The old saying is still true, “people to don’t plan to fail, they fail to plan. Short Sales are predictably un-predictable. What does that mean? You can always predict that something will go wrong, or will be missed, or overlooked. So, it is time to remember what was passed on from one Boy Scout to Boy Scout, “Be Prepared”. So basic and yet so wise!
Be Prepared:
1. Order Pre-title.
2. Only take a short sale that you know you can close.
3. Be confident but not cocky.
4. Make sure the offer you accept is one that will make value.
5. Meet the BPO Agent
6. Educate the seller before you start the process.
7. Educate the buyer before you start the process.
8. Never make promises that you can’t keep.
9. Call the bank back the same day they called you, in fact always call everyone back.
10. Give good news quick and bad news quicker.
11. Prepare the borrower for the best case and worst case outcome before you list the home.
12. Treat everyone honestly.
13. Read every document before acting.
14. Know the local laws and any changes that have occurred.
15. Never give up. If you take a Short Sale listing on, it is yours to finish.
16. Give it 100% and everything else will work out.
17. Remember, the Realtors job is to make sure everyone else does their job. “The Buck Stops With You”
18. Call the bank three times a week
19. Ask the bank the right questions, even if you think you already know the answers.
20. Know the process.
21. Do not skip steps even if it will save you some time.
22. Always have a plan B.
23. Have a Plan C, just in case.
24. A Short Sale is like Chess, must think 4 steps ahead.
25. Keep all parties informed and never lose hope.
The most important thing is to prepare for the fact that the seller, the buyer and the community are counting on you to get this short sale done. With Short Sales, we assume the responsibility that if we fail, the seller may not get a 2nd chance. Only take a Short Sale on if “You Plan NOT to Fail!!! “
Mike Sher
56 homes sold in 2009, 22 of them short sale listings!
Office: (248) 644-4700x242 Fax :(248) 499-1020
4120 Telegraph Rd, Bloomfield Hills, MI 48302 E-mail: mike@mikerealtor.com www.ShortSaleOaklandCounty.com Blog/Profile: www.mikerealtorblog.com
Web: www.mikerealtor.com
The Mike Realtor Team Blog - Metro Detroit/Oakland County Servicing in Southeast Oakland County, Auburn Hills, Birmingham, Bloomfield, Berkley, Beverly Hills, Canton, Clawson, Farmington Hills, Ferndale, Huntington Woods, Northville, Novi, Pleasant Ridge, Plymouth, Royal Oak, Rochester Hills, West Bloomfield, Troy, etc. We worked with: Bank of America, Country Wide, HSBC, EverHome, Litton, GMAC, Chase, Wells Fargo, Flagstar, Fifth Third, Charter One, Comerica, Am Trust, US Bank, National City But,
We Can Help! This is a competitive real estate market. If you have to sell and can not, perhaps it is time to look at a Short Sale. The Mike Realtor Team has performed dozens of Short Sales for professionals who have lost their job, income has declined, medical problems, relocation, retirement, divorce, loss of spouse, unable to make ends meet, or other reasons not listed.
Great tips for agents! I've blogged about lots of the very same things!