Current Survey Results

YRI Short Sale Survey Report

Short sales continue to take predominance across the country. In December we surveyed successful 5,000 Real Estate professionals across the country with a few relevant questions about how they are dealing with Short sales in their market.

See the survey results and some of the comments these professionals shared with us.

1. Some banks are still the biggest problem for expediting short sales.

2. You have to get financial docs from your Sellers way before even listing the property.

3. Have all the paper work from the seller before you submit the contract. Send updated bank financials every 30days before they ask, send the negotiator a pizza for lunch with a nice note thanking them and letting them know that is has been a pleasure working with them….;)

4. We work with North American Title Short Sale Dept. in Arizona along with our local North American Title (Maryland) office to communicate with seller creditor…….I have been CP mentor trained for seven years, 2009 completed CDPE cert. AND have been very successful w/ high percentage approved short / settled for my seller clients (with no money out of seller’s pocket for our services)……Jay Hull–Remax….. http://www.jhpropertymatch.com/

And finally this comment received from an anonymous but experienced real estate pro proved to be most worthwhile.

“On Listing and selling Short Sales”

1. Try to get a price from the bank or lender to list the property.

2. Get all paperwork from your Seller within a week of the listing. This is all their financial information, loan information, hardship letter, bank statements, tax information etc all that is necessary to submit an offer. Make sure your Seller sends you updated bank statements and tax information regularly.

3. Contact the Bank/lender as soon as you take the listing and request any SS packets that they may offer. Make sure you send them an authorization letter right away, FOR BUERS OF SHORT SALES: Teach them patience. Make sure they understand these transactions take months before the Bank or Lender responds. Get all necessary information required by the Listing Agent and have that in your file.

4. Finally, tell your Buyer’s that they can make offers on several properties at the same time with no risk.