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Q&A: Short Sale Package Strategy

October 26, 2009
by Scott Levitt ·  

Q&A: Short Sale Package Strategy
Be informed, be organized, be persistent…
Q: What’s a good strategy for making sure my short sale closes?

A: Aside from sound real estate marketing, you need to make sure you’ve covered your bases with your short sale package and that you stay on top of the bank. Putting together a complete short sale package is key; if there’s too little information, it’ll go right in the garbage.

  • Call the lender and ask what they require in a short sale package (write it down, too!)
  • Prepare a package which goes above and beyond their basic requirements. Show them that you are an expert in your market, and back that perception up with expert analysis of value in your market.
  • Don’t feel compelled to tell the servicer it’s your first short sale…it will only undercut your authority as a market value expert
  • It is not uncommon for a robust short sale package to come in between 40 – 60 pages
  • Remember to keep copies of the short sale package backed up in case the lender loses it (don’t laugh, it happens all the time!)
  • After your package has been submitted, set automatic reminders on your calendar or phone to call the lender once in a while to check in on the status of your short sale. You want to make sure you’re top of mind (but not too pushy).

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