Short Sale Rule To Follow

Is there a short sale rule? Not really, but you need to do things in a certain way to increase your chances of getting a deal accepted.

Once you have your motivated home seller with little to no equity, it’s time to get started. An uninformed or under informed short seller can ruin you chances.

Here are some basic rules to follow:

1. Always submit only a complete package.

2. Only submit what is requested, exactly as it is requested.

3. Don’t call Loss Mitigation everyday. Every 3-4 days is fine.

4. Try to be friendly to the negotiator. You may have been on hold for 2 hours and would like to give them a piece of your mind, but do not.

5. Don’t expect your package to be reviewed immediately. Typically any one mitigator has 50-100 packages to review at the same time.

6. Never be pushy or confrontational. This always works against you.

7. Try being honest with them. They understand what you are doing and want to make it work as much as you.

8. Be patient, be patient, be patient. Short sales can take months.

Finally…

9. Follow up, be persistent, but don’t be a pest!

When negotiating a short sale there is no one rule or set of rules to follow exactly. All mortgage companies are different, but the above general guidelines will help.

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