What order do you operate?

Question

When you are putting together a short sale, what order are you doing things?  I'm not referring to the basics that everybody already knows (i.e. get auto letter, submit, get short sale package, submit)  I'm referring to things like when to do the repair estimate.  How long to wait before sending in counter offer.  When to submit repair estimte to lender.  Step by step process.  Looking to hear from some negotiators out there, crosswinds, wheelhouse, S. Hubbard.

Maryann L. · Answer

Hi Rob,
My point was the process is lengthy and be prepared to wait. 
We tell them the homeowner is going to file bankruptcy, and most times the answer is "go ahead" and then if that happens I *wait* more.
The lender nevers sees the contractor info.  That info is submitted directly to the BPO agent.
I don't necessarily have the house listed, so yes, I meet the BPO agent.  
Yes we purposely don't return paperwork sometimes if WE WANT to buy time.  What happens? The file closes.  GREAT..now we bought more time.  We resubmit the file when we are ready.  Especially useful when we need to lock in our end buyer

As far as note buying...I'm all ears.  I have never done it...I use transactional funding and if you can do that and note buy, I'll be happy to jump ship.

No need to apologize.

Maryann L. · Answer

1 - Meet with homeowners, get packet situated, submit to negotiator
2 - Wait to see if this is enough to get an auction canceled if there is one scheduled
3 - Get contractor over to do estimate/Pull low comps
4 - Wait for BPO to get scheduled and when that happens meet agent
5- Wait
6 - Wait 
7 - Wait
8 - If offer is countered and we need more time, we wait to get file closed and then resubmit to get it opened.  If we don't need more time, we counter immediately.
9 Wait
10 Wait
11 Wait
12 - If bank starts sending addendums, we relist the property.
13 Wait 
14 Wait
15 Get approval hopefully and date needed that they want to close - Arrange our end buyer and closing A WEEK BEFORE that date.

James Ward · Answer

Here are the "best" answers I can give:

1) We submit the requested Short Sale package.  Everytime we counter with the Lender we send in information to justify the offer.
2) We do not usually wait much time to make our counters.  It usually depands on the time it takes to put the package together.  But, sometimes we intentionally wait.  This is a negotiation tacktick.

I hope this has helped.