Tips for Getting Your Short Sale Accepted

Jovan Hackley Content Manager & Agent Trainer

Sarah StelmokShort Sales Specialist

Who are you?

POLL:How many short sales

have you completed successfully?

Agenda

Tip 2 | Prepare the Clients

Tip 3 | Perfect the Package

Q & A | Participant Questions

Tip 1 | Know the Major Players

Stats | Short Sales Today

• 31%of Residential Sales

• Average sales price of bank owned is 32% below non-bank owned

• Pre-foreclosure sales in Q2 = 102,407

24% YoY

5% YoY

19% QoQ10% YoY

Short Sales Today

-“Short Sales Soar in Second Quarter,” Realty Trac,

Tip 1: Know the Major PlayersTips for Getting Your Short Sale Accepted

• Negotiator• Negotiator

Supervisors • Asset Managers

• All Sellers• Attorney • Listing Agent

Short Sales: The Major Players

At the Bank

Seller’s Roster

• Accountant• Appraiser• Buyer Lender

• Credit Impact• Home Price• Timing

Short Sales: The Major Players

Other Key Players:

Key Issues:

Tip 2: Prepare the Buyers Tips for Getting Your Short Sale Accepted

Seller Tips• Check your

emotions

• Price is about market value

• Put your best foot forward

Short Sales Tip: Preparing the Clients

Buyer Tips• Banks are about

business

• Consider the Seller

• Be Patient

Short Sales Tip: Preparing the Clients

Average Time = 4 – 6 months

Tip 3: Perfect the PackageTips for Getting Your Short Sale Accepted

Anatomy of a Short Sales PackageSeller Info

• Last two bank statements (12-20 pages)

• 2 pay most recent stubs

• 2 tax most recent returns

• Hardship Letter & Documentation

Short Sales Tip: Perfecting the Package

Anatomy of a Short Sales PackageTransaction Items

• Listing Agreement

• Ratified Contract

• Price Documentation

• Bonus: Profit/Loss Statements

Short Sales Tip: Perfecting the Package

What do you want to know about Short Sales?

Q & A

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