Assignment of contract Giving power-of-attorney Intentional damage of property Creating ‘waste’ Sellers getting cash from buyers Short sale ‘flops’
Price at low end of market value Do not price based on what they owe Do a CMA with a BPO attitude Do not underprice Schedule reductions
MLS – disclose it is a short sale Say it’s HAFA approved if it is Do not say ‘as is’ In agent remarks put – Only one accepted contract will be submitted to the lender Market it like a normal listing
Time frames Elements of a good contract Must have a reasonable chance of closing Multiple offers? Can they buy both? Mortgage approval – proof of funds if cash
Price Earnest Money Home Inspection Mortgage Application Attorney Approval Ask the right questions of the listing agent: Is the short sale package read for submission? What is the seller’s hardship? Has the foreclosure sale been scheduled? Do you have other offers?
Complete short sale package Lender calls the shots on what and how ◦ Really - it may be the investor not the servicer so don’t assume because BofA or Wells asked for it one way last time that they will this time! All at one time – not piecemeal
We are partners This is not adversarial Treat them with respect They DO track you on former transactions Average large lender negotiator is handling 150 – 175 transactions at a time
Broker to broker Broker to lender Broker to clients Client to broker This is the new ‘norm’ Remember the book Who Moved My Cheese? They didn’t move our cheese – somebody ate it! Do them right – or don’t do them at all