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Making Short Sales a SSNAP!
In today’s real estate climate it is important as a professional Realtor to understand the details of short sales in order to maximize your profits. As you know, declining housing prices across the country and effects of a struggling economy have made short sales a hot topic and common trend. For home sellers who owe the lender more than their home is worth, it's not as bleak as it might sound. President Obama and the Making Home Affordable program are helping homeowners as much as possible with loan modifications and short sale options as opposed to letting property go in a foreclosure. Negotiating a short sale with the lender could be the start of getting a homeowner back on track and out of a home they cannot afford. Short sale transactions are time consuming and sensitive; involving someone with knowledge and expertise is crucial to get the deal done. This is where SSNAP Short Sales comes in to help the homeowner and Realtor. We take the most time consuming and difficult part on our shoulders and make short sales a "SSNAP!"
- Currently 25% of all residential mortgages have negative equity, and that number is expected to double by 2011 (Deutsch Bank report 8/09). As unfortunate as this fact is, the silver lining lies in the fact that this will start the necessary shift in the market back to putting the right homeowners in the right homes. The short sale process is going to allow homeowners who got in “over their heads” to be exonerated from their debt and allow others to step in and purchase property at a phenomenal value. The Realtor is going to be the pivotal factor in this equation and the ones who know how to find the short sale opportunity and navigate it successfully will be in the lead.
- On average it can take up to 120 hours to successfully work through a short sale. This can be a daunting experience for a Realtor, whose income comes from selling property, not sitting on hold with lenders. As a specialist in negotiating short sales we have the required experience and have developed a system that allows for us to move through the process efficiently. As our full time job, we have the time to sit on the phone and work with the lenders everyday ensuring that the short sale is moving forward, giving agents more time to do what they do best; sell real estate!
Tips for Real Estate Agents
- One good way to get ahead of the game in dealing with a short sale is to make sure all of the paperwork from your client is complete. The lenders loss mitigation systems are overloaded, any missing documents will set you back days or weeks.
- Fill out documents completely. Make sure all lines are fillied in, dates completed, initials and signature are where they need to be before submitting documents to the loss mitigation department.
- Never wait the full amount of time a lender tells you before calling and checking on the status of your paperwork. Lenders will give you their policy on how many days it will take before paperwork is processed. Call the lenders 5 days before the date they gave you to call back.
- Try to befriend the customer service representative or loss mitigation speicialist/negotiator you have reached; they are much more willing to work with someone that has a positive attitude.
- The easiest way to get a short sale done in to turn it over to SSNAP short sales, where we do the hard work for you!
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