Step-By-Step Short Sale Process with Short Sale Solutions

Step-By-Step Short Sale Process for the Agent with Short Sale Solutions

Short Sale Solutions

 

Steps for The Listing Agent:

  1. Listing Appointment
    1. Introduce concept of having a short sale “team.”
    2. Determine whether Short Sale Solutions (SSS) contact seller to collect documents or will the agent?
    3. Give SSS documents to the seller.
    4. Arrange conference call with SSS to discuss any questions that seller may have.
    5. Use SSS information sheet when interviewing seller.
  2. Send contact information of seller to Short Sale Solutions
    1. Homeowner name
    2. Phone number
    3. Email address
  3.  Short Sale Solutions sends info email to seller (agent is copied)
    1. Notifies seller of the documents needed.
    2. Arrange for an “Intake” Interview.
      1. Exceptions:
        1. A conference call has already taken place.
        2. Agent has filled out our information sheet.
      2. Put property on MLS
      3. Send documents to SSS
        1. Listing Agreement
          1. Suggested commission split??
        2. Any documents collected from homeowner.
        3. Notify SSS of who should receive weekly updates (buyer’s agent, seller, buyer, TC, etc.?)
      4. Review documents:
        1. Authorization to Release
        2. Mortgage statement – for each account
        3. HOA statement – for each account
        4. Hardship letter
        5. Financial statement
        6. 2 years tax returns – signed & dated
        7. Form 4506T
        8. 2 most recent paystubs
        9. 2 months bank statements – all pages, even if blank
      5. Market the property
      6. Offers come in
        1. Review all offers with the seller
        2. With the offers that you have decided that have merit:
          1. Send counter & addendum with our specific verbiage that allows the buyer to pay our fee.
          2. Tell buyers agent to call us if any questions.
        3. Submit fully executed offer to SSS.
        4. SSS submits short sale package to lender.
        5. SSS sends weekly updates (on Wednesday) to agent.
        6. Agent updates all interested parties.
        7. Throughout short sale, agent is expected to help SSS collect documents if seller is not cooperative.

 

Step-By-Step Short Sale Process for the Agent with Short Sale Solutions

Short Sale Solutions

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