Author RSSUse Phrases That Promote Collaboration
Too many times, we approach the phone call with a request for something we want from the bank representative: assignment to a negotiator, escalation to management, speeding up the processing time, better terms on the approval letter. Because the short sal...
Verify Buyer is Committed to Timeframe
One of the responsibilities of a listing real estate agent is to evaluate the strength of the offer. In a retail transaction, this would involve examining the financial details of the offer: the amount of the earnest money deposit, the amount of down paym...
Turn in 100% Complete Files – Short Sale Success
Turning in a file that is 100% complete is a demonstration of keeping your word and your commitment to the lenders. Where can we find the definition of a complete file, especially when different lenders have different requirements? Is it possible to submi...
Short Sale Classes - Short Sale Trends 2009 - 2010
Finally, we have survived all the challenges of 2009 and some things have gotten better which fueled the rumors of an economic recovery. But what many people don't realize is that any inkling of positive change will set a comment about an economic recover...
Short Sales and Credit Scores - Short Sale Education
A couple of months ago, I wrote the blog "Bankruptcy, Foreclosure, or Short Sale? What happens to my Credit Score?" This month, I'd like to give an update on Short Sales and Credit Scores.
Credit Score:Drops score approximately 60-100 points
Length of...
When a Buyer Walks Away - Short Sale Education
The short sale process is lengthy, and each day that goes by gives a potential buyer an opportunity to back out of the transaction, to look for another property, to have their personal circumstances change affecting their ability to qualify for a loan. Wh...
Set a Tone of Collaboration
Before every single call, remind yourself of your intention to set a tone of collaboration. It is too easy to jump right into a conversation, where it becomes a simple mechanical exchange of information. Of the hundreds of calls that a lender's representa...
Review Important Purchase Contract Details with Lender
When reviewing a short sale application, the bank representative will only look for a few things on the purchase contract: the purchase price, a short sale addendum, for all signatures and initials, and a date indicating the validity of the purchase contr...
Providing Professional Guidance to Distressed Homeowners
As a realtor, you have a scope of services that you can provide to a seller: listing the property, marketing and showing the home, negotiating with buyers, filling out the purchase contract. However, short sales transactions have tax, credit, and legal co...
Pre-Qualify All Potential Listings - Short Sale Education
Many real estate agents simply take the first short sale listing that comes their way, and if the transaction fails, will make a decision to not waste their time on future transactions. Others will take a few transactions, and when a low percentage of the...
Short Sale Success - My Number 1 Negotiation Phrase
In my presentations, I often share with my audience the one key negotiation phrase that has led to getting approval letters over 90% of the time. The audience imagines a secret phrase that compels the bank representative to comply with our wishes or deman...
Have Homeowner Explore Loan Modification Before Short Sale - Short Sale Success
A home is not only a financial asset to a seller, but also a place of memories, emotional connections, and sense of identity. The decision to sell one's home involves more than just a simple financial analysis. The decision may begin with a financial moti...
Always Get the Preliminary Title Report - Short Sale Education
The Preliminary Title Report provides us with a wealth of information as we prepare to list and market a short sale listing. This information helps us develop a strategy, find tools, and streamline our efforts with the short sale process. Upon the initial...
Validate Experience of Mortgage Broker - Short Sale Leadership
During the days when credit was easily available, many joined the ranks of mortgage broker, who were motivated by the commissions available for each loan they would create. The bar for loan qualification was low, and there were loan programs available for...
BPOs a Key to Short Sale Success
A Broker Price Opinion, or BPO, is the evaluation and estimation of a property that is typically performed by a local real estate broker. A BPO is more accurate than an AVM (Automated Value Model), which requires no on site visit but provides a value base...