Wellington Short Sale Agents- How We Help Homeowners Through The Process
When we get a call from a homeowner who is facing foreclosure or is just tired of being upside down in their mortgage we have a process that is put in place to assist in discovering their options.
1. We get the call from the homeowner through our website, our blog or a referral source.
2. We let the homeowner know that their call is confidential. We also make it clear that we are not attorneys and we don’t work for their lender.
3. Then we ask the homeowner to tell us their story. As they tell their story we can ascertain many points that will either help or hinder their short sale success. We listen for important details that may be between the lines. Some homeowners are ashamed of their circumstances so they may not realize that they do have an underlying hardship.
4. Then our office manager pulls up the tax appraiser’s report on the property being discussed to find out how far away from a foreclosure they may be. Sometimes homeowners don’t even know that they have been served with the lis pendens. Sometimes they turned over this part of their life to an attorney who may no longer even be in business.
5. Then our office manager pulls up any past or current listing history from the MLS.
6. The office manager puts together a package to give to Nestor who will then go through the package in finite detail to uncover any thing that will help us negotiate for the sellers.
7. Nestor calls the homeowner back to go over what the plan of action could be, the facts in the short sale process and then emails the seller a short sale package.
8. Our office policy is that a short sale listing is not put into the MLS without the seller turning in a completed short sale package along with all necessary disclosures to our office.
9. Most of the time in our area, the homeowner may have already relocated or it is a second home for someone who lives away from Florida. Most of the communication is by email, phone and texting.
10. Once we have the short sale package returned, Nestor looks over the short sale package to make sure he feels it is a scenario that we can get approved by their short sale third party lender.
11. Our office manager sends out the listing agreement through Docusign or E-sign to the sellers. The sellers execute the listing agreement and get it back to our office.
12. Cheska, our receptionist then contacts the seller to set up all the showing instructions.
13. Cheska then uploads the showing instructions to Showing Time – who handles our showing scheduling.
14. Cheska creates a sellers calendar and short sale document in google documents and goes over all of this with the seller. Cheska shows the seller how to use his seller calendar. Each time there is a marketing action for the property it is noted on the seller calendar.
15. Nestor or the office manager arrange for the lock box to be placed on the property. If a sign is allowed by the HOA then the company real estate for sale sign is placed on the property.
16. Nestor or the office manager arrange to get photos taken of the property.
17. Katerina prepares the marketing strategy for the property.
18. Katerina delegates the internet marketing action plans to our virtual assistants who are trained in syndicating the listings and place the online ads.
19. The office manager uploads the listing photos and gets the listing put into the MLS.
20. Most often, in this market, we will get multiple offers on the listing in a short period of time.
This is just from the point of the phone call to getting the listing put into the MLS. There are here, at least 20 tasks that much be accomplished to this point.
After the listing is in the MLS and after the listing is being marketed we will get an offer on the property. Many times we will have multiple offers on a property. We will go over each of the offers with the sellers.
Once an offer is accepted by the seller we move into the negotiating stage of the short sale processing. The next steps are determined by the processing rules of each particular lender. If the sellers are applying for HAFA the tasks will be different than the person applying for a regular short sale. The process is also different for people who have one mortgage on their home versus people who have two or more mortgages on their property.
Once all sides have completed the required steps we put together the short sale package to send to the lender or upload to the lender.
We order the preliminary HUD1 from Infiniti Title. Tina prepares the title documents along with any liens, permitting fees, encumbrances or any other title defects that may create an issue for title.
Nestor applies his charm to the cover letter:)
Once the short sale package is sent we must confirm it was received by the lender. This can be a full time job all by itself. The lenders are infamous for lost files.
But one day it will all be confirmed that the short sale package has been received and is going through the processing department and then assigned a negotiator.
Then we go into negotiating mode. This part of the process can take from a few hours to days or weeks.
When we received the approval letter from the seller’s lender we read the letter making sure it meets with our office requirements. Then we forward the letter on to the seller. The seller than can bring this letter to his attorney or decide if this is a letter he or she is willing to take along with the terms and conditions.
If the seller gives us the green light, we notify the buyer agent that we can now schedule a closing date and time.
Katerina Gasset is the author of http://www.wellingtonfloridashortsales.com. Katerina Gasset is the homeschool mother of 9 children and wife to Nestor Gasset. Katerina Gasset is also a writer, author, speaker, Realtor®, SEO coach, blogging coach and business entrepreneur and consultant.