Agent Jirius: Short Sale Negotiations: Calling the Lien Holder

Short Sale Negotiations: Calling the Lien Holder

Besides doing everything in the main blog below, I would always call and try to get them to meet the deadlines they put out.  And if they do not meet them, or if they tell you something different then they told you beofre, hang up and call somebody else or ask for a supervisor till you get an answer that makes sense.

Remember these people are working for minimum wage and most of them do not even know what they are doing, or what the rules are, or someth=imes even how to read and interpret the notes they are looking at.

Have you taken your first short sale listing? Are you not sure where to begin? Well, first and foremost, I'd take a few minutes to study my 7 posts-the first of which is titled: Master the Short Sale Transaction. Following my instructions in those seven posts will get you well on your way to mastering the art of the short sale.

But, now that you have submitted your short sale package to the seller's lien holder, what do you do next? Well . . . you have to call the bank. You have to follow up regularly.

It may be a little bit scary or intimidating at first because you are not sure about the kinds of questions that you need to ask when you call. 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, 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.)

Starting by asking those questions will help you to get your feet wet and become accustomed to working the short sales. They are tough transactions, and you may not like the answers that you get. But, keep on going and be happy! You have a listing! That's one more than some of your colleagues!

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Comment balloon 3 commentsJirius Isaac • September 25 2009 11:11PM

Comments

Good information.  Lenders have short sale procedures in place that must be followed.

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