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Short Sales Take Way Too Much Time!
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By Kathleen Couch
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Short Sales Take Way Too Much Time!
One of the top reasons that agents or investors give, in not taking properties that will involve a short sales is, "they take way too much time." This article is not to dispute that fact. They do take a lot of work in gathering the documents, preparing the short sale package, sending it in by fax, then waiting, and waiting on the bank.
Whether you are an agent, investor, or homeowner, you can make better use of your time. You should be concentrating on what you do best. As an agent or investor, it may be selling properties, or as a homeowner you need someone else to haggle with the bank.
The first time problem you normally run across is the homeowner not getting the documents to you in a timely fashion. Sometimes it is not a comfortable thing for them to really see what their situation is, when they need to turn in bank statements and other items. Another common misconception is a homeowner thinks you can send just some of the package into the bank and they don't need to get the rest of these to you quickly.
Another problem that often comes up is that the 50 to 80 pages that is required for most short sale packages are not handled the most efficient way. Most banks require the package to be faxed. Then you have to wait from 3 days to 3 weeks to know if all pages of the package were transmitted. Also, because of the volume of packages bein
g sent, and inefficiencies in the system, sometimes the bank loses part of the package and cannot proceed without receiving them.
Remember how some of the banks take 3 weeks to get the faxed pages in the system. That is the same for those pages you need to resend. What is worse, the same bank has set up a certain time limit to get the new, or resent information to be received. If they don't get this information before this time, the file is closed. Is it surprising to you that the time limit to receive the items by fax is shorter than the time it will take to get the faxed items in their system. Ever heard of the phrase: "Catch 22"? This is it.
If you are dealing with short sales by yourself, and trying to list and sell properties at the same time, your business will suffer with the time stealing short sales will create. But, if you don't take listings that could be a short sale you will not have much income.
The best thing for you to do is to put a short sale negotiator on your team. No, I didn't say another agent. With this system of using another agent, when the short sale gets approved and the bank cuts the commission, there is very little for any of you. A short sale negotiator or company specializes in short sales. In fact, most of the time that is their only business. A professional negotiator will have relationships built, and have learned some techniques to get around the logistical problems.
So, Happy Short Sales to you!
Whether you are an agent, investor, or homeowner, you can make better use of your time. You should be concentrating on what you do best. As an agent or investor, it may be selling properties, or as a homeowner you need someone else to haggle with the bank.
The first time problem you normally run across is the homeowner not getting the documents to you in a timely fashion. Sometimes it is not a comfortable thing for them to really see what their situation is, when they need to turn in bank statements and other items. Another common misconception is a homeowner thinks you can send just some of the package into the bank and they don't need to get the rest of these to you quickly.
Another problem that often comes up is that the 50 to 80 pages that is required for most short sale packages are not handled the most efficient way. Most banks require the package to be faxed. Then you have to wait from 3 days to 3 weeks to know if all pages of the package were transmitted. Also, because of the volume of packages bein
Remember how some of the banks take 3 weeks to get the faxed pages in the system. That is the same for those pages you need to resend. What is worse, the same bank has set up a certain time limit to get the new, or resent information to be received. If they don't get this information before this time, the file is closed. Is it surprising to you that the time limit to receive the items by fax is shorter than the time it will take to get the faxed items in their system. Ever heard of the phrase: "Catch 22"? This is it.
If you are dealing with short sales by yourself, and trying to list and sell properties at the same time, your business will suffer with the time stealing short sales will create. But, if you don't take listings that could be a short sale you will not have much income.
The best thing for you to do is to put a short sale negotiator on your team. No, I didn't say another agent. With this system of using another agent, when the short sale gets approved and the bank cuts the commission, there is very little for any of you. A short sale negotiator or company specializes in short sales. In fact, most of the time that is their only business. A professional negotiator will have relationships built, and have learned some techniques to get around the logistical problems.
So, Happy Short Sales to you!
Tags & Keywords : short sales,time,agents
| KathleenCouch |
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