Short Sales Made Simple

Well, I thought the title would get your attention, but the truth of the matter Short Sales are not simple. However, they are becoming easier and more prevalent in the Anne Arundel County, MD market. It seems as if every servicer and/or lender has their own set of guidelines and once you have these guidelines, FOLLOW THE RULES! Also, make sure that you document all of your conversations with the names of the individuals you have spoken to. I have found that in the middle of a transaction a lender may assign another negotiator or case worker. Also, when listing a short sale, have your investor clients write an offer! This will get the short sale process started, BPO ordered, and negotiator assigned. If the bank accepts the offer, it is a win/win for everyone. If not, you will have a basis for listing the property. Short sales will be here for a while, so get used to them and be informed. Your clients will really appreciate you when you have helped them stop foreclosure, sold their property, and had the bank forgive the debt.