Seller Cooperation is KEY to Short Sale Success

By
Real Estate Agent with Long & Foster REALTORS®, Gainesville, VA VA License # 0225089470

Seller Cooperation is KEY to Short Sale Success

I've been a Northern Virginia Short Sale Agent since 2007.  If there is one thing I know about a Short Sale, it is that the banks will drive you crazy with requests.  Requests to get someone in to photograph your home and do an evaluation of your property.  Paperwork requests...those are endless and repetitive.  If you aren't up for the quick turnarounds required of you, a Short Sale may not be for you.  Cooperation is key.

Last week, I was scheduled to meet with potential Short Sale Sellers who had found me online.  We hadn't even signed a listing agreement and already, they were hot under the collar about the BPO.  I informed them that the agent conducting the BPO had to get inside to take photos and needed to have their report to the bank within forty-eight hours.  The Sellers were livid.  They felt it was my job to tell the bank NO to the interior photos and to get a more reasonable time frame for the BPO Agent to come by.  Apparently, twenty-four hours notice wasn't good enough for these two.  Needless to say, I walked away before the listing agreement was signed.  If you can't deal with a simple BPO request from the bank, your knickers are really going to be in a twist when they start requesting personal financial documents.  "It's none of your business," doesn't work on banks.  It IS their business.  If you won't cooperate with the banks, you are wasting your time pursuing a Short Sale.

The banks don't care that you can't locate your latest pay stub or last year's tax returns.  They don't care that it is a pain to get an arm's length affidavit notarized, or that is cost you x number of dollars for the notary's service.  They just want it DONE.  And if you can't do that, you aren't likely to get very far in the Short Sale process.  

A good Short Sale Agent like myself will prepare you for what your bank will want.  Listen to us when we tell you what we will need.  Start gathering those documents now.  If you wait until the last minute, you are only hurting yourself and making your own Short Sale more complicated. 

 

 

close

Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Ellie McIntire 08/14/2012 06:47 PM
Topic:
Home Selling
Groups:
Short Sales Pre Foreclosures Bankruptcy and More!
Bartender, Make it a Double
Short Sales Specialists
Virginia Foreclosures Short Sales and REO (and Pre-Foreclosures)
Short Sale REALTORS®
Tags:
gainesville va short sale agent
bristow va short sale agent
northern virginia short sale agent

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the computer to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the computer to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Ambassador
832,642
John McCormack
Albuquerque Homes Realty * www.AlbuquerqueHomes.com - Albuquerque, NM
AlbuquerqueHomes.com
Let's all say this together .... COOPERATION . It's the key to a successful real eastate transaction!
August 14, 2012 04:16 PM #1
Ambassador
1,882,258
Chris Ann Cleland
Long & Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Northern VA

John:  That's right.  It's important in ALL transactions.

August 14, 2012 04:25 PM #2
Rainmaker
976,131
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Pasadena Real Estate Representation 818.516.4393

Chris Ann -- unfortunate as it is, I feel it is better to "lose" this type of listing upfront.  When red flags surface so quickly it definitely is best to leave(and as quick and professional as possible).  You made the right decision.  Onward and upward.   

August 14, 2012 04:28 PM #3
Ambassador
1,063,813
Ellie McIntire
Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD
CDPE, Howard County Homes for Sale

Chris Ann- so true. I prepare my short sale sellers for a MOUNTAIN of paperwork, inconvenient requests and possibly a lot more.

August 14, 2012 06:44 PM #4
Rainmaker
1,231,595
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Chris Ann - I couldn't agree with you more and I know it can be frustrating for sellers at times, but it's part of the process and preparing them ahead of time usually lessens their frustration.

August 14, 2012 08:02 PM #5
Rainmaker
136,234
Greg Miller
Ruoff Home Mortgage - Warsaw, IN
Warsaw Ind. Home Loans - Conventional,FHA,USDA,VA

Chris Ann , I totally agree with what you have said and kudos to you for walking away. People need to cooperate as John said above. Ironic that I just wrote a post about getting chewed out by a client and then this is the first post that I came across. I was over 50% of the way into my deal before my client reared his ugly head..Have agreat day, you made the right decision.

August 15, 2012 03:58 AM #6
Rainmaker
1,198,189
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

This is why I generally get the paperwork in advance and upfront. If they aren't willing to do the simplest thing such as write a hardship letter and send it to me for review, I'm not about to list that short sale. They have to prove that they want to do a short sale. That proof is in supplying financials and cooperating. They do that, and I'll move heaven and earth to get it approved. If they can't be bothered, neither can I.

August 15, 2012 06:53 AM #7
Rainmaker
526,868
Curtis Van Carter
Coldwell Banker Brokers of the Valley, Yountville Napa Valley - Yountville, CA
Napa Valley's Broker Extraordinaire in Yountville

Chris Ann

Good for you in walking away from what would obviously have been a big headache. If you want a great short sale agent in the Northern Virginia area, you need to look no further. But for both your sake's, please listen to advice. She will make this difficult transaction as smooth as it could possibly be. cheers cvc

August 15, 2012 08:16 AM #8
Rainmaker
1,053,511
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Good Morning Chris Ann, What a great point because if the seller is not willing to assist in what they need to complete and submit, the sale could be done before it starts. Have a great day.

August 15, 2012 08:18 AM #9
Ambassador
1,882,258
Chris Ann Cleland
Long & Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Northern VA

Michael:  Walking away is much easier when you've been in the business for long enough to know it's a waste of time.  As a new agent, I would have stuck that one out and been miserable with a listing that was never going to sell.

Ellie:  And it's often our job to be cheerleaders when they hit the wall and are tired of the demands.

Michelle:  Prepping them is definitely necessary.  

August 15, 2012 02:08 PM #10
Ambassador
1,882,258
Chris Ann Cleland
Long & Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Northern VA

Greg:  Cooperation is a necessary component of every real estate transaction.  I wish all the uncooperative folks out there could show their true colors before we put in all the time and attention that you did.

Elizabeth:  I may have to start doing that as a matter of policy too.  Great idea.

Curtis:  Thanks for the plug.

Scott:  Cooperation is addressed in the Short Sale Listing Addendum we have our sellers sign.  By signing it, they are agreeing to cooperate.  If they don't, they have breached the agreement with us and we can walk away.

August 15, 2012 02:11 PM #11
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the clip to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Ambassador
1,882,258

Chris Ann Cleland

Associate Broker, Northern VA
Email Me For a Free CMA of Your Home's Value
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the printer to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: