Your Tucson Short Sale What to Expect By Robin Willis REALTOR Realty Executives Southern Arizona
First Steps <ul><li>Talk to your Tax Professional </li></ul><ul><ul><li>Discuss your options to ensure that a short sale IS the best for you financially </li></ul></ul><ul><li>Call your bank(s) </li></ul><ul><ul><li>If you haven’t already, find out if the bank is able to modify your loan to make your payments affordable. </li></ul></ul><ul><ul><li>Ask if they are willing to consider a short sale. </li></ul></ul>
Moving forward… <ul><li>Select a Real Estate Professional Who </li></ul><ul><ul><li>Has successfully completed short sales in your area </li></ul></ul><ul><ul><li>Can demonstrate a plan of action to get your home sold </li></ul></ul><ul><ul><li>Will represent you with integrity and honesty </li></ul></ul><ul><ul><li>Is up-front with you about the fact that not all short sales are successful </li></ul></ul><ul><ul><li>Will communicate with you (and your bank) frequently throughout the process. </li></ul></ul><ul><ul><li>Is trustworthy and competent (you will be revealing sensitive information to your agent) </li></ul></ul>
Put Your Home on the Market <ul><li>Name of all borrowers </li></ul><ul><li>Property Address </li></ul><ul><li>Social Security #’s </li></ul><ul><li>Loan number(s) </li></ul>You will need to sign a listing agreement as well as provide a Bank Authorization letter. This letter is addressed to your bank and gives them permission to discuss your loan with your agent. If you have more than one bank, you will need to write a letter to each bank. Be sure to include the following information:
Working with your Agent Your agent will ask you for information and may also give you instructions on items that you need to provide to the bank. Make sure that you provide information in a timely manner so that your agent can perform to his or her best ability.
Working with Robin – What to Expect <ul><li>Thorough investigation and analysis of Market Conditions in your neighborhood. </li></ul><ul><li>Timely communication and Periodic Updates (you choose the frequency) </li></ul><ul><li>Aggressive Online Marketing Campaign </li></ul><ul><li>Proactive pricing strategy to optimize bank acceptance rate </li></ul><ul><li>Professional Negotiations with the banks and regular updates for you and the buyer’s agent </li></ul><ul><li>Full disclosure and explanation of Bank Acceptance terms </li></ul><ul><li>Step-by-step guidance all the way to Closing </li></ul>
Market Analysis As with any sale, market analysis is the first step. With a short sale this is even more important because it can mean the difference between a successful short sale and foreclosure. I will analyze the market in your neighborhood and bring comparables and other data necessary in order to bring plenty of traffic and obtain offers that the bank will accept .
Timely communication and Periodic Updates I will respond to phone calls and emails within a 24 hour period (usually much less) I will provide periodic updates as to the traffic we are getting on your online advertising. You may choose to receive updates weekly, bi-weekly, or monthly, depending on your situation.
Aggressive Online Marketing Campaign <ul><li>Within the first 10 days of our listing agreement, you will be receive the following: </li></ul><ul><li>Signage that directs calls to my cell phone so that I can speak to your prospective buyers myself. </li></ul><ul><li>An enhanced listing on www.Realtor.com . </li></ul><ul><li>Exposure on www.RealtyExecutives.com and www.goTucson.com (Local Realty Executives website) </li></ul><ul><li>A featured spot on my own website, www.TucsonExpertAgent.com </li></ul><ul><li>A Single Property Website featuring Your Property with links to area info, schools, a loan officer, etc. Online Chat is enabled here so I can speak to your prospective buyers the minute they have a question. </li></ul>
Aggressive Online Marketing Campaign (continued) <ul><li>You will also receive: </li></ul><ul><li>Exposure in a widget on the sidebar of my blog, www.RobinsRendition.com . </li></ul><ul><li>Continual and updated exposure on www.Zillow.com , www.Trulia.com , and www.Craigslist.com . </li></ul><ul><li>Exposure on all of the following websites: GoogleBase , cyberhomes, AOL Real Estate, Yahoo Real Estate, Vast, Oodle, Lycos Classifieds, Local.com, backpage.com, Military.com, HomeFinder.com, hotpads.com, geebo, CLRSearch.com, MyREALTY.com, enormo, FrontDoor, Fizber.com, Myspace Classifieds , Overstock.com , Walmart , Propsmart , CityCribs , Propbot and House and internationally on Dothomes . com . </li></ul>
Proactive Pricing Strategy It is simple to price a home where it will get offers within the first weekend it is on the market. However, it is not as easy to get the bank to accept those offers. I have developed a strategy whereby I reduce the price at intervals so that I can demonstrate to your bank that we are receiving the highest and best offer and so that I can gather feedback from Buyers’ Agents throughout the process. This strategy will be tailored to your specific neighborhood and situation and can be expedited if you have already received your Notice of Foreclosure
Professional Negotiation with Your Bank(s) Professional Negotiation with your banks involves both persistent contact with them and an understanding of the stress that Bank Negotiators experience on a constant basis. Frequent, friendly contact is important because of the timeframes involved and the volume of files that are in most banks’ short sale departments these days. My policy is to contact the bank once per week until more frequent contact is warranted and to follow up with you and the buyer’s agent with weekly updates on the progress of our file. Follow-up with the buyer’s agent is imperative as it helps keep your buyer from becoming discouraged and walking away. I frequently am complimented by buyer’s agents on the quality of communication they receive from me throughout the process.
Full disclosure and explanation of Bank Acceptance terms <ul><li>What is the sales price that the bank is accepting? </li></ul><ul><li>What is the amount that the bank will be issuing on my 1099? </li></ul><ul><li>Is the bank expecting me to sign a promissory note? </li></ul><ul><li>How will they be reporting this on my credit report? </li></ul><ul><li>Are there any other conditions to my being able to close this short sale? </li></ul>Once we receive a Bank Acceptance on the offer we submit, I will once again step in to advise you. Here is what you’ll need to know:
Step-by-Step Guidance All the Way to Closing <ul><li>Getting an accepted offer is just half the battle. This is where the “Offer” becomes an “Accepted Contract.” At this point, we will go through the entire sales process that you would experience with a non-short sale and I will be there to help you every step of the way. You will receive my expert advice on all of the following: </li></ul><ul><li>Inspections </li></ul><ul><li>Reviewing Title Work </li></ul><ul><li>Any Repairs that are Needed </li></ul><ul><li>Setting up Closing Times </li></ul><ul><li>Reviewing Closing Documents </li></ul><ul><li>Signing the Closing Paperwork </li></ul><ul><li>Addressing any issues that come up during this process and answering any questions you may have. </li></ul>
It’s Time to Make the Call! Now’s the time to give me a call. I don’t represent every seller who calls me wanting to do a short sale, but I will give you professional advice and promise that if I do agree to represent you, it is only because I am confident that I can do an excellent, professional job and will be able to successfully negotiate your short sale. Robin Willis (520) 481-3695 [email_address]
A particular slide catching your eye?
Clipping is a handy way to collect important slides you want to go back to later.