Negotiating a Short Sale these days requires a lot of patience and attention to detail. That’s why we were very surprised by our own success to get Short Sale approved within 12 days after the appraisal was sent to the property! Considering that one our Short Sales that closed in 2012 took more than 486 days, this is an amazing records.
Below are the Top 5 success factors in our ability to succeed with this Short Sale Negotiation:
William is NOT Bill: Research the Title by ordering a Prelim to find out how your Clients’ name appears in Public Records. This data might not match your DMV or employment records. For instance, if you client’s name is William in the Title you need to develop ALL the Listing and Purchase documents as William NOT Bill or your file will be rejected and held up on Short Sale process hell.
Research Your Banks: It’s a poor strategy to go into a negotiations without researching the banks that you would be facing. In our case we work closely with the Wells Fargo Short Sale team who were able to research the loan and tell us which group was servicing it and whether it was a portfolio loan or owned by an investor.
Pay Attention to Detail: Depending on the kind of information each bank is requiring, submit ONLY the exact information they are asking and no more. If you mess up an address or the wrong zip code, your file could be sent back to the Start of the line adding un-necessary delays and frustrations.
Build a Bridge: We were able to establish a quick bond with the Short Sale Negotiator and even got her supervisors name to thank her for the great work she was doing on our client’s file! Regardless of what you may think of the bank or the Short Sale process; the negotiator assigned to the file can NOT change the bank’s processed. So, don’t waste your time turning your negotiations into a bitch fest since they don’t need to hear it.
Hire Right: You would be amazed how time consuming and inefficient the initial process of starting Short Sale is and if you Short Sale Agent is savvy enough to navigate these initial steps, your Short Sale file could be doomed. In our case, we were able to coach our counter park to get a Broker Price Opinion ordered even before the file was assigned to a negotiator. That saved us at least 5 business days.
Feel free to Contact Us if you have any question about Short Sales.