2011 10-19-tips for-getting_your_short_sale_accepted
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19-Oct-2014 -
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Transcript of 2011 10-19-tips for-getting_your_short_sale_accepted
Tips for Getting Your Short Sale Accepted
Jovan Hackley Content Manager & Agent Trainer
Sarah StelmokShort Sales Specialist
Who are you?
POLL:How many short sales
have you completed successfully?
Agenda
Tip 2 | Prepare the Clients
Tip 3 | Perfect the Package
Q & A | Participant Questions
Tip 1 | Know the Major Players
Stats | Short Sales Today
• 31%of Residential Sales
• Average sales price of bank owned is 32% below non-bank owned
• Pre-foreclosure sales in Q2 = 102,407
24% YoY
5% YoY
19% QoQ10% YoY
Short Sales Today
-“Short Sales Soar in Second Quarter,” Realty Trac,
Tip 1: Know the Major PlayersTips for Getting Your Short Sale Accepted
• Negotiator• Negotiator
Supervisors • Asset Managers
• All Sellers• Attorney • Listing Agent
Short Sales: The Major Players
At the Bank
Seller’s Roster
• Accountant• Appraiser• Buyer Lender
• Credit Impact• Home Price• Timing
Short Sales: The Major Players
Other Key Players:
Key Issues:
Tip 2: Prepare the Buyers Tips for Getting Your Short Sale Accepted
Seller Tips• Check your
emotions
• Price is about market value
• Put your best foot forward
Short Sales Tip: Preparing the Clients
Buyer Tips• Banks are about
business
• Consider the Seller
• Be Patient
Short Sales Tip: Preparing the Clients
Average Time = 4 – 6 months
Tip 3: Perfect the PackageTips for Getting Your Short Sale Accepted
Anatomy of a Short Sales PackageSeller Info
• Last two bank statements (12-20 pages)
• 2 pay most recent stubs
• 2 tax most recent returns
• Hardship Letter & Documentation
Short Sales Tip: Perfecting the Package
Anatomy of a Short Sales PackageTransaction Items
• Listing Agreement
• Ratified Contract
• Price Documentation
• Bonus: Profit/Loss Statements
Short Sales Tip: Perfecting the Package
What do you want to know about Short Sales?
Q & A
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