The Short Sale Listing Package
Listing Disclosure LetterLetter of Authorization,Short Sale Detail Sheet,Short Sale Questionnaire,Short Sale Listing Check List,What is a Hardship?Short Sale Hardship Letter Outline,Short Sale Financial Worksheet,Short Sale Submission Package Cover Sheet,Short Sale Submission Letter,Short Sale Package Labels (sample)All Posts (10)
Are you a short sale specialist? Are your hands cramped from using the phone? Is your neck permanently twisted from being on hold all day? Are you tired of your faxes getting lost, buyers walking and your files being closed? What is going on? How can you improve your short sale processing and get an "edge" on success? Well, we've got a solution.
On Saturday, August 29, at 11:00 Eastern, Bryant Tutas and I will be interviewing a working short sale negotiator from a "Top 5" Servicer. Believe me, this is a big bank that you have likely dealt with, but he has to remain anonymous or he could lose his job . Friends, we've lassoed a big one for you to answer any short sale questions you've ever had. Get out your calendars, pen and paper and get ready!
Do you want to know:
What is the best question to ask when you follow up on your short sale?
What are the short sale phone reps looking at on their computer screens?
How are all those faxes separated and imaged in?
What qualifications do short sale negotiators have?
Why do they tell you "No" when it makes sense to you?
Why do they deny your BPO and comps?
Do they care if the buyer is going to "walk"?
What is going on with your package after two months of waiting?
What happens with Fannie Mae files?
What agents get the best treatment and why?
What would the negotiator tell you if they were allowed?
What can you do to mess up your chance of approval?
Why do they cut your commission when they are the junior lien?
How can you get them to reduce the promissory note or cash contribution?
If you want answers to these questions and more, join me and Bryant Tutas when we interview The Negotiator of a "Top 5" Servicer this Saturday, August 29 at 11:00 Eastern.
It is not necessary to be there live - we will send the recorded MP3 for everyone who signs up. The cost is a modest $27 to pay him for his time.
So, get in YOUR questions. This is real, this is "insider", and this information is going to help YOU! ..... Sign up below!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Here is my opinion on why Buyers feel this way. They are misinformed.
A Short Sale contract is no different than a regular contract with the exception of the 3rd party approval contingency. This contingency is related to the Lender approving the “Short” NOT approving the contract. The lender has no authority to approve the contract since they are not a party to the contract.
They do however have the authority to approve or disapprove the Seller’s request for a “Short” payoff.
A contract is binding and legally enforceable when:
- It has a legal purpose
- The parties are legally competent
- The offer has been made and accepted
- There is consideration
- The parties have willingly consented to the terms
There may also be contingencies in the contract. Contingencies are: Conditions which must be met if a contract is to be performed.
Some contingencies may be to protect one of the parties:
- Survey
- Inspections
Some contingencies may need to be removed in order for the purchase to be completed:
- Title
- Short sale approval
- Financing
The Short Sale approval is just one more contingency in the purchase contract. And just like any other contingency it should have a time period to be removed.
If it can’t be removed in the time allowed then the parties can either extend the time period or cancel the contract and return the escrow deposit.
If it can’t be removed at all because the Short Sale was denied then the contract becomes “null and void”. The Seller is now unable to perform. This is no different than when the Buyer’s financing is denied. He too is now unable to perform.
Folks....this stuff is NOT complicated. It’s Real Estate 101. Stop trying to complicate matters by treating the Short Sale as anything other than what it is…..a contract contingency.
If your Short Sale listings are not closing. Get training. You’re doing something wrong.
If your Buyers are getting frustrated then you are not setting the right expectations.
These are my thoughts. What are yours?
***I am NOT an Attorney and this is not legal advice. I am however a Licensed Florida Real Estate Broker and this IS my opinion.
Bryant Tutas
Broker/Owner
Tutas Towne Realty, Inc
Licensed Florida Real Estate Broker
http://CentralFloridaShortSales.com
http://ShortSaleSuperStars.com
***The content of this blog is solely my opinion***
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