San Diego – My Short Sale Guide Blog Series
Negotiating With the Bank on your San Diego Short Sale Step 7:
Contrary to popular opinion, San Diego short sales don’t have to take months. The reasons they often take so long are numerous but working with an experienced short sale professional is guaranteed to speed things along with your short sale process.
The 4 Critical Questions: Answer them properly and get your San Diego short sale offer approved faster.
1) What’s the value?
2) What’s the offer?
3) What’s the 1st Getting?
4) What’s the 2nd Getting?
It’s almost that simple however….
Your agent first needs to know the short sale process and how to quickly gain access to and establish a great relationship with the bank’s “negotiator” assigned to your account and as always, first impressions really are everything.
Since you only get one shot at first impressions, how tight is your short sale package? I can assure you that the short sale packages my team submits are the exception and not the rule. Send a tight, clean package with an offer that can be supported by your BPO.
Key: I always require that the appraiser or broker the bank sends out to complete an independent home valuation contact me for access to the property. I provide them sales comparables and information about the neighborhood that supports the BPO I’ve already submitted with the original BPO to the bank. This is always appreciated, makes their job easier and slides their valuation in my direction – and favor!
Every communication we have with the bank during the short sale process is designed to make them want to work with us.
Every time we call to check the status of our offer (my rule is a minimum of 3 communications per week regardless of their requests) I know that when the negotiator looks at our file, they will breathe a sigh of relief because unlike all the other files they are working, ours is clean and accurate and answers their four critical questions properly!
What’s the value?
What’s the offer?
What’s the 1st getting?
What’s the 2nd getting? (2nd mortgage if applicable)
Again, good answers to those questions are critical to getting the banks loss mitigation manager to sign off and accept your short sale. These answers must be supported by their B.P.O. (broker price pinion), preliminary title report and HUD-1.
The faster you can put the right answers, supported by the facts, into the hands of the decision maker at the bank, the quicker you can get an acceptance to your offer, a sold home and a credit report that’s often improved with the removal of the mortgage debts.
By working with an experienced real estate professional who understands the process for immediately delivering the right package to the right person, you can practically guarantee your success AND avoid months of unnecessary stress brought about by not knowing if you’ll be able to successfully short sale your home and save your credit.
San Diego short sale expert Gary Kent has written the book on short sales. Gary would like to offer the San Diego Short Sale Guide to you for free – Short Sale Guide.
To find out how much your San Diego home is worth compared to owe much you owe, go to www.ShortOrStaySanDiego.com
The Gary Kent Teamof Keller Williams is a California Real Estate Broker, License 00862878. We are not licensed to provide legal or tax advice and we encourage our clients to seek legal and/or tax advice early in the short sale process.
by Gary Kent. Gary has successfully helped well over 200 clients and their families sell their homes or other real estate via a short sale. In 1991, he closed his first short sale for a young family, and since has been helping clients get out of stressful financial situations, escape from “under water” mortgages, avoid foreclosure (and the accompanying stigma), save their credit, and maintain their pride through a short sale. You can find Gary on Facebook, Twitter and Google+.
Gary Kent Team - Keller Williams
8813 Villa La Jolla Drive #2001
La Jolla, CA 92037