If you’re an avid reader of my short sale posts, then you probably know just about everything there is to know about short sales. That being said, if you are working in the distressed property market or have made it your New Year’s Resolution to hone your short sale skills and close a few more deals this year, here is my Top 11 List of Ways to Get Your Short Sale Approved in 2011.
11. Collect all documents for the short sale package at the listing appointment.
10. Run the Statement of Information when the short sale listing is taken.
9. Order (and read) the preliminary title report when the listing is taken.
8. Order repair bids and pest control bids prior to submitting your short sale to the bank.
7. Assure that the settlement statement that you submit to the bank has the correct figures for your closing date.
6. Submit a complete short sale package to the bank (including a fully executed offer).
5. Do not use or accept electronic signatures.
4. Maintain regular weekly communication with all parties during the negotiation process.
3. Make sure the short sale sellers have decided where they are going to live then the deal closes.
2. Follow up regularly with the lender(s).
And, the number one way to get more short sales approved in 2011…
It doesn’t matter what happens. It doesn’t matter who bullies you or yells at you. It doesn’t matter that you have already faxed the same document to the bank 67 times. Whatever happens, maintain a positive attitude and you will succeed!
Wishing you nothing but the best in 2011!
Photo: flickr creative commons by RodAmaru
Sheila Rasak
January 4, 2011 at 7:52 am
Once again, you’re back to knocking it out of the ballpark! Excellent content and checklist to deal in this wacky world of negotiating the almost impossible. I was not aware that the banks were kicking back electronic signatures. I would imagine that it’s probably an industry standard with fraud being so prevalent, still, you’d think that they would want notarized signatures on the Purchase Agreement.
Benjamin Ficker
January 4, 2011 at 9:31 am
I haven’t had ANY problems with Electronic signatures until a week ago with a Freddie Mac/B of A loan. They told me it was a Freddie Mac rule, though I’ve had 2 or 3 Freddie Mac short sales close in the last 3 month with docusign signatures.
Agent for Movoto
January 11, 2011 at 5:19 pm
great tips – pragmatic and to-the-point. thanks for posting!
Agent for Movoto
January 11, 2011 at 5:20 pm
great post – very informative and to the point!