How To Properly Handle A Short Sale
Two weeks ago we executed a contract in which the agent representing the seller told us that we’re dealing in a Short Sale. No problem we explained, we already prepared our client on what a Short Sale entails.
Only one obstacle in our way, the agent! Our attorney and title company continues to call the agent asking for the lenders names and information. They agent keeps stalling which shows how raw he is, quite frankly we believe he’s over his head on handling this type of sale.
His Broker is kind enough to take our telephone calls,but is more interested in telling me “How many agents, they’ve recruited in the last two months”.
You know the old saying “nothing from nothing is nothing”. We`re doing everything to salvage this transaction,but when the other agent is negligence in conducting themselves professionally is in the way there isn’t much to say or do.
For the record, before you actually handle a Short Sale there are a few things you must know in order to proceed.
1- Know who the lenders are in advance.
2- Get the loan numbers.
3- Locate the loss mitigation dept. fax and telephone numbers.
4- A “hardship letter” explaining why you must sell.
5- Copy of the listing agreement and executed contract.
6- Name of the title company handling the transaction. (Make sure it’s a title company that has experience in dealing with this type of transaction)
7- Have your client give you all correspondence between the lenders, all certified letters are extremely important.
8- Keep a record of names of people who are contacting you from the lenders.
Without this important information there is no point in moving forward unless of course you just feel like wasting everyone’s time. In the case of this agent, our next step is contacting the seller and begin working with them in getting the proper paperwork together in order to process this transaction.
As for the other Realtor, he’s too busy telling our agent to have me and the title company stop calling him for the information, nice huh?
Scott Daniels
Florida List for Less Realty, Inc.
954-275-0200
http://www.floridalistforlessrealty.com
Tags: understanding short sales
