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Tips for Getting
             Your Short Sale Accepted




Jovan Hackley                     Sarah Stelmok
Content 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 Players
Tips for Getting Your Short Sale Accepted
Short Sales: The Major Players

At the Bank
• Negotiator
• Negotiator
  Supervisors
• Asset Managers
                          Seller’s Roster
                           • All Sellers
                           • Attorney
                           • Listing Agent
Short Sales: The Major Players


Other Key Players:
• Accountant
• Appraiser
• Buyer Lender

Key Issues:
• Credit Impact
• Home Price
• Timing
Tip 2: Prepare the Buyers
Tips for Getting Your Short Sale Accepted
Short Sales Tip: Preparing the Clients


Seller Tips
• Check your
  emotions

• Price is about market
  value

• Put your best foot
  forward
Short Sales Tip: Preparing the Clients


Buyer Tips
• Banks are about
  business

• Consider the Seller

• Be Patient

   Average Time =
    4 – 6 months
Tip 3: Perfect the Package
Tips for Getting Your Short Sale Accepted
Short Sales Tip: Perfecting the Package

Anatomy 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 Package

Anatomy of a Short Sales Package
  Transaction Items

• Listing Agreement

• Ratified Contract

• Price Documentation

• Bonus: Profit/Loss Statements
Q&A

What do you want to know about
          Short Sales?
Find Out More                               Training@Trulia.com




                www.facebook.com/truliapro


                www.twitter.com/truliapro


                www.Pro.TruliaBlog.com




        Pro.TruliaBlog.com

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2011 10-19-tips for-getting_your_short_sale_accepted

  • 1. Tips for Getting Your Short Sale Accepted Jovan Hackley Sarah Stelmok Content Manager & Agent Trainer Short Sales Specialist
  • 2. Who are you? POLL: How many short sales have you completed successfully?
  • 3. 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
  • 4. 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,
  • 5. Tip 1: Know the Major Players Tips for Getting Your Short Sale Accepted
  • 6. Short Sales: The Major Players At the Bank • Negotiator • Negotiator Supervisors • Asset Managers Seller’s Roster • All Sellers • Attorney • Listing Agent
  • 7. Short Sales: The Major Players Other Key Players: • Accountant • Appraiser • Buyer Lender Key Issues: • Credit Impact • Home Price • Timing
  • 8. Tip 2: Prepare the Buyers Tips for Getting Your Short Sale Accepted
  • 9. Short Sales Tip: Preparing the Clients Seller Tips • Check your emotions • Price is about market value • Put your best foot forward
  • 10. Short Sales Tip: Preparing the Clients Buyer Tips • Banks are about business • Consider the Seller • Be Patient Average Time = 4 – 6 months
  • 11. Tip 3: Perfect the Package Tips for Getting Your Short Sale Accepted
  • 12. Short Sales Tip: Perfecting the Package Anatomy 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
  • 13. Short Sales Tip: Perfecting the Package Anatomy of a Short Sales Package Transaction Items • Listing Agreement • Ratified Contract • Price Documentation • Bonus: Profit/Loss Statements
  • 14. Q&A What do you want to know about Short Sales?
  • 15. Find Out More Training@Trulia.com www.facebook.com/truliapro www.twitter.com/truliapro www.Pro.TruliaBlog.com Pro.TruliaBlog.com

Editor's Notes

  1. So here’s today’s agenda: We’ll be coveringAgenda1. A basic overview of Trulia and why it’s valuable2. Ways you can use Trulia to Show You’re an Expert3. How you can use Trulia to Market property4. Trulia as a Lead Generation ToolAnd we’ll end with a few links to get you more info on some of the tools we’ll talk about and a short Q&A session for those of you looking for more info.