Picture
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. 




Leave a Reply.

    East Lion Realty & Mortgage

    We're a big-town company that handles realty in all of Southern California. Haven't heard of us? Come to our website to learn more then!

    About the Team

    Here at East Lion Realty & Mortgage, we take care of you and want to learn more about you. In order to do that, you need to learn more about us as individuals. Go here to view our profiles.

    Thinking about a Short Sale?

    Ashish can help you short sale your property and get back on your feet. Send him an e-mail at Ashish@EastLionInc.com. He will contact you for a free consultation and explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call him directly at (818) 259-3455.

    Discover how other sellers successfully completed a short sale and request a free consultation by going to our Facebook page.

    Categories

    All
    Advice
    Curb Appeal
    Finding Agents
    Hardship Letter
    Home Value
    Housewarming
    Load Modification
    Short Sale
    Tiny Homes