One of the top mistakes that realtors make while handling short sales is sending the lender an incomplete short sale package.
If we don’t send the lender a complete short sale package, the way they want the package to be, we are just wasting our time. Actually we are wasting everyone’s time – the buyer, the seller, the buyer’s agent, and even the lender involved.
Often the lender won’t even do anything with a package that is incomplete. And worse yet, they probably aren’t going to call you and tell you that they are waiting for the package to be complete before they do anything with it. Most of the time the documents will be posted to the file, but no action will happen on the file until it is complete.
So expect that unless you send the short sale package with all the documents that the lender wants, that you are not moving forward.
If and when you do find out that the package is incomplete, if you do then furnish the lender with the missing documents, you will have wasted the time from when you first sent the package, until you make it complete. That wasted time may end up blowing your whole deal. The buyer may not wait that long for the lender approval. They may move on to another property.
Also it is best to never send a short sale package in pieces, send it all together. The pieces will often not get put together to make a whole package by the lender. So the idea that you will just send the lender what you can, and more later when you have it, just isn’t a very good idea.
When you have a short sale listing, make sure you find out what the lender expects to be in the package well before you need to send it. Then when you do have an offer and are ready to send the package you will be sure that the package is complete.
Once in a while you may find that the service rep that you talk to and ask what the lender wants in the short sale package may forget to mention something, and of course then later you find out that the lender wants more information. So be on the lookout for that, and when in doubt, send more than the lender asks for. It never hurts to send too much information.
Sending the lender a complete package with everything they want and need is critical to being successful with short sales.
Chris Badger of Strategic Loss Mitigation, along with being a real estate Broker, is known as one of the top experts in Short Sales.
For more information see his blog at The Short Sale Blog
For his complete Short Sale guide for agents go to “The Ultimate Short Sale Success System”
[tags]Short sale, Short Sales, Agent Short Sale, Realtor Short Sale, Success, training, system[/tags]
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