My 1st Short Sale won't be my last

I closed my first short sale today. I was Dual Agent and did it in 56 days from call to close. In light of all of the articles I've read and research I've done. I have to say it was a lot less painful than I expected. Most will say it takes 2-3 months to even get an approval from the bank and that there's not enough money in it for the headache.

I don't know if it's the way I did it or just plain luck, but it went very smooth for me.

My advice, for what it's worth, to make things move along.

1) Complete an accurate BPO with Good comps. The bank will have their own interior/exterior BPO completed but it certainly helps for yours to be as close as possible, since you'll most likely be advertising the property before they have completed their BPO and set the acceptable price. In my case I was at 35900 with my BPO and they came back at 38k which I thought was a little on the high side. My comps were very good. A couple were nearly exactly the same property.

2) Disclose Disclose Disclose. This also helps with an accurate BPO advertised price. In my case, I had multiple offers and had to counter with the final BPO price from the bank. Since my client's were well informed that this was an absolute possibility, it didn't come as a surprise. However, had I done a poor BPO, and not only disclosed but kept reminding the potential customers, and ultimately clients, of the process, the difference would have been harder to justify.

3) Have your Docs in a row. Certainly have a proper listing contract with a copy of the deed, mortgage payoff, and don't forget to ask about liens and 2nd's. You will need an authorization letter from the seller and also a hardship letter, financial information including recent paystubs, bank account information etc and a list of monthly obligations. The mitigation department should have a checklist for you.

4) Crash the gate(keepers). This can be taxing. Be patient and pleasant and before you know it you'll have the proper contact information. Just be sure to get in touch with the mitigation department and find the negotiator assigned to the case. Then document his/her contact info. Be prepared by having the full address of the property, client's account number, full name and last four of the social.

5) On to negotiations. Make sure to ask the negotiator about possible deficiency judgments or tax consequences for the seller. Direct your client to the proper professional for assistance should there be a concern. Here's where you can negotiate commission. In my case it was 6% unless Dual Agency was in effect and in that case it was 5% maximum. However, I have heard that you can negotiate a "mitigation fee" of your own. I found this out too late and couldn't implement it. It seems reasonable though with all the work involved.

6) 8 Seconds. From here just stay in the saddle and hopefully you'll come out on top.

This is not by far everything that I had to go through but all in all it was not bad at all. As for the pay, I think $2000 was good enough when I look at having about 15 hrs total and around $100 in advertising and expenses. Not to mention I picked up a lot of client's from the TONS of inquiries and if I can pipeline them properly I can see a profitable future in this end of Real Estate. I will actively seek more. Good luck to everyone and I would welcome any comments or advice.