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  1. 1. Custom Short Sale Solutions For: Kristin Sparks [email_address] Susan Merchant [email_address] Karen Griffin [email_address]
  2. 2. <ul><li>To provide with additional tools to successfully compete for and complete real estate short sale transactions with full back office short sale transaction processing and closing at no additional cost to you . </li></ul>Strategy To combine and maximize volume and resources to organize Short Sale Processing into scaled efficiencies that provide file specificity (expertise), transparency, improved communication for all parties, accountability and productivity = Closing. Anticipated Results For Realtors… Competitive resources for short sales, more time for listing and selling, more closings, more Referrals For Sellers… Relief from real estate debt with less damage to credit rating, resources for additional financial relief and improved ability to purchase another home For the Community… Collection of outstanding taxes, collection of outstanding HOA’s allowing for healthier communities overall
  3. 3. <ul><li>Access Short Sale Package at </li></ul><ul><li>Go to to print short sale docs for your listing appointment. Sellers complete required documentation for all mortgages. </li></ul><ul><li>Forward Listing Agreement, Borrowers Authorization and Seller Documentation to [email_address] . Borrowers Authorization uploaded to the lender and receipt verified. </li></ul><ul><li>Kristin will email your access to Short Sale Commander to track the file processing and progress on each of your files in the following general format: </li></ul><ul><li>A Hardship Payment is requested for the Seller if they are not delinquent. </li></ul><ul><li>Specific Lender requirements/documentation identified and satisfied </li></ul><ul><li>When you receive an offer, forward the contract to Kristin along with comps and supporting documentation. She orders the title search, prepares the HUD and verifies the Sellers Documentation. Files are fully documented and submitted to the Lender. </li></ul><ul><li>Loss Mitigator orders a BPO and arrangements are made for access. Agent meets BPO Agent at property with updated property information. </li></ul><ul><li>Loss Mitigator negotiates for release of the PMI if applicable. </li></ul><ul><li>Loss Mitigator sends completed short sale package to “Investor” (Fannie/Freddie). The file </li></ul><ul><li>is “in review”. </li></ul><ul><li>Investor provides the Loss Mitigator with the release price. </li></ul><ul><li>Loss Mitigator decides the Settlement fees (realtor, title agent, HOA’s, Attorney Fees, Additional Liens) and provides the final approval in writing. </li></ul><ul><li>Watson Title coordinates the parties and Closes. </li></ul><ul><li>Light credit repair is effected for the sellers at no cost </li></ul><ul><li>Referral Resources provided to sellers for reduction of credit card debt if needed. </li></ul><ul><li>= </li></ul>
  4. 4. Sample Screen 24 Hour Accessible Online Order Tracking with detailed File Processing Information Login provided by your Title Agent to you, your seller, the buyer’s agent and the buyer, with your permission Personal client Information is not accessible on this site
  5. 6. <ul><li> </li></ul><ul><li> </li></ul><ul><li>Homeowners Package </li></ul><ul><li>Short Sale Submission </li></ul><ul><li>Homeowner Document Checklist * </li></ul><ul><li>Borrower’s Authorization </li></ul><ul><li>Seller Hardship Explanation </li></ul><ul><li>Example Seller Hardship Letter </li></ul><ul><li>Financial Worksheet </li></ul><ul><li>Mortgage Debt Relief Act Notice </li></ul><ul><li>Confidentiality Notice ** </li></ul><ul><li>Realtor Package </li></ul><ul><li>Explanation for Lender </li></ul><ul><li>Example Lender Cover Letter </li></ul><ul><li>Estimate of Conditions and Repairs </li></ul>
  6. 7. <ul><li>. </li></ul><ul><li>Does the seller have to miss payments to be considered for a short sale by the Lender? No , in fact, most lenders will short sale more cooperatively with a borrower who is trying to pay something. </li></ul><ul><li>What is the single most important characteristic of a successful short sale transaction? FULL COOPERATION , especially from the Sellers. This is a very fluid environment so acting crisply is critical to realizing a productive closing for all parties. </li></ul><ul><li>What is the single mot important aspect of a successful short sale transactions? The COMPS </li></ul><ul><li>Can we protect your commission from being cut by the Lender? What is your experience with “Birthday Transactions”? No, but we can responsibly price and structure a short sale transaction for the best possible results. </li></ul><ul><li>Do we use BOA’s Equator Short Sale Package? Yes, for the quickest results, we use Equator once you (the Realtor) access it and input our email address. We will process the file from there. </li></ul><ul><li>How do we help keep Buyers from walking away from this process? By providing the Buyer’s Realtor and the Buyer access to Short Sale Commander which creates communication, cooperation and efficiency in the transaction as well as including all parties in weekly email updates. </li></ul><ul><li>What about the files I’m currently working myself? If you have not yet submitted the Borrowers Authorization to the Lender, we can help you. If you’re well into the process but aren’t getting any movement, we might be able to give you tips to help move the file. </li></ul><ul><li>What happens when the Lender won’t pay our fee? Over 90% of submitted files will result in an approval. The closing is not dependent on the short sale fees being obtained. </li></ul><ul><li>What is the average time for a short sale once the sellers have completed the required paperwork and a contract is submitted? It varies from lender to lender however, recent regulations have improved lender response times shortening the average short sale to 60 to 90 days. </li></ul><ul><li>Can we stop a foreclosure sale? Yes, we will notify the lender and/or attorney that the file is being worked through the short sale system. However, if a foreclosure date is pending and the documentation is not complete, we cannot stop the sale. Also, if the documentation isn’t received 15-30 days prior to the foreclosure date, we cannot stop the sale. </li></ul>
  7. 8. <ul><li>Your Short Sale Team </li></ul>Kristin Sparks Managing Coordinator [email_address] [email_address] [email_address] [email_address] Access Short Sale Package at Questions and Solutions