Tips for Getting Your Short Sale AcceptedJovan Hackley Sarah StelmokContent Manager & Agent Trainer Short Sales Specialist
Who are you? POLL: How many short sales have you completed successfully?
Agenda Stats | Short Sales Today Tip 1 | Know the Major Players Tip 2 | Prepare the Clients Tip 3 | Perfect the Package Q & A | Participant Questions
Short Sales Today• 31%of Residential Sales 24% YoY• Average sales price of bank 5% YoY owned is 32% below non-bank owned• Pre-foreclosure sales in Q2 = 19% QoQ 102,407 10% YoY -“Short Sales Soar in Second Quarter,” Realty Trac,
Tip 1: Know the Major PlayersTips for Getting Your Short Sale Accepted
Short Sales: The Major PlayersAt the Bank• Negotiator• Negotiator Supervisors• Asset Managers Seller’s Roster • All Sellers • Attorney • Listing Agent
Short Sales: The Major PlayersOther Key Players:• Accountant• Appraiser• Buyer LenderKey Issues:• Credit Impact• Home Price• Timing
Tip 2: Prepare the BuyersTips for Getting Your Short Sale Accepted
Short Sales Tip: Preparing the ClientsSeller Tips• Check your emotions• Price is about market value• Put your best foot forward
Short Sales Tip: Preparing the ClientsBuyer Tips• Banks are about business• Consider the Seller• Be Patient Average Time = 4 – 6 months
Tip 3: Perfect the PackageTips for Getting Your Short Sale Accepted
Short Sales Tip: Perfecting the PackageAnatomy of a Short Sales Package Seller Info• Last two bank statements (12-20 pages)• 2 pay most recent stubs• 2 tax most recent returns• Hardship Letter & Documentation
Short Sales Tip: Perfecting the PackageAnatomy of a Short Sales Package Transaction Items• Listing Agreement• Ratified Contract• Price Documentation• Bonus: Profit/Loss Statements
Q&AWhat do you want to know about Short Sales?
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