s to minimize problems and maximize results, let’s explore 8 ways on how to streamline your Short Sail.
*Information from agbeat.com & kcmblog.com
- Setting Expectations. Set expectations prior to starting the short sale. Thoroughly understand the situation and the objectives. Clearly define what the short sale process will entail and the motivation and cooperation it needs to get one completed.
- Collect short sale package documents at the listing appointment.
- Title examination. Have the title officer run a Statement of Information/a preliminary title when the listing is taken.
- Accurate and on time document submissions. Make sure you submit all requested documents to the lender/servicer on time.
- Communicate often with all parties. Keep the lender/servicers and all other parties satisfied by following up with them and making sure everyone is on the same page. Keep pressure.
- Meet the BPO/appraiser at the inspection. Make sure they are obtaining an accurate value of the listed property. Having to deal with value disputes after the inspection can delay the sale.
- Escalate to higher authority when needed. If you don’t already have a designated person you work with within each bank, make sure you are escalating to a higher authority to help you move forward.
- Be organized. A short sale involves a lot of documents. Make sure they are organized or my recommendation is to use short sale programs that are available to help you organize all docs online.
Short sales can be a breeze if you continue educating yourself on how to do it. We are based in Washington State. Let us know if you have any questions or comments by writing them below or email me at Peter@seattleshortsaleblog.com
Hope this helps
Peter
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