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Friday, October 02, 2009

SHORT SALE tips for your Buyer Agent

Help your buyers agent help the sellers agent.

After your agent has submitted your short sale package for the seller's lien holder, here's what the sellers agent needs to do next? call the bank. You have to follow up regularly.

Here are a few questions that you help you get started:

  1. Have you received the short sale package? (Hopefully, the answer is yes. If the answer is no, sellers agent should refax the package.)
  2. Are you missing any items that you need to process the short sale? (You'll want to send those a.s.a.p.)
  3. Has a Notice of Default been filed? Is there currently a foreclosure dated scheduled? (Important questions, because if the foreclosure is set for tomorrow, your job is going to be tough.)
  4. Can you tell me about the process and time frames at your bank? (Good learning opportunity. Listen and take notes.)
  5. How soon will a negotiator be assigned? (Write down the answer.)
  6. When will be the BPO (Broker Price Opinion) be ordered? (Write down the answer.)
  7. When would you recommend that I call back to check on the status of the short sale? (Call back the date that is recommended or sooner, if necessary.)

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Agent followup comments:

Having done many short sales, the most important step is the BPO. First you have to push to have the BPO ordered. Often times the bank will tell you that it is not necessary to do an interior BPO because they already did an exterior BPO. You must insist on an interior BPO. Secondly, it is absolutely important to be present when the appraiser/realtor performs the BPO. You must come with comps that support the price you are looking for. Also bring the sales contract and a repair list. You must also explain the seller's situation and the hardship he is going through. Talk to the appraiser while going through the house. Engage in conversation so you can figure out what is important to the BPO agent. I have used these techniques and on many occasions have turned the appraiser to my side. Even though they are not supposed to tell me, often times I have found out what the BPO came in at. If you can get the appraiser/realtor who is performing the to be on your side, the rest is down hill.

Paul Warkow
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