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Presented by: Lynn Madison ABR, ABRM, BPOR, GRI, SFR, SRES.

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Presentation on theme: "Presented by: Lynn Madison ABR, ABRM, BPOR, GRI, SFR, SRES."— Presentation transcript:

1 Presented by: Lynn Madison ABR, ABRM, BPOR, GRI, SFR, SRES

2  Are they eligible? ◦ They must have a financial hardship ◦ Monthly shortfall  Are they willing to cooperate?  Do you have enough time?  Do a lien search

3  Are you in a recourse state?  Understand how deficiencies work  Understand federal tax ramifications  Cannot just ‘walk away’

4  Authorization to lender  Authorization to disclose short sale in MLS  Fannie/Freddie 710 Form

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11  Assignment of contract  Giving power-of-attorney  Intentional damage of property  Creating ‘waste’  Sellers getting cash from buyers  Short sale ‘flops’

12  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

13  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

14  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

15  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?

16  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

17  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

18  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


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