Percy Law Group, PC, has conducted dozens of short sale seminars before various real estate industry groups. If you’d, like we can conduct one for you. Please feel free to contact us to discuss how we can best help you capture more of the short sale market and do so more efficiently, profitably and with the least amount of problems.
The following is an example of our short sale agenda. We will tailor your agenda to meet your particular needs.
RE78R13: SHORT SALES
GETTING TO THE CLOSING TABLE
TODAY’S AGENDA:
- INTRODUCTION: THANK YOU FOR ATTENDING…
- SHORT SALES: GREAT CONCEPT, NOT SO GREAT EXECUTION…
- SHORT SALES WILL BE HERE FOR YEARS SO JUMP IN WITH BOTH FEET
- SELLERS ARE HIRING YOU FOR YOUR EXPERTISE AND UNIQUE MARKETING STRATEGIES
- GET IN YOUR SHORT SALE COMFORT ZONE THROUGH EDUCATION, EXPERIENCE, PATIENCE, DETERMINATION AND CONFIDENCE IN YOUR SHORT SALE TEAM
- LISTING AGREEMENT: 6 MONTHS MINIMUM AND THEN EXTEND
- PRICE ADJUSTMENTS: EVERY 2-3 WEEKS AND PUT IT IN THE LISTING AGREEMENT
- HOLD THE BUYERS HAND (FIRMLY) AND WALK THEM DOWN THE PATH TO THEIR NEW HOME
- SELL YOUR TEAM-CONVINCING THE SELLER THIS IS THEIR BEST OPTION
- SOMETHING NEW: OCWEN/NATIONSTAR OFTEN NOW REQUIRING USE OF AUCTION.COM (BUT THEY HAVE BEEN SENDING THE BUYER OVER)
- SETTING THE TABLE: WHY DO A SHORT SALE?
- AVOID FORECLOSURE
- REDUCE THE NEGATIVE IMPACT OF THE SITUATION ON SELLER’S CREDIT RATING
- HELP SELLERS REGAIN CONTROL OF THEIR FINANCIAL LIFE
- HELP SELLER STOP DEPLETING OTHER FINANCIAL AND NONFINANCIAL ASSETS
- BE AWARE OF THE SELLER’S OTHER OPTIONS
- LOAN MODIFICATION
- DEED IN LIEU OF FORECLOSURE
- FORECLOSURE “RESCUES”
- FORECLOSURE
- BANKRUPTCY
- YOU’RE AT THE TABLE GETTING THE LISTING: ANSWERING QUESTIONS AND OVERCOMING OBJECTIONS (AFTER FIRST TELLING THEM YOU’RE NOT AN ATTORNEY OR TAX ADVISOR!)
- ENSURE YOU ARE DEALING WITH ALL PROPERTY OWNERS AND THOSE WHO SIGNED THE MORTGAGE PROMISSORY NOTE
- IF AN ESTATE VERIFY STATUS OF THE PROBATE FILING AND ABILITY OF THE PERSONAL REPRESENTATIVE TO SIGN
- ENSURE THE SELLER IS NOT CURRENTLY IN BANKRUPTCY
- SELLER MUST BE ACTIVELY ENGAGED IN THE SS APPLICATION PROCESS (APPLICATION PROCESS IS JUST THAT, A PROCESS, AND WE WILL NEED VARIOUS THINGS AFTER THE INTITAL SET OF PAPERWORK IS PROVIDED TO US BY THE SELLER)
- ENSURE THE MLS REFERENCES ½ OF THE NET COMMISSION
- SELLER’S BIG QUESTION: DEFICIENCIES
- FIRST MORTGAGE DEBT
- MOST LENDERS
- MASS HOUSING
- MORTGAGE INSURANCE
- DEFICIENCIES: SECOND/HELOC DEBT
- DEFICIENCIES: NON-MORTGAGE DEBT
- SELLER’S SECOND BIG QUESTION: TAX ISSUES, DISCHARGE OF INDEBTEDNESS INCOME ON PRIMARY/SECONDARY/INVESTMENT/COMMERICAL PROPERTIES-12/31/14 SUNSET HAS HIT, NOW WHAT?
- SELLER’S THIRD BIG QUESTION: THEIR CREDIT-HOW BIG A HIT WILL IT BE?
- IS THERE A HARDSHIP?
- DOES THE SELLER NEED TO STOP MAKING MORTGAGE PAYMENTS?
- WHAT ABOUT THE SELLER’S OTHER ASSETS?
- HOW LONG WILL THE PROCESS TAKE?
- AND THEN THERE ARE THOSE FHA CLOSINGS THAT TAKE FOREEVER…
- SELLER ASKS, WHAT ABOUT MY TENANTS?
- VACANT PROPERTIES—KEEPING THE HEAT ON
- BUT IT’S A COMMERICAL PROPERTY
- SELLER ASKS: SHOULD I PAY CONDO FEES/TAXES/UTILITY BILLS? KEEP IN MIND THAT MORE AND MORE LENDERS ARE NOT AGREEING TO PAY THESE FEES SO INSTRUCT YOUR SELLER TO KEEP THESE BILLS CURRENT OR AT LEAST PUT MONEY ASIDE FOR THEM (OTHERWISE GUESS WHO PAYS?)
- PROTECT THE SELLER, REQUIRE A HOME INSPECTION RIGHT AWAY
- SELLER ASKS: DO I DO A TITLE 5 INSPECTION
- WHAT ABOUT A SMOKE/CO2 INSPECTION
- BROKER COMMISSION: MUST PUT BOTH BROKERS IN THE P/S
- BROKER COMMISSIONS: PUT $ AMOUNTS IN THE P/S FOR EACH SIDE
- BROKER COMMISSION: 6% FOR FANNIE/FREDDIE, CAN BE LESS FOR FHA, MASS HOUSING, ETC.
- ALWAYS MEET THE SS BANK’S APPRAISER AT THE PROPERTY
- WE NEED TO RECEIVE/REVIEW/REVISE THE P/S FOR SELLER
- A FEW WORDS ABOUT HAFA (THE FEDERAL HOME AFFORDABLE FORECLOSURE ALTERNATIVE ACT): PLEASE DON’T SUGGEST THEY QUALIFY OR WHAT THEY MAY RECEIVE
- LENDER SHORT SALE INCENTIVES—DON’T ENCOURAGE THE SELLER TO EXPECT THEM!
- WHEN CAN THE SELLER PURCHASE THEIR NEXT HOME?
- WORKING WITH BUYERS: SHORT SALES AREN’T FOR EVERYONE….
- “STEALING” A PROPERTY
- INVESTOR BUYERS
- BUYERS MUST HAVE SKIN IN THE GAME: WHAT THE P/S MUST CONTAIN
- DEPOSIT MUST BE REAL
- HOME INSPECTION MUST BE DONE
- MORTGAGE CONTINGENCY DATES CANNOT JUMP FROM THE SS APPROVAL LETTER
- CLOSING DATES TOO
- CLOSING COST CREDITS
- BUYER’S LENDER PREAPPROVAL & EVIDENCE OF THEIR BRING IN REQUIED
- KEEPING THE BUYERS IN THEIR SEAT
- WHAT WE DO TO GET THE DEAL CLOSED
- WE ARE THE SELLER’S ATTORNEY FROM OFFER TO CLOSING
- ON ALL SS LISTINGS, AT THE OUTSET HAVE THE SELLER CALL US TO REVIEW THEIR SITUATION (15 MIN OF THEIR TIME CAN SAMVE MANY HOURS OF EFFORT)
- AGGRESSIVE ENGAGEMENT WITH THE LENDER—WE HOUND THEM!
- NEGOTIATORS ARE OUR BFF’s TOO
- KNOWING THE LENDERS—HABITS/PROCEDURES/‘GO TO PEOPLE’
- WORKING WITH CLOSING ATTORNEYS TO ENSURE EVERYONE IS ON BOARD AND ROWING IN THE SAME DIRECTION
- COMMUNICATE, COMMUNICATE, COMMUNICATE
- SHORT SALE APPROVAL LETTERS: WHAT THEY SAY AND WHAT THEY DON’T!
- WE HELP YOU NOT GET SUED—DO WHAT YOU DO WELL AND LET US HANDLE THE SHORT SALE T/A (AND ALL THE SELLER’S LEGAL ISSUES)
- E&O INSURANCE-YOU MAY NOT BE COVERED AT ALL AS A BROKER FOR SHORT SALE RELATED ACTIVITIES YOU PERFORM
- QUESTIONS/CONCERNS