After surviving hundreds of short sale negotiations, my colleagues and I have found that there are several components to getting a short sale approved – and none of them involve immediate acceptance. It’s about knowing what challenges to expect and implementing a few strategies to make it easier to meet them.

If you want to be successful at negotiating short sales, it’s really all about understanding what lenders are thinking during those negotiations. They’re thinking about which course of action will cost them the least amount of money. If they see any way to collect that debt, they will do it. If they see any need to avoid a long-term bad debt, they will generally move in that direction. Lenders know how much it costs to continue to collect debts and maintain REOs. They know exactly how much money they lose when they have to take possession of a foreclosed property.

So, without offering any wacky secrets, these are my real-life, straightforward tips for successfully negotiating a short sale.

1) After you submit a complete short sale package, confirm that it was assigned to one of the loss mitigators and find out who that is. Do this right away, because it’s not unusual to find that lenders misplace those packages upon receipt. They are overwhelmed with foreclosure paperwork, so a call or two from you may help your package avoid getting lost in the shuffle.

2) Be persistent. Lenders are swamped with foreclosures. They have trouble keeping up with all the short sale cases they are working. The only way to push things forward is to make sure you are pleasantly persistent. Don’t call every day. Call every other day or every third day. When you call, don’t leave a message every single time and make your first impression as a pest. Just hang up and call back.

3) When you find out who is handling your short sale package, ask them who owns the loan. I guarantee this will make your negotiations go more smoothly. Once you know whether the loan is a VA, FHA, Fannie, or Freddie loan, you can know exactly what their negotiation limits are.

4) Summarize your offer for the loss mitigator and ask them to get an interior appraisal or BPO as soon as possible.

5) Conduct an effective BPO.

6) Pull a title report after the BPO is done so you can resolve any outstanding issues before the closing.

7) Ask the bank about the number for the BPO. This is self-explanatory. Just ask. Sometimes they won’t tell you, but sometimes they will. And then you know you’ll pay about 90 percent of that number.
If the lender refuses to disclose the BPO, you need to ask for a counteroffer. (When they make their counteroffer, this is usually equal to the amount of the BPO anyway.)

9) Submit your own counteroffers with additional proof to validate your offer (days on market from the MLS listing, repair estimates, low comps, negative articles on the area or city).

10) Make sure the lender knows you’re a cash buyer and can close quickly.

We’re not selling any magic potions, and we’re not selling any hyped-up baloney. The truth is much more powerful. Lenders don’t normally view short sales as their best option, but short sales aren’t their worst option either. All you have to do is convince the loss mitigator that your solution makes the best financial sense for them. If you’re ready to educate yourself, develop a good attitude, and be persistent, you can successfully negotiate a short sale.

Want to learn more about managing a short sale negotiation? Check out the Strategic Real Estate Coach website and gain access to everything you need to know about loss mitigation in America!

It’s easy to just walk away and give up – the path of least resistance, for certain. However, the foreclosure haunt continues for years affecting credit, employment and even security clearances. With the advent of HAFA as an additional alternative, foreclosure can be avoided.

Obviously, foreclosure can’t always be avoided, but knowing your options before going into “ostrich mode” would well be worth the time invested. In light of HAFA, which even provides relocation assistance money and eliminates the hovering concern of a deficiency judgment when a short payoff has been accepted, there should be no reason for distressed homeowners not to explore their options versus throwing thousands away.

Personally, I’m so adamant about informing the public about their options, I’ve setup a “Home Rescue Network” to provide homeowners who owe more on their homes than they are worth or are behind on their payments a comprehensive list of options to avoid foreclosure and a quick questionnaire to help them determine if they are eligible for the new government programs available.

I have a National network of experienced brokers and agents around the country I’m able to refer homeowners to. These are experts in their area who can help further educate and help homeowners rescue their homes from the throes of foreclosure. If you’re interested in more no-obligation information about this, you can contact me directly.

I believe HAFA will help simplify and streamline the use of short sales and the deed in lieu of foreclosure (DIL) options with the use of the top features HAFA provides including:

1. Providing incentives (financial) to borrowers, servicers AND investors

2. NO deficiency judgments – Servicers are required to release borrowers from future liability for the debt

3. The normally daunting short sale process will be standardized and streamlined by using standard processes, documents and timeframes

4. HAMP eligible borrowers will have workable alternatives complementing HAMP

5. Eliminating the need for additional analysis on eligibility by utilizing financial and hardship information collected in conjunction with HAMP

6. Pre-approved short payoff terms prior to listing the property will be allowed

Homeowners with negative equity positions in their mortgages are at all time highs – over 11,000,000 (that’s about 24% of all properties with a mortgage) are upside down. HAFA results in providing borrowers a great option to avoid foreclosure through standardizing the process flow, minimizing the performance timelines and standardizing documentation of short sales will be anxiously awaited by me and countless others.

Looking to know your options to Avoiding Foreclosure, then visit www.AzSPO.com to find the best advice on HAFA and Foreclosure Avoidance.

If you know someone who has been through foreclosure, you might already know what could happen. Did you know there are several options available when you get a notice of default? It might seem easier to just move out, but you have to think about your financial future. For instance, when you move out, will you be losing your ability to ever own another home?

Whether you’re a homeowner, a real estate agent, or an investor, you need to know all the options for someone facing foreclosure. As a homeowner, your best bet is to get enough information to make an informed decision. As someone who helps homeowners, you need to make sure they understand that information. You need to set realistic expectations for the loss of their home.

Let’s look at the deed-in-lieu option and loan modifications first.

A deed-in-lieu means that the homeowner agrees to simply hand over the property to the bank. It helps the bank make the repossession easier, but it still hurts the homeowner’s credit as if the foreclosure had actually taken place.

Are mortgage loan modifications the answer? We have all heard about the Home Affordable Modification Program (HAMP) initiated by the government to make more loan modifications a reality for homeowners in default. Unfortunately, only 4 percent of all homeowners that apply for modification actually result in their loan’s permanent modification. For instance, in one recent quarter, California had about 140,000 mortgage loans begin the trial modification process. Based on the current success rate, only 5,600 of those loans will actually be modified to avoid foreclosure. At that rate, modification programs are simply not helping enough people.

There are four more successful options.

1) The homeowner can stay in the house and file for bankruptcy, allowing the courts to stall the foreclosure as long as possible. It doesn’t mean the foreclosure won’t happen, but it does mean that the homeowner can refuse to pay for a place to live until the auction date.

2) The real estate agent can list the property for the amount due on the mortgage and try to convince the buyer that the house is worth it before the foreclosure auction date arrives. Since most buyers wouldn’t fall for that, the homeowner may choose to revert to the first option.

3) List the house as a short sale, find a buyer, and make the buyer wait out the short sale process in order to buy the house at a discount. Many real estate agents recommend this solution because it sounds like the easiest thing to do while still earning their commission, but it’s a little more complicated than that.

For instance, the buyer usually has to agree to wait two or three months before they can close on the house and move in. Most buyers need to purchase a property that is ready to close in less than a month.

If the real estate agent or the seller isn’t familiar with negotiating a short sale, other problems can arise during the negotiation process. Banks have entire loss mitigation departments staffed with people who are trained in collecting mortgage debt, and they have no problem taking advantage of homeowners who don’t understand the system.

I’ll give you an example. Did you know that deficiency judgments and post-sale promissory notes can be avoided in some cases? You can know the basics of how the process is supposed to work, but shouldn’t you learn how to work the process? Wouldn’t that alone be worth it?

4) The real estate agent could list the house as a short sale, while arranging the purchase by a short sale investor who doesn’t mind handling the paperwork, negotiating a successful short sale on the seller’s behalf, and waiting for the lender’s approval before closing on the house. The homeowner would avoid a foreclosure, the agent would still get the commission, and the buyer would get the home as an investment property to sell or rent.

Why should the homeowner work with an independent short sale investor? People who negotiate short sales every day know the best ways to get the best deal for the homeowner. For instance, the BPO process is more than just having an appraiser stop by. An experienced investor will know how to handle the situation to the homeowner’s benefit.

The four main options for homeowners in default should be made evident to everyone involved. They can stay in the home and use the bankruptcy process, they can sell the home for what they owe the bank, they can ask a potential buyer to wait out the short sale negotiation process, or they can outsource the negotiations to a short sale investor who will buy the house from them.

If you’re interested in finding out how the short sale approval process really works, sign up for free downloadable reports on the Silver Membership page of the Strategic Real Estate Coach website. You’ll also learn about the foreclosure process, and you can gain access to networking opportunities with other people who are interested in helping homeowners avoid foreclosure.

Attorney Jeff Watson has some great commentary on the legal side of real estate investing. You can find that and more on his blog. Just visit topshortsalelawyer.com.

When you help people learn the truth about foreclosure and how to avoid it, you give them a chance to overcome one of the most difficult times in their lives. Educate each homeowner about their options, and watch them turn a bad situation into a fresh start.

Need to know more about foreclosure options? Get all the information you need from Strategic Real Estate Coach! Grab a totally unique version of this article from the Uber Article Directory

Any seasoned salesperson knows that the client’s needs and problems should be uncovered before any solution is offered. Once that is accomplished, you can customize your best solution to their particular situation. That’s just smart selling.

A short sale investor’s clients are people in financial trouble who need to sell their homes. Their issue is pretty simple, right? They are in default on their mortgage payments, and the lender wants either the home or the money. When you look a little deeper, that doesn’t really tell you what their needs are. Different people are worried about different aspects of losing their home. Facts are important, but a short sale investor who wants their trust and their business will find out what they’re really worried about before moving on with the conversation.

After you find out what their real concerns are, that’s when you begin tailoring your answers to those concerns. As they speak, listen carefully for the win-win proposition that you think will work for both of you. It’s a rare day when there isn’t a positive solution available for a homeowner in financial trouble. All you do is educate yourself about them, and then educate them about your possible solutions.

You’ve been listening to them for a while, and you now know their story. (If you’re smart, you’ve been letting them do most of the talking.) When they’re done – and only when they’re done – you need to talk about how working with you is the right solution to their problem. That’s where the Positive Results Conversation comes in.

The Positive Results Conversation gives you the chance to repeat their concerns back to them and explain what you can do to help them with each one. This is also the time to explain foreclosure options and how each option may affect their future.

Once you have gone over the options, the next step is to educate the homeowner about the short sale process. As short sale negotiators, we know that a short sale is the option that best minimizes the damage to the homeowner’s financial life, but most people don’t quite understand how everything works – and some people are very suspicious of things they don’t understand. That’s why we also talk about setting expectations.

There is no substitute for realistic expectations when it comes to getting involved in someone else’s financial business. An informed client who makes informed decisions is so much more likely to be a satisfied client. When you manage their expectations, you increase your chances of seeing the Positive Results Conversation work. When you don’t talk about what can and can’t happen, you risk putting yourself in the position of having to explain some unfortunate events later.

That’s also why you shouldn’t stop the Positive Results Conversation until you’re done explaining everything. The homeowner needs to know about everything in your presentation, or they won’t be able to make a fully informed decision about whether to work with you. If you leave an unfinished conversation, the homeowner won’t realize why your proposal can add value to their financial lives, and it may be easier for them to give up too soon.

Bring your own personality to the table, but stick to the script and keep the conversation under 90 minutes. By the end of your presentation, the homeowner should be able to see some positive results already: there is a knowledgeable professional in front of them who is willing and able to help, and there is a solution to their problem besides running away from it and watching what’s left of their credit rating go down in flames.

If you want to learn more, you can read about the whole Positive Results Conversation in the Short Sale Manifesto, which is a special report that can be found on our website (see the link below). There are a lot of talking points, but go over each one with the homeowner. We have done this for years, with positive results for homeowners and for us. Before you know it, you’ll be collecting all the documentation for the short sale package and moving forward.

Remember that this is a presentation we put together from experience. Everything in our Positive Results Conversation is specifically geared toward short sale success, and it has been proven to work over and over again. How will you really know when you get positive results? In your local market, you will become the one that people think of when they need someone who can solve tricky situations with problem properties. Your neighbors will know you as “the short sale expert”!

Need to know more about helping property owners in pre-foreclosure? Check out the Strategic Real Estate Coach resource page and learn our best short sale success strategies!

Many people are in search of a definitive answer about when the California housing market will hit bottom. Are you biding your time before you buy a new home? Sitting around eagerly anticipating another drop in housing prices? Well, while you are sitting around waiting, somebody else is likely scooping up that lovely beach house in the San Diego suburbs you’ve been eyeing.
Analysts are all over the map when they try to predict the bottom of the housing market tumble, and that’s because it’s anybodies guess. Plus, there is no guarantee that mortgage rates will not increase, which can easily offset any potential savings you’ll see from a hypothetical drop in the price of the house you want. Mortgage standards are also on the rise. Lenders are becoming increasingly more discriminating about the credit history of potential buyers. So, if your credit is less than perfect, playing the waiting game might really burn you in the end.
If you really wanted a sandwich for lunch, would you stand outside for hours, just in case they dropped the price by fifty cents? Any potential drop in housing prices can easily be negotiated when you are buying your home, anyhow. Sellers are often eager to move their properties in the current market. Rather than sitting like a silent spectator on the sidelines, try negotiating instead. Then, you’ll get the house you want before someone else does, and you’ll still walk away knowing you’ve gotten a great deal.
By buying a new home, you are actually doing your part to aid the market’s recovery. As home buyers stop feeling squeamish and start realizing that the market is theirs for the taking, the housing market will begin its steady upward climb. It’s only a matter of time before real estate investors and private home buyers alike start to swoop in and scoop up the numerous short sale and foreclosure bargains on the market today.
Once those properties are in short supply, home prices will steadily begin to creep up. Prices will normalize as the nation’s homes start the inevitable process of gaining equity once again. For all we know, we could currently be looking up from the very bottom we’re trying to predict. In fact, The National Association of Realtors predicts a slight increase in existing-home sales for 2008.
Potential buyers might think that twiddling their thumbs while carefully watching the “For Sale” sign in the front yard of house of their dreams is a wise financial plan. However, they are likely not the only ones watching to make sure that sign is still there every morning. Once the first surge of buyers starts to show confidence in the market, it’s only up from there. We are likely to only see the bottom of the California real estate market in the rear-view mirror. Wouldn’t you rather see the inside of your new home instead?
The only person that can know when the time is right to buy a new house is you. Don’t let the media’s negativity prevent you from buying at today’s great prices and low mortgage rates. Your family is sure to enjoy their new home for years to come, and it won’t be a decision you will regret in the long run.

The very first thing you should do, when you run into trouble, is call your mortgage company. You will need to, specifically, talk to someone in their Loss Mitigation department. Explain your personal and financial situation to them. Plan to divulge information you may not want to share, and be ready to give them proof.

Mortgage companies are prepared to deal with many different financial hardship situations. Depending on your specific situation there are several different options that the mortgage company can take with you. One of the most common is known as forbearance. This action allows you to repay missed payments.

Other approaches are available. Mortgage companies may give you another loan for the late amount, add the late amount onto the end of the mortgage, or even consider waiving a payment. All of which are fully dependent upon your exact situation.

You may not have even considered this, but some people leave their home as soon as they think they will lose it. This; however, will put you in a place where you can no longer be assisted. There are counseling agencies, in your area, designed for helping with these particular cases. They are more than willing to help, providing you still reside at the property. Take all the help you can get.

If your mortgage company has already formed a Notice of Default, your options have just lessened. At this point you will have a much more difficult time getting assistance from anyone, including your mortgage company. One of the only options you have, if you want to save your credit, is to sell your house. Problem is, you might not get enough money and you still have to pay off the remainder of the loan. On the other hand, a few grand is way less than a house.

There are a couple other options, at this point, but they will you’re your credit almost as bad as the foreclosure would. Just keep in mind that you have options. Acting before things get out of hand is your best option and will be the one that works for you. Do not let things get to the point that there is no return. If you want to avoid foreclosure, work with your mortgage company immediately.

Learn how to avoid foreclosure by using short sales. Head online today and you can learn how a short sale will help you out.

If you are a real estate investor and missed the housing boom, you may get another chance. Overheated in the eastern and western markets are cooling off, but there are new opportunities out there. Some of the cities that sat out the boom of the last few years are now showing stronger appreciation gains. Cities such as Dallas, Houston and Atlanta are showing signs of a strengthening real estate market.

Real Estate in hot markets like the San Francisco Bay area market is showing signs of s a slowdown. Prices are rising slowly, however inventory is up. Another sign of slowdown in this hot market is the time it takes to sell a property. Last year some were getting nervous because there were only three multiple offers on a property instead of nine. In one year we have seen quite a change. Now homes that would have sold in one or two weekends are sitting on the market longer. It is not uncommon to see homes sitting on the market thirty to sixty days. This is more like a normal market.

Meanwhile in Texas the demand for housing is increasing. With the new boom in the oil market aiding the job market, workers are coming to Texas from the US and abroad. This is putting upward pressure on the housing market. There are no signs of this slowing down anytime soon. While home prices in Dallas and Texas may not appreciate at the high rates of 20% + seen in some areas in the last few years, the appreciation rates should still be healthy. Real Estate Investors have been aware of this and are investing in these markets that have previously been very slow.

The Atlanta market is benefiting from a healthy job market. Unlike the Texas markets, the Atlanta market is also seeing a rise in inventory. This rise in inventory should restrain the appreciation in Atlanta.

A number of cities in the southwest which have seen high appreciation rates are seeing a strong increase in inventory. Cities such a Phoenix and Las Vegas are also showing a strong job market. Inventories of homes in these cities will need to be watched. If inventories continue to rise sharply, prices will tend to stay flat or fall slightly.

Meanwhile the California market is looking vastly different from a year ago. In Sacramento and San Diego the market is cooling rapidly. In California it now takes an average of six months to sell a home. I was not that long ago that in some California markets, homes were selling in one weekend.
In California the average home now costs over $500000. This is out of reach for many families. The pressure is now on housing prices to come down in some areas. Higher interest rates, slower sales, home prices beyond the reach of the average family all point to falling prices in some areas.

Another scenario is that home prices will remain flat until wages catch up.

As the market changes, more and more homeowners are getting caught in foreclosure. As prices appreciated quickly, homeowners who could not meet their mortgage obligations benefitted from an increase in equity. That will not be the case in the coming years. There are a number of sites dedicated to homeowners wanting to sell their homes without a Realtor, investors looking for deals, and agents looking for new business. RealtyTrac is one such site. Here you can find home bargains, sell a home without an agent, and discover your homes value.

A short sale hardship letter must be provided to mortgage lenders when borrowers engage in short sale transactions. When banks enter into shorts sales they agree to accept less than the borrower owes, as long as the borrower can sell their home within a certain time period.

The short sale hardship letter is used to provide details of the events which caused the borrower to become delinquent on their mortgage. Lenders require borrowers to submit financial documentation proving they are unable to cure mortgage arrears and have no choice but to sell the house short or fall into foreclosure.

Short sale letters should include a timeline of events and explanation of actions the borrower has taken to resolve financial challenges. The letter of hardship should be thorough, yet concise. While lenders can be sympathetic to your plight, they aren’t interested in knowing every detail of your life.

The following is a fictional hardship story which provides an overview of the type of information to include in a letter of hardship.

John and Jane Jones purchased their home in June 2004. At the time John and Jane were employed fulltime, held financial portfolios and a well-stocked savings account. In May 2005, John was involved in a motorcycle accident and required multiple surgeries and months of physical therapy.

John was unable to return to work on a fulltime basis for three years. Although he received disability payments, the amount he received barely covered the private nurses John required the first year of his recovery. The couple had to tap into their savings account to meet their monthly obligations.

In July 2007, Jane’s employer of ten years suffered a fatal heart attack. Unable to continue operations on her own, his wife sold the business and Jane lost her job and their health insurance. In order to pay for John’s therapy, the couple liquidated their financial holdings.

In September 2007, Jane was diagnosed with breast cancer. Although it was caught early, the Jones’ did not have health insurance and the treatments quickly depleted their savings account. Fortunately, Jane only had to endure one round of chemotherapy and a relatively minor surgery. She was able to return to work within three months.

With years of financial setbacks, the Jones’ began falling behind on their mortgage payments. Within a matter of months they were forced into bankruptcy. They filed for Chapter 13 protection and reorganized their debt. They were able to adhere to their repayment plan and then the bottom fell out.

In November 2008, Jane’s cancer returned. Although they had health insurance, Jane’s treatments were much more aggressive and she was unable to work. The Jones’ missed two of their Chapter 13 payments and their lender petitioned the court to have their bankruptcy dismissed.

The lender’s attorney made a court appearance and after hearing their story, offered to allow them the option of a short sale. Although the Jones’ wouldn’t be able to stay in their home, they would be able to walk away owing nothing.

Every person facing foreclosure has a hardship story. Your story is just as important as the next person’s. Hardship letters are read by loss mitigator’s. Although loss mitigators do not make the final decision on a short sale they can have substantial influence and will root for those they believe are experiencing serious financial hardship.

Keep in mind loss mitigators are bombarded with short sale offers. When writing your short sale hardship letter stick to the facts and avoid portraying yourself as a ‘victim’. While you want bank mitigators to empathize with you, you don’t want them falling asleep while reading your letter of hardship. 

Answers to the Most Frequent Asked Short Sale Questions

1. Q Will I be eligible for a short sale if I have 2 mortgages?

A Yes- The majority of short sales involve 2 lien holders. They both have to agree and be satisfied. If only the first lien holder is paid off after closing, the second mortgages terms has to be re-negotiated and resolved.

2. Q How Many Payments do I have to Miss to Qualify for a Short Sale?

A None—-In the later part of 2007—Most major lenders began to accept offers of a short sale from sellers that had never missed a payment or been late.Their personal situation had changed.

3. Q Will I be Responsible for Additional Income Taxes for the Difference of Loss to the Bank?

A No in most cases. It was true in the beginning of short sales; but now the rules have changed. Consult with your CPA or tax Attorney. The law has been changed so that most people are not responsible for any additional taxes.

4. Q Will I have Trouble Qualifying for a Short Sale If I Owe More Than My House is Worth?

A No If your debts are greater than your assets and you cannot make your payments; then you will qualify for a short sale. It’s that simple.

5. Q Is There Time for a Short Sale Before the Foreclosure Process Begins If I Have Only Missed One Payment but Know I will Miss A Lot More?

A It varies in each state. A rule of thumb is; 6 months to a year. A well priced short sale usually sells and closes in less than 120 days.

6. Q Is A Short Sale Right for Me If—I Have The Resources to Pay All or Part of the Negative Amount Owed. I Don’t Want to Ruin My Credit. I Just Can’t Make My Payments Any Longer.

A In this case; it would be better to work out a repayment plan with the first lien holder. The monies you have will more than likely be used to pay the 2nd lien holder. They will release the lien. The property can be sold and closed in a regular manor.

7. Q Does the Lender Have to Approve My Home Before It Be Listed As A Short Sale?

A No There basically is no such thing as being short sale approved by any lender. The approval occurs after there has been an accepted offer.

8. Q Will Property Taxes Still Have to Be Paid If I do A Short Sale?

A Yes Property taxes always will have to be paid. Each lender has different policies and it will depend on the specific agreement you reached while negotiating the short sale. So, either yourself or the lender will be responsible for paying the property taxes.

9. Q Why Doesn’t my Mortgage Insurance Pay The Deficiency Amount?

A . Mortgage Insurance is not for the protection of the owner. It only protects the lender. In most short sales there are 2 lien holders and NO mortgage insurance.

10. Q Who Pays the Listing Agent’s Commission?

A The bank will pay all commissions along with the usual closing costs.

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First of all, “yes” some short sales take long to sell and “yes” some short sale listings can be frustrating.  But let me tell you this; not all are created equal! With a little patience and a little creativity you can overcome some of the shortcomings of listing pre-foreclosure/short sale properties and make a lot of money by helping homeowners get out from underneath the huge burden of debt and stress they are under.

Let’s deconstruct three of the biggest short sale myths:

Yes, it’s true when it comes to a short sale; the lender is in the driver’s seat.  And since they hate to lose money they tend to reduce the amount of commissions by an average of 1%, meaning that if your area pays out 6%, they will only approve 5%, which will be split by both the agents involved in the transaction.

You know what I say to that?  Who cares! Be creative! Did you know that there are 7 additional profit centers that can offset your 1% cut in commission?  Let’s take a look at what they are:

The “Loss Mitigation Fee” is a fee that we collect only when we successfully negotiate a short sale and have the foreclosing lender pay for all of the closing costs (the realtor commissions, attorney/title company fees, conveyance taxes, etc.).

The average loss mitigator receives an average of 30 NEW files a day.  Not a week, not a month but a DAY!  That is part of the reason that short sales can take a while, but it isn’t the main reason.  The primary reason is because the majority of real estate agents submit short sale packages that are less than adequate and professional!  Meaning;

Those and many more reasons cause short sales to get hung up.  Once again, take what the defense gives you.  If loss mitigators are overwhelmed, then the key is to put together a professional and presentable short sale package guaranteed to get your short sale offer reviewed and approved.

With the right system they are not hard!  Let’s take a look at how to overcome the two biggest reasons why short sales blow up right before the closing.

The key is not to have only one buyer but to have a pool of qualified buyers that are pre-approved.  The best buyers to keep an eye out for are those that are already pre-approved and that have funds in place to make an actual purchase.

The two easiest ways to do that are: Start networking with every real estate agent that specializes in buyer’s representation. They are easy to find because it is in all of their advertisements. Start working closely with every single mortgage broker or direct lender that you know, or that one of your fellow agents knows.

In conclusion, listing pre-foreclosure/short sale properties can take some time to close. However; in this market everyone needs to stick together and help one another out. By building the right network of real estate professionals, we can all ensure that our listings (short sales or not) do not sit out there without a buyer!

For more real estate industry news and loss mitigation blogs and videos visit www.RealEstateBusinessMentors.com or visit www.AskBobLachance.com for any short sale bank negotiating questions.