Step 7: Negotiating With the Bank
Contrary to popular opinion, short sales don't have to take months. The reasons they often take so long are numerous but working with an experienced professional is guaranteed to speed things along.
The 4 Critical Questions: Answer them properly and get your short sale offer approved in 15 minutes.
1)What's the value?
2)What's the offer?
3)What's the 1st Getting?
4)What's the 2nd Getting?
It's almost that simple however….
Your agent first needs to know how to quickly gain access to and establish a great relationship with the asset manager assigned to your account and as always, first impressions really are everything.
Since you only get one shot at first impressions, how tight is your short sale package? I can assure you that the short sale packages my team submits are the exception and not the rule. Send a tight, clean package with an offer that can be supported by your BPO.
Key: I always require that the appraiser or broker the bank sends out to complete an independent home valuation contact me for access to the property. I meet them at the property and provide sales comparables and information about the neighborhood that supports the BPO I've already submitted with the original BPO to the bank. This is always appreciated, makes their job easier and slides their valuation in my direction – and favor!
Every communication we have with the bank is designed to make them want to work with us.
Every time we call to check the status of our offer (my rule is a minimum of 3 communications per week regardless of their requests) I know that when the negotiator looks at our file, they will breathe a sigh of relief because unlike all the other files they are working, ours is clean and accurate and answers their four critical questions properly!
What's the value?
What's the offer?
What's the 1st getting?
What's the 2nd getting? (2nd mortgage if applicable)
Again, good answers to those questions are all that's required for the banks loss mitigation manager to sign off and accept your short sale. These answers must be supported by their B.P.O. (broker price pinion), preliminary title report and HUD-1.
The faster you can put the right answers, supported by the facts, into the hands of the decision maker at the bank, the quicker you can get an acceptance to your offer, a sold home and a credit report that's often improved with the removal of the mortgage debts.
By working with an experienced real estate professional who understands the process for immediately delivering the right package to the right person, you can practically guarantee your success AND avoid months of unnecessary stress brought about by not knowing if you'll be able to successfully short sale your home and save your credit.
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