Short Sale Blog

A month ago, I started posting all of the Seattle Short Sales, Inc. approval letters on our website. I just checked and we are up to 19 in the last 27 days. You can find them here:

http://seattleshortsales.com/approvals.htm

Here are a few tips for getting your short sales quickly reviewed, approved, and closed:

1. Take the approved closing costs from the approval letter and use the same formula for the next submission to that lender. Anytime the negotiator can just forward the HUD to the investor without changes, the more happy they will be to work on your file.
2. Have your seller and buyer agree to have the contract sent to the lender for an amount slightly less than the buyer is willing to pay. That allows for an immediate counter to the negotiator, if necessary.
3. Include a bpo in the short sale package that validates the offer price.
4. Provide that bpo to the lender's bpo agent.
5. As soon as you have any word from the negotiator, start prepping your buyer for closing. Tell them that the approval letter will only have a 30-day window of opportunity, and it is best that they have everything ready to go for a quick closing. If they want to pro-actively spend money on an inspection and appraisal, so much the better. They just need to understand that there isn't mutual acceptance yet, and that their money is at risk. Another positive about having the appraisal done early is that it can also be sent to the lender if there is a value dispute. In the eyes of the negotiator, a professional appraisal is the gold standard for valuations.
6. Use a professional negotiator. On our staff, we have one person who only audits all submissions from agents and homeowners. We only work on perfect files, with 100% timely and accurate data and financials. We have one person who prepares all submissions to the lenders. This creates a uniform, professional standard for communications between our company and the lenders.
7. Avoid having the agent or homeowner every speak to the lender. In the eyes of the lender, the agents and homeowners have vested interest in pulling the wool over their eyes. We position ourselves as a professional, third-party facilitator, and can work with the lender on analytical, economic grounds, and not emotional. It is very common for agents and homeowners to become emotional about the short sale process. While it is understandable, it is generally not helpful. It is best to have a positive, pro-active, professional rapport with the lender. You will attract more bees with honey.

To learn more about Seattle Short Sales, Inc. and how we can help you, please contact us.

Homeowners click here.

To Your Success,

Ross Kilburn
Seattle Short Sales, Inc.
http://www.SeattleShortSales.com
O. 800-603-3525
F. 888-860-1314

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