A huge problem that is on the rise with short sales is the risk management involved in a short sale. A retail listing, let's face it, is not that hard to handle. A short sale, however, has it's challenges. Real estate brokerage firms must think about this and take appropriate action UP FRONT and educate their agents on how to properly handle short sale sellers. Everyone wants the next magic pill to make a million bucks in real estate and in a simple search on Google for short sales, I think I found 243 sites claiming to make me a millionaire either by listing, selling, or buying short sales - how easy it was, and how quickly it can be done.
The truth of the matter is that short sales are hard to complete, they take time, and sometimes do not get accepted or pushed through. There is no set system in place in most brokerages to handle short sales. Most offices have a system for retail listings - an advertising policy, sign policy, lock box policy, brochure box policy, etc. Should that be the same for short sale listings? In some instances, yes, that is fine, but in others, no - they should not be the same at all.
Over the last two years in working in short sales in my agent business in Ohio and in my running a real estate office just outside of Chicago, we have developed, with the help of many real estate agents throughout the country, a short sale packet that is a winning tool to use with the seller, and can help protect the brokerage in risk management issues by clearly defining how to handle the seller during the marketing of a short sale listing.
Simply put, I have not been able to find another packet like this on the market anywhere. As a bonus on top of the short sale packet, we have thrown in a quick "how-to" guide for completing BPO's and a list of 96 different websites to register your contact information on to be able to get assigned BPO's from lenders.
For $199, you get the short sale packet, a how-to guide on using it, and a list of 96 different BPO companies to register your information.
I know you will get the $199 back within the first couple of weeks from the BPO sites, so the short sale packet is virtually free.
I hope you find this information as helpful as we do.