A short sale is when a lender agrees to accept less than what is owed on the property. Learning about short sales and how to successfully facilitate them is critical.
The listing agent is leader of the short sale process and closing ratios increase dramatically when these five keys are followed:
Key #1: The listing agent must know the proper step-by-step process for shorting various types of loans, as the process for shorting an FHA loan is different than the process for shorting a VA or Conventional loan.
Key #2: The listing agent must know what documentation is required to make up a complete short sale package for the lender they are working with and how to submit that package in a format that will get the lender's attention, satisfy their requirements, and get an approval.
Key #3: The listing agent must know how the lenders calculate what they have to "net" in the short sale transaction, so that they can then effectively price the property in MLS to generate an offer that will be relatively quick, but sufficient to meet the lender's requirements, as well as cover all of the seller's closing costs and the broker commissions.
Key #4: The listing agent must know what terms the lender will and will not approve in a buyer's purchase offer.
Key #5: The listing agent must know how to establish his/her credibility and an effective rapport with the loss mitigation rep who ultimately holds the key to the short sale getting approved and closed.
It's obvious that the listing agent is a crucial partner. NRI has extensive experience with short sales and the selection of qualified Realtors to facilitate the process. Give your employees the support they need, call
NRI, they'll be happy you did! 800-598-8887
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