| A Brief Introduction to Our Short Sale Management Service |
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ShortSaleManage.com was established as an online short sale management center for Realtors, Real Estate Brokers, Homeowners, Buyers, Attorneys, Title Companies and Investors. It allows all parties involved in the short sale to easily manage and track the entire short sale process. All parties can access the file and track the status of the short sale. The website allows sellers and agents to view updates, changes, and easily check the status of the negotiations.
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| This site is designed to stream line the short sale process and greatly reduce customer service time between buyers, agents, and homeowners. Our short sale management site will allow any Homeowner, Real Estate Agent and other Real Estate professionals involved in the short sale transaction the ability to receive updates through an optional email notification function. When a change is made to the short sale file an immediate email notification is sent to agents and homeowners. |
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| 24/7 Secure Online Access. Safe, Reliable & Instant Updates! |
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The entire file, including all of the documents, are stored on our secure servers.
Our web-based short sale software provides easy access to all of the documents and keeps you instantly notified when the status of your short sale changes. Any registered user, agent or homeowner will have 24/7 access to the short sale file & the option of email notification whenever a change is made to the file.
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| An Important Fact About Short Sales |
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Perhaps the most important fact to understand in today’s market of upside properties is the drastic change in homeowner motivation. Homeowner motivation when selling a short sale is much different than a typical home sale. Since homeowners dealing with short sales cannot receive any proceeds from the sale their motivation is no longer about "Highest Offer". The goal for the short sale seller is to salvage credit and eliminate an unmanageable monthly mortgage payment. How can you achieve these goals? By moving quickly to start and finalize a short sale. For the homeowner, the fast and successful completion of a short sale is more important than searching for the highest price for the property.
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Key Ingredient #1 to Short Sale Success: A Buyer in Place!
To get the short sale process started each property needs a buyer. Without a buyer the lender will not consider the short sale. An immediate buyer offers two benefits to the homeowner:
- Saves Valuable Time - In some cases many months.
- Limits Credit Damage - A top priority for the homeowner involved in a short sale.
Having an immediate buyer in place clearly saves time. The trickle down effect for the homeowner is less credit damage.
In many cases a large part of the credit damage for the homeowner is the months and months of non payment while a real estate agent markets the property on the MLS and hunts for a retail buyer. Each month that passes with more bills unpaid is a negative mark on the homeowners credit. Many months of non payment will sharply reduce a credit score. A timely completion to the short sale that avoids months of non payment will lead to less credit damage. This is a key beneift for the homeowner on their path to financial recovery.
Once a buyer is secured the process can move forward to the steps outlined below.
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| Estimated Lender Timelines |
| Get authorization on file with lender |
2-3 days |
| Compile all short sale documents |
7-14 days |
| Get short sale package on file with lender |
3-7 days |
| Short sale file assigned to loss mitigation representative |
8-14 days |
| Get BPO/Appraisal ordered |
10-21 days |
| Schedule BPO/Appraisal with agent |
5-10 days |
| Time for BPO/Appraisal to lender |
14-28 days |
| Negotiate & obtain the approval |
10-20 days |
| Total: |
59-105 days |
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The table above is only an estimate of the time involved with a short sale. Timelines vary by lender and property. The timeframes above are meant to provide a general timeline. Keep in mind that all lenders are overwhelmed with short sales in 2010. Long delays with lenders, resending of documents, issues with 2nd lien holders, and changes inside the loss mitigation departments are all part of the short sale process right now. To reduce unnecessary delays, it's important to always stay organized, submit complete short sale packages with all of the lender required documentation, consistently follow up with the lenders, and line up everything in your control to move your file along and make this process as smooth as possible. The service at ShortSaleManage.com will help with many of the things you as an agent and buyer can control.
Not Just the Banks...How About the Real Estate Agents...
Many real estate agents are also overwhelmed with the entire short sale process. The struggles for agents start with taking listings on difficult short sale properties, to gathering the necessary documents to complete a short sale, to the frustrating hours upon hours of phone work with the lenders, and finally to losing buyers because a short sale is simply a difficult property to sell and close for the agent.
In some areas of the country real estate agents have only an 8-10% success rate on closing and successfully completing short sales. The reasons listed above along with the complicated procedures with the lenders are the reasons for agent struggles with these properties. Once again, the service at ShortSaleManage.com is designed to relieve some of these issues for agents. Our site, along with working with knowledgeable real estate investors, makes the job of any real estate agent easier. It allows the agent to focus more time on what they do best and less time on the phone with customer service representatives from the lenders.
This being said, we understand that agents and homeowners may want to frequently check on the status of a short sale property. This is what SHortSaleManage.com will do for you. Since you can view the current status of the short sale negotiations in real time, this system will free up more of an agent's time to serving the homeowners, buyers, and the entire real estate business.
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| Knowledge is Key....and so is Patience! |
| A buyer who understands the complex nature of a short sale is gold for any homeowner. Every real estate agent will tell you that impatient buyers who don't wait for lender approval lead to many failed short sales. Your typical home buyer may not have the patience to let the time consuming short sale process run its course. Many buyers grow frustrated with the long delays from lenders. This leads to buyers backing out and moving on to easier properties to purchase. Who gets hurt by this? The homeowner. How to avoid it? Work with buyers who understand short sales. |
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Our Short Sale Formula: Two Ingredients
Cash Buyer + ShortSaleManage.com = Higher Success Rate
A knowledgable buyer with the funds and patience to close a short sale and ShortSaleManage.com leads to more successful short sale closings. Closing and completing the short sale should be the goal of all parties involved including the lender. Our website service improves the success rate for all real estate agents, buyers, and homeowners involved in a short sale.
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| To learn more about the value of our software please contact the representative who sent your to our site. |
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