Short Sale Processing Q & A
Reference:
Short Sale Processing Questions and Answers
Friends:
Thanks for the great interest in our Short Sale processing service. I have been bombarded with questions and phone calls. Here are the main questions that come up. I am answering for everybody.
Do you process short sales in my state?
We do process short sales in all the states.
I am an agent and this is my first short sale. Can you help me with some teaching?
This is not a coaching program.
You will need to know a good bit about short sales. We process the short sales but not train. There are many training sources. Here is a coupon for a $200 discount on Short Sales A-Z. 071908200OFF. So if you need it, your the training will only be $150.
How much do you charge?
We charge $350 to start the transaction. At completion, we charge $500. The $500 is no close no pay.
Why do you charge $350 up front?
This is the labor cost of us putting the short sale together, connecting with the bank, following up and obtaining the settlements. No profit yet. Let see if you can get an employee to do it for less!
What do I need to start the processing?
- Get an offer with earnest money. That way we can get going with it right away.
- Also have the owner start collecting the paper work.
- Give it an MLS history so the banks do not come back to you saying that they want a "full price" listing. For that, if time allows, for short while at least, list the properly for as much as is owed plus your commission. If there are no offers you will have stablished that the property is overmortgaged.
Do you take short sales with three mortgages in default?
We typically prefer to work with run of the mill simple transactions that have a good chance of success. If it looks too complicated we will not take the project. To select deals we use a short sale processing intake form. Download it from HERE.
Other people only charge if the transaction is successful.
That is true. However, they charge a lot more. Those outfits want between $4000 in cash or 50% of the listing agent’s commission. Some of them want the up front fee as well. Our progem is very reasonable.
Do I get my commission?
Of course! That is the name of the game. Getting commission. You get your commission and out of that you pay us. No commission means no payment to us. This priority #1.
How am I informed about the progress?
We use RELAY. All the transaction process will be noted in this system. You log into it online. We can use your own account or you can use ours. It is up to you.
What part do you do and what part do I do?
You deal with the client, listing and closing. We deal with the bank.
I will be sending more answers to more questions later. Email me if you would like to be in a demo conferenced call.
Oscar
This entry was posted on July 15th, 2008 at 5:52 pm and is filed under Articles. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
April 9th, 2010 at 5:04 am
Hi, found this through bing. just wanted to let you know that part. but um, thanks for the article. It’s good to know.