The difficulty of short sales
I’ve heard all sorts of statistics associated with short sale closings. More specifically, I’ve heard that the average agent only closes between 18 and 50 percent of all of his or her short sale listings. While I cannot confirm these stats, they certainly do not make a positive statement about what is going on in the wacky world of short sales.
How do your short sale skills measure up? Are you seeing regular short sale closings? Are you successful in obtaining short sale approval letters?
Here are three ways to put your short sale skills to the test:
- Do you have a system in place for tracking your communication with the lender? In order to be successful at short sale processing, you must have a system in place for documenting all of your communication with the lender. Assure that each call or email is logged. Include the name of the person you spoke with, and the date and time of the communication. You will also need to document when the next follow up with the lender should be made. Consistent and persistent lender follow up is vital to short sale success.
- Do you have a file and document retention system? One of the common problems associated with short sales is that often times the lender cannot locate items that you have already faxed, emailed, or uploaded onto their online platform. Retain printed or electronic copies of all documents, including all emails, fax confirmation pages, and seller documentation. You need to do this just in case you need to resend (or to prove that you actually sent something in the first place).
- Have you created short sale lender contact list? As you work through your short sales and see increasing success, it’s important to keep a record (a document or a spreadsheet) that includes the fax numbers, email addresses, and phone numbers that have led you to your short sale success. There is no doubt that while you are on your wacky road to short sale success, you have met up with some executives and supervisors that have helped you get the job done. Keep a list or hot sheet of all of your favorites. You never know when you may need help getting an auction date postponed or even just getting acknowledgement of receipt of your short sale package.
While there are many different ways to evaluate whether you are a successful short sale processor, the three listed above will really help you continue on the road to additional (and perhaps more efficient) short sale closings.