Real Estate Investor · Pasco, WA · Member since 2010 · 48 posts · 3 votes
Here are some things I do when putting together a short sale that I believe improve my chances of the lender saying "Yes"
1. I write the hardship letter with the seller. I want it to be as personal as possible in a manner that makes the lender have sympothy for the situation.
2. I send the short sale packet to the lender in a bright folder. I dont want mine to blend in with the rest of the manilla folders
3. I build raport quickly with the agent in the loss mitigation department as quickly as possible,letting them know I am a person and not just an investing machine.
These are some, but I'm interested in knowing other's strategies.
Here are some things I do when putting together a short sale that I believe improve my chances of the lender saying "Yes"
1. I write the hardship letter with the seller. I want it to be as personal as possible in a manner that makes the lender have sympothy for the situation.
Be careful about this. You want to help the homeowner and that is a good thing. But, make sure that you just use vague suggestions, such as "it needs to be more personal". You would hate for something to go wrong and the homeowner try and come after you because you
2. I send the short sale packet to the lender in a bright folder. I dont want mine to blend in with the rest of the manilla folders
The vast majority of lenders will scan the documents into their computer system, then work exclusively off of the computer. The negotiator will nearly never be the one to see the original documentation you send.
3. I build raport quickly with the agent in the loss mitigation department as quickly as possible,letting them know I am a person and not just an investing machine.
This I agree with completely. The better the rapport you have with the negotiator, the more likely you are to get the deal done to your satisfaction. This will also help you in future negotiations, as the negotiators do talk among themselves about their accounts and the people they deal with. Once you have developed that rapport, you can then go back to that negotiator with any new deals and see if they can handle the account. They might be willing, as they have seen that you will close the deals you bring.
These are some, but I'm interested in knowing other's strategies.
I think this would this posting would be more appropriate for a blog or article. Better yet, take the time to search these forums and apply your skills at answering questions already asked by users.
Hey Brandon when you said you send in your short sale package with a bright folder are you literally sending your short sale package in the vie mail? Do you not send your short sale package via fax or email?
That is a great question, and the answeris that I do fax information sometimes but I add things like pictures of the property as well and pictures through fax are not great and in my experience email is difficult to get the attention I want my package to have. So every time I mail a package that is ordered in a specific order that would represent the property the way that I want it seen.
Scott that is a valid comment and maybe ill out these types of posts in a blog in the future but I feel like the forums are a better way to get information out to more people more quickly. Maybe I'm wrong.
Here are some things I do when putting together a short sale that I believe improve my chances of the lender saying "Yes"
1. I write the hardship letter with the seller. I want it to be as personal as possible in a manner that makes the lender have sympothy for the situation.
Be careful about this. You want to help the homeowner and that is a good thing. But, make sure that you just use vague suggestions, such as "it needs to be more personal". You would hate for something to go wrong and the homeowner try and come after you because you
2. I send the short sale packet to the lender in a bright folder. I dont want mine to blend in with the rest of the manilla folders
The vast majority of lenders will scan the documents into their computer system, then work exclusively off of the computer. The negotiator will nearly never be the one to see the original documentation you send.
3. I build raport quickly with the agent in the loss mitigation department as quickly as possible,letting them know I am a person and not just an investing machine.
This I agree with completely. The better the rapport you have with the negotiator, the more likely you are to get the deal done to your satisfaction. This will also help you in future negotiations, as the negotiators do talk among themselves about their accounts and the people they deal with. Once you have developed that rapport, you can then go back to that negotiator with any new deals and see if they can handle the account. They might be willing, as they have seen that you will close the deals you bring.
These are some, but I'm interested in knowing other's strategies.
Brandon,
How in the heck did your company info wind up in my profile as my company? I sent Josh Dorkin a message to see if there is some technical answer as to how this happened. I left it as is and will wait for word from Josh before I change it back.
Regards