Either we`re on a lucky streak or the lenders have become very eager to cooperate with unloading inventory that has been on the market in some cases 10 months or longer.
During the past 4 month`s we`ve been in a log jam with several different lenders awaiting a final decision on accepting the "Terms and conditions" of the sale of Condominiums, Single Family homes and Town Homes", in which we`ve listed or had buyer`s place offers on.
One thing is very certain, if you`re going to list a "Short Sale" you better have done your due diligence in regards to pricing and paper work.
I can`t tell you how many times during the course of the year we`ve received offers from others who are requesting the sublime in offers. Without being somewhat realistic with you`re clients, it`s just futile in getting the lenders to accept an offer, if you`re smart enough and have a savvy investor or buyer who understands their purchasing a home $50-$75,000 undervalue.The sky does become the limit.
Here are a few tricks of the trade we`ve learned when dealing with the lenders.Although the lenders aren`t requiring "Comps" sending them with your offer is a very good idea.
If the lenders are set to do a BPO, make sure to schedule an appointment for you to attend.Many, times those who are doing the BPO`s never bother to show up and look inside a home. They just send in a BPO,without much effort.
When you ask to be present when the BPO is conducted the world suddenly opens up and that`s good.
Have all paper work done properly, try not to be too creative with financing terms and conditions. Don`t make outlandish demands! Think Smart!
Make damn sure monies are placed in escrow before hand, don`t waste time writing in your offer`s "Escrows Upon Acceptance", it`s a complete waste of time, the lenders and the committee's that deal with these offers want to know there is "Money" behind these offers.
With that said, placing only $500.00 in escrow is a "Red Flag" as well. The more money you show as a deposit, the faster the lenders seem to look at the offer! Quite frankly, I`ve listened to some of these "Short Sale Guru`s" proclaim you don`t need to show escrow, it`s "NOT TRUE"..
Cuba Gooding said it the best when he said "Show me the money", the more you show the more the lenders respond!
Save all emails make sure to "CC" everyone when it comes notifying all facets of the transactions. The lenders love to have experienced Title companies take the grunt of the work away from them. It`s a real burden for the lenders to be on "Overload".
If the lenders counter, with your offer, great! Make sure you write the addendum, have all parties sign and immediately notify the lender of the acceptance, whatever you do "Don`t wait too long"...
If your involved with an HOA and a lien on the home get your ducks in a row by contacting the HOA attempting to work out a solution before the lenders have too. A smart HOA and it`s attorney`s will in fact work with you in attempting to resolve any liens on the home.
Again, nothing is easy in a "Short Sale", having an experienced Realtor and a good staff behind you will ease the burden and make things happen a lot faster.
Hiring the right Realtor to represent you in a Short Sale is important.
