Any tips for speeding up the short sale process with ...

Nathan Wolf, "natewolf"
- (2 reviews)
Contributions:1832

Make a higher offer. They are in no hurry to sell you a home for less than is owed. Many times the sellers or secondary banks are also slowing down the processes. It's not always the first lien holder banks.

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November 10 2010

Rosana Shekman, Broker ABR, "Rosana Shekman Owner"
- (27 reviews)
Contributions:847

Stay in touch daily with your representative!

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November 02 2010

Pamela Lockley, "lockp"
- Write a review
Contributions:26

It is important to find out as much about the bank as possible. As others have commented, the outcome of the sale has a lot to do with how the bank operates. The sale usually goes much smoother if the listing agent has fulfilled all of the banks requirements and has provided the buyer's agent with all of the requirements and explained to the buyer's agent exactly the process for submitting the information on the required forms. On the flip side, the buyer's agent and buyer much comply with all of the requirements correctly and in a timely manner.

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November 01 2010

Larry Tollen, "NCHomesbyLarryT Team"
- (44 reviews)
Contributions:408

There is no secret other than the Seller and their agent should have begun the process before the property was even listed. I am SFR certified and frankly I do not believe Sellers are well advised to consider a short sale in North Carolina a notorious bank friendly state. I believe that if Sellers would take the time to sit down with an attorney who specializes in real estate and discuss the matter fully, then 99% would to consider it. Sellers rarely realize they will likely have a deficiency judgment entered against them which lasts for 10 years and can be renewed indefinitely.

The average length of time to receive a response in North Carolina is 148 days and as often as not the response is no. I will not represent buyers or sellers in short sales here in North Carolina and most agents who get involved have absolutely no idea what is require, or what to do and this contributes to the problem.

Sellers would be better off either declaring bankruptcy or giving the house back to the bank in lieu of foreclosure. Buyers would be better off simply waiting for the home to be bank owned and then buy it.

Take the SFR course for a better idea of what's involved and then avoid short sales and spend your time more productively.

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October 31 2010

Drew Ludlow, "DrewLudlow"
- (12 reviews)
Contributions:506

Moreso than 'who is the bank', but 'who is the investor'. A quick bank with an unresponsive investor (and the other way around) will kill a deal in no time.

You need to understand the higherarchy of whom you are dealing. Is it a FNMA loan? FHA/HUD? Portfolio? Understand those details will allow you to create your plan of attack more efficiently.

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October 28 2010

Shawn Rogers, "Mister Rogers Homes"
- (89 reviews)
Contributions:1215

Dawn,

Good Evening.

Make sure you or the people handling your transaction have a complete short sale package sent in, exactly the way your lender(s) are asking for it.
Also make sure you take VERY good notes and log who you talked to and
when, last names, extensions, badge numbers, departments. Most banks loan mid dept have a higher turnover than cooks at Burger King and keeping good records will help, trust in this fact.

Have a BEAUTIFUL night.

-Shawn

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October 27 2010

David Medendorp Ccim - GRI, "SellMuskegon"
- (2 reviews)
Contributions:4

Yes start with a complete package of what the bank wants.

here are some suggestions.

Provide a HUD-1 as "preliminary" or "draft" for "short sale consideration only"
Enter in sections 400 and 500 any pro-rata taxes or assessments that may be due or may be refunded. When projecting the closing date, allow 90 days from the date the package is being submitted, and be certain to note the projected closing date.
Enter the details of the commission in section 700.
If the Seller is to pay a specified dollar amount toward Buyer's closing cost, you may simply enter this amount in the Sellers column at the bottom of the 800's, and note that it is for Buyer Closing Cost assistance. You don't need to estimate each of the individual Buyer closing costs that this will be used to pay
Estimate the attorney's fees and document preparation fees the Seller pays; your estimate should be on the high side of what the customary range for fees is in your area.Enter these in the 1100's section.
Calculate all the transfer fees, deed stamp/taxes, etc using a calculator or Excel spreadsheet. Double and triple check your calculations, then enter the amount in the HUD-1 in the 1200's section.
Include any fees for property preservation, utilities turned on specifically to accommodate inspectors, pest inspection, and any other fees or costs incurred for the transfer of the property. These fees should be included in the Seller column in the 1300's.
Print the preliminary HUD-1, review it, have your broker or another agent review it, and make any needed changes

from Teresa B Cooper, CPA, e-Pro Realtor(R)