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Short Sale Tip of The Week 5-20-09
Posted on 19. May, 2009 by ctlms in Short Sale, foreclosure
The #1 Factor to Successfully Completing a Real Estate Short Sale.
One of the most important factors of completing a short sale successfully is Managing Seller and Buyer Expectations. What I mean by that is you need to immediately let them know how long the short sale process can take, that there are absolutely no guarantees that your short sale will be successful, and finally that you will keep them updated on the process throughout the short sale negotiation. It is crucial to be transparent and let them know what you can and can’t do for them. This is extremely important on so many levels! It not only aids in building rapport with the seller, but it is also necessary when setting accurate expectations so if the short sale is unsuccessful for whatever reason, your seller and buyer understands why.
As a real estate agent your goal is to list their property and get the highest and best offer that the market will bear, given the time restraints of the sellers situation, so let them know that. Let them know the good and the bad. Make sure you know the state’s foreclosure laws and time-line, how long the short sale process can take, and finally the potential of their property being taken back by the foreclosing lender if you can’t find a buyer or the bank doesn’t accept the short sale offer.
In addition to being explicitly clear on what you are looking to do with regards to their property, you’ll also need to explain what they can expect once you start working on their property. Explain the entire process of a short sale and what they can expect if there is one lender, or two, or more. For example: When I am working on a short sale my typical short sale takes between 2 to 4 months, sometimes longer depending on the foreclosing lender. So when you meet with the seller tell them right up front the typical time it will take from the day an offer comes in to when the package is submitted to the time the property closes. Also let them know that there are no guarantees the foreclosing lender(s) will accept the offer and finally, manage their expectation by giving them access to our online short sale management tool (www.CTLMS.com), which gives them real time updates on the short sale negotiations. This one tool alone greatly reduces the sellers anxiety and gives the piece of mind of knowing that there are prople on thier side working diligently for them
The most important factor in successfully negotiating a short sale is managing seller and buyer expectations. Always keep in mind that your sellers are turning to you to get their properties sold and they do not need any other added stress in their lives. The best thing you can do is be transparent, tell them the good and the bad, and finally keep them updated on your progress
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Bio
Sean Wilder started in the pre-foreclosure business in 2007. Previously he enjoyed successbusiness in the transportation industry, real estate investing and as a licensed Realtor. Sean brought the same determination and work ethic that lead to great success in his previous businesses to Loss Mit Services based in East Windsor, CT. His focus, combined with his drive to succeed, have been essential to his success as one of the area's top short sale negotiators.
Known for finding creative ways to overcome hurdles and never ending persistence; Sean, believes in the power of team. Sean and his team are in the trenches everyday, plowing through challenges and objections while negotiating with various lenders, and finding solutions to difficult problems. It is this daily experience that brings Loss Mit Services consistent success and provides them the knowledge to share.
Sean belongs to a number of industry groups and associations that allow him to collaborate, share, learn, teach and stay updated on the latest changes in the pre-foreclosure industry at the federal, state, local and lender specific levels.
Effective Oct 1, 2009 all debt negotiation companies that offer loan modification, short sale, or foreclosure rescue services needed to be licensed by the CT Dept of Banking. Sean and his company Loss Mit Services were the 1st to be awarded the Debt Negotiation License NMLS # 828273 which can be verified at the CT Dept of Banking Website by Clicking Here. In addition, effective Oct 1, 2011 Debt Negotiators were required to also be licensed Mortgage Loan originators and Sean also has received this license, NMLS# LO-831853.
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