Top Ten Strategies to Stay on Top of your Short Sale file

By: WHBSolutions

Staying on top of your short sale submission is critical to the success of your transaction. Although it may seems that you have plenty of time before a trustee sale, keep in mind the lender can take up to two months to come to a viable offer and then there will be additional days needed for financing to come through to close the deal. The following top ten strategies will help you stay on top of your short sale file. If you follow them, you are not only being as efficient as you can be, but highly effective.

1) Before submitting a file, make sure that you have combed all the documents and confirm all the information you have received is correct. Names, numbers, addresses, etc. Taking the time to do this will allow you to become very through with the details of the file, which makes for easier communication with the lenders.

2) Every piece of document that you fax over to the lender, call the next day to confirm it was received.

3) Every call that you get from the lender, make sure to call them back immediately. Also, if you are not given a direct line, ask for one so that you can return their call faster.

4) Every email you get from the lender, make sure you save it in your email folders. Keeping these communication threads allows you to refer back to them if needed and may prove useful as proof of communication to the lender.

5) Every time you talk to the lender, confirm that the number you are calling/faxing documents to be the correct one to use. Many times lenders will update phone numbers and you never want to get caught in a situation where you are sending documents to a dead line. Also, if the lines are always busy (phone or fax) always ask for an alternative number to use.

6) If the homeowner receives any documentation via US Mail, be sure to tell them to forward them to you for review. If itís relevant to your deal, then it might be information that you will need to know.

7) Make a habit of calling the lender at least twice a week for status on the file. Sometimes there is some additional documentation that is needed, but the assigned negotiator does not tell you this until a few days later. Being proactive will get your file moving faster.

8) Contact the Buying Agent once a week to provide status of the file and to check in with them to make sure their buyer is still interested in the property. You may find that the buyer has already backed out of the deal and you are still working to get an approval. If a buyer backs out, you need to go to the next buyer in line. Hopefully, the property is continually being marketed with a number of interested buyers.

9) Continue to check and update comparable sales and listings around the subject property. If conditions have gotten worse, you can always update the lender with a list of comparable and maybe this might push them to make a decision faster.

10) Check in with the homeowner frequently. Make sure they are still in the game with you. You donít want to waste your time working a short sale deal yet to find out that the homeowner has just filed for bankruptcy. The homeowners are going through a lot of stress and it is important to make sure you tell them the status of the negotiations.

Article Directory:

| More

WHB Solutions is dedicated to teaching both investors and real estate agents how to properly do short sales. Having a winning home buyer solution is critical to short sale success and short sale education! Visit our site now for a free report on getting short sales approved!

Please Rate this Article


# of Ratings = 1 | Rating = 5/5

Click the XML Icon Above to Receive Real Estate Articles Articles Via RSS!

Powered by Article Dashboard