A few "special" items that will ensure your Short Sale success.

We have decided for our next Blog post we will make available some of the “special” items that we use to assist  in our Short Sale success.  While there are countless items that will make your Short Sales more successful, we have found this list to be the most outstanding.  If any of our readers have any other items they have found to assist in successful Short sales, please let us know.  We will gladly post them, and also give out the place where we acquired the great information.

List in no particular order:

1. Keep running information about each Lender-  Each Lender will give you their requirements for a Short Sale.  By keeping a list for each Lender, this will enable you to move quicker.  This comes into use especially when a Lender requires you to utilize paperwork that the Lender has designed.  Anything that can assist on speeding the process along is a plus in our book!
2. Keep the information on any negotiator that you have had success-  We have found that keeping the contact info about a negotiator that we worked well with, has helped in a couple ways.  We have contacted some of them to get a file “moving” along.  We also have called to see what the negotiator might be able to do to help if we have a problem.  In both cases, this does not always work, but it does work enough times to mention.  Sometimes you can even get that negotiator to take over the file.  When you have worked with them, negotiated a deal, and closed, they are willing to see what they can do for you.  This helps everyone evolved.
3. Sending rehab cost estimates by a contractor-  This will provide more creditability for the estimated costs.  It does not necessarily need to come from just one place.  If you need to get several sub-contractors to bid for each separate item, then sent them.  The more professional the estimates, the better it is for you and your offers.
4. Include the “Sexual Predator” list-  This is probably something new for most readers.  When you send in your Short Sale package, send in a map that highlights all of the sexual predators in the area.  WHY?  This will further show why your offer is a good one.  Plus it notes how it will be difficult to sale this property!  Further justifying your offer.  Not to mention pulling on the heartstrings of the negotiators.
5. Use professional style paperwork-  Over time, we have found that the more professional you documents look, the more serious the Lenders will take your company.  We have formulated our paperwork to the point in which all papers are professionally written.  We include our company information on the documents and have everything “color coated”.
6. Include loan number on each page-  Several of the Lenders will require this, but we just put it on all papers.  You can include the clients name, but we have found that it is not necessary. (Unless the Lender requires the name.)
7. Detailed fax cover sheet-  This is one of the most important on the list! Items that should be included:  company name, company address, company phone and fax, company contact name, client name, client social security numbers, property address, loan number, brief description of deal, number of pages included, lender name, lender phone and fax, lender contact name, and fax disclosure.  We use a set form for each property and just fill in the needed information.
8.  Keeping in touch with the property owner-  This one sounds pretty basic, but it would amaze most readers how often the property owner gets lost in the process.  We offer to either eMail the client weekly or make bi-weekly calls.  Keeping in touch with the client will also assist in them not being surprised a the time and efforts it takes to complete the transaction.
9. Make sure the BPO is scheduled through you-  By scheduling the BPO through you, you simple will know when it happens.  Also, it enables you to be prepared to “assist” the BPO agent with their work.  You can “assist” the BPO agent by supplying the following: comps (find some for yourself), repairs list, sexual predators map, and your contact info.  One last piece of advice about the BPO- stay out of the agents way. 
10. Property clean-out-  Getting the property empty and ready for close can be a daunting task.  Plan on having to take out items left by the property owner.  But you will defiantly want to make sure the property is clean of left behind items.

We truly hope this list will help anyone attempting to complete short sales. 

James