What have you done as the BUYER's agent to encourage a lender to approve a short sale?

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September 11 2010 - South Florida
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Answers (5)

Thank you all for your feedback. 
At the beginning of the transaction I make sure that the seller's Realtor is knowledgeable about short sales, that the entire hardship package is assembled and ready to submit to the lender (or already with the lender).  I find out if there is 1 loan or 2, knowing the short sales with 2 loans are harder to get approved.

I find out who is processing the short sale- an inhouse person?  A short sale facilitator at a title company?  an attorney?  Or the agent him/herself.  The above will all give me a sense of how the short sale 'flow might go'. Then I push the Seller's agent  or the facilitator weekly and let them know the buyer is impatient and ready to cancel...if they don't get it approved FAST.

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September 28 2010

Sure, the buyers agent can submit comps, repairs needed and pictures...it will all be at the mercy of the listing agent to submit if they choose.

The #1 reason short sales do not close is because of a poor short sale package submission,( which includes tax returns, financial statements, handwritten hardship letter, comps, pictures, estimates for needed repairs etc.)  If that is not be complete or timely, or labeled clearly, or submitted as a unit, it will stay in the pipeline.

Many of the banks are starting to pay bonuses to mitigators for files closed...if a package comes in pieces, or poor copies, or is incomplete it will go to the bottom of the pile (the pile can be 200+ files) while they work on the easy ones.

Eve in Orlando


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September 28 2010
Comps and possibly a list of repairs that you believe are needed along with a price to fix the issues.
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September 27 2010
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I was waiting for someone "in the biz" to respond. The prior response makes sense, otherwise why have a "selling agent" if a buyer can just bypass them? Also, it makes sense (is encouraging?) that the lender in a short sale is not going to be influenced in it's decision process beyond the offers/information they already have in hand.
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September 11 2010
As a buyers agent, we don't have any contact with the sellers lender.  Not in SC anyway.  We can only provide good comps to justify the price.
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September 11 2010
 
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