Agent Frequently Asked Questions

Frequently Asked Questions

Why should a homeowner do a short sale and how do I explain this to them?
If the homeowner owes more than you can sell the property for, then a short sale must be attempted. When discussing this with a homeowner, explain how commonplace a short sale is in this economy and what the advantages are as compared to a foreclosure.
What are the advantages of a Short Sale?
The common-known benefits are avoiding foreclosure and minimizing the impact on the credit score. However, there is often those less talked about benefits: financially, it can allow the seller to start over or help improve their financial well being; and emotionally, it can provide peace of mind and stress relief.
Who can do a Short Sale?
Anyone. The only requirements are that the seller owes more than the property is worth and that we can show a hardship. Please note: homeowners DO NOT have to be late in order to short sale their home so your marketing focus should not be just on those who are in the foreclosure process. If you have any question on whether or not your homeowner would qualify, please call us to discuss.
What is a Hardship?
Death or illness, divorce, loss or reduction in income, relocation, inability to sell or rent property, and business failure are some examples of homeowner hardships.
How do I market to homeowners who need a short sale?
In your advertising, simply include that you handle short sales. You may also want to include an explanation of what a short sale is and emphasize that a short sale provides debt relief.
What are the benefits of outsourcing my short sales to Short Sale Solutions?
Short Sales are very time consuming so by working with us it frees up your time to find more properties to sell. Also, you do not have to learn how to process the short sales yourself.
What is your success rate?
We can boast of a 95%+ success rate. We have determined that the reason a short sale fails is due directly to the inexperience of the one handling the Short Sale process. We have been doing this for many years and have encountered and overcome many challenges!
How does Short Sale Solutions get paid?
Short Sale Solutions gets paid a fee that is disclosed on the HUD-1 and is agreed upon, in writing, by all parties before the short sale is submitted. The majority of the time we are a buyer’s cost and as such, our service is free to our agents.
What is the typical commission I can expect in a short sale?
In the majority (at least 99%) of the short sales we close, we get our agents their full 6%.
How long does it take for a short sale to be completed?
On average, a short sale takes about three months. However, the process can be shorter (typically when a sale date is approaching) or longer (with a homeowner who procrastinates).
What are the Broker / Agent responsibilities in the short sale process?
Your responsibilities are to meet with the homeowner for the listing, place and maintain the property on the MLS, market the property, and meet the BPO agent when the bank orders their appraisal. In addition, we ask that you act as the go-between with your seller, in case we have difficulties in getting homeowners to respond. We will do everything else.
When should I start my short sale?
As soon as possible! Once you get a new listing, introduce us to the homeowner as your short sale team. While you are busy marketing their property, we will work with the seller collecting their documents and getting their short sale package together. That way, as soon as you obtain a buyer, we can start the process immediately.
What if I don’t know all the answers that a seller may ask me?
That is why we suggest that you introduce us early on as your short sale experts. Actually, quite a few of our agents will arrange a conference call, have their sellers call us directly, or schedule a meeting at our office to answer any questions their sellers may have. We have helped many agents “close” their listing appointment by being available to answer any questions.
How do I get started?
Either fill out our contact form on this website and we will get in touch with you as soon as possible, or call us at (949) 340-5457.