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Short Sales Help

Short sales are very time involved. They can take upwards to 6 months or longer if you aren’t familiar with the process. You can spend several hours a day, week, month and through the course of a year hundreds of hours. We have a team of 5 to help process our short sales. Our typical turn around time in the Portland Oregon market is about 90 days from start to finish. We have files just like anyone else that just makes you want to pull your hair out.

Key Points to a Short Sale:

  1. Get the listing if you are a realtor
  2. Have seller sign Short Sale Addendums or necessary disclosures (We have additional disclosures that’s not required by our state or MLS.)
  3. Gather necessary financial documents from the homeowner.
  4. Send Authorization to the bank asap.
  5. Follow up with the bank.
  6. Order Prelim and search any and all liens.
  7. Put short sale packet together PER that Lenders requirements. (Check with Lender)
  8. In packet make sure you have Hud-1, purchase and sales agreement!!!!!! (It’s a must)
  9. Make sure you have Account # in right hand corner of EACH document. (We do this electronically and it takes about 60 seconds.)
  10. Order BPO or Appraisal Asap.
  11. Go to all BPO and Appraisals. (Don’t persuade but validate your short sale.)
  12. Follow up with bank.
  13. Follow up with bank.
  14. Did I say follow-up with the bank? (Early morning is best check time zones of lender and lender negotiator)
  15. Keep track of ALL records. This includes phone conversations with homeowner, lender, BPO agent etc. (Date and time stamp everything)

These are some really basic steps that will streamline your short sale and keep you out of the court system!! Remember people are sue happy so you must disclose, disclose, and then disclose again.

John Stilwell  www.encoregrouprealty.com


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