A recent episode of the hit TV Show, Burn Notice had an important lesson. The star of the show is a no nonsense spy named Michael Westen. A guy calls him and tells him that some bad guys are after both of them. Michael says that in spy work you learn that a hot lead needs to be followed up on right away.
"I'll be right over," he tells the guy. Then he rushes over to the guy's place to meet with him. He shows up to find the guy has been murdered. He lost out on any information he could have gotten from him. I think we have all learned that lesson. Sometimes in life things need to be dealt with right away. If not, then you miss your opportunity. This happens in real estate, sports and most people's work. If you delay, then the opportunity will be gone forever.
So, how does that lesson relate to short sales? There are certain times during the short sale process where you have to drop everything and rush to get something completed. Here is an example. Everything has been completed for a short sale negotiation. You have sent the bank everything they have requested up to that point. The bank has all of the information they need to make a decision on the short sale file. The bank's short sale negotiator contacts you and tells you that the short sale will be approved.
However, the buyer needs to pay $364,000 for the house versus the $360,000 that was offered. In addition, they need a certain document from the short sale seller. Then they give you the deadline. "If I don't have this stuff within three days, I will close the short sale file," they tell you. After that, you rush to get everything completed. It usually takes 30-60 days of hard work for us to have gotten to this point. We know that if we don't get the short sale negotiator what they want, then we will have to start the entire short sale process all over again.
We will have wasted 30 to 60 days and put our seller at greater risk of losing their home to foreclosure. So, we get to work right away and track down all that information. If we can get the necessary items, then the short sale will be approved. But if not, then all our work will have been in vain and we will have to start the process all over again.
"I'll be right over," he tells the guy. Then he rushes over to the guy's place to meet with him. He shows up to find the guy has been murdered. He lost out on any information he could have gotten from him. I think we have all learned that lesson. Sometimes in life things need to be dealt with right away. If not, then you miss your opportunity. This happens in real estate, sports and most people's work. If you delay, then the opportunity will be gone forever.
So, how does that lesson relate to short sales? There are certain times during the short sale process where you have to drop everything and rush to get something completed. Here is an example. Everything has been completed for a short sale negotiation. You have sent the bank everything they have requested up to that point. The bank has all of the information they need to make a decision on the short sale file. The bank's short sale negotiator contacts you and tells you that the short sale will be approved.
However, the buyer needs to pay $364,000 for the house versus the $360,000 that was offered. In addition, they need a certain document from the short sale seller. Then they give you the deadline. "If I don't have this stuff within three days, I will close the short sale file," they tell you. After that, you rush to get everything completed. It usually takes 30-60 days of hard work for us to have gotten to this point. We know that if we don't get the short sale negotiator what they want, then we will have to start the entire short sale process all over again.
We will have wasted 30 to 60 days and put our seller at greater risk of losing their home to foreclosure. So, we get to work right away and track down all that information. If we can get the necessary items, then the short sale will be approved. But if not, then all our work will have been in vain and we will have to start the process all over again.
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