Questions
Who is Short Sale Assistance Group LLC?
I have a property that I already have listed on MLS that needs a short sale; can I still work with you?
Will banks approve a short sale for someone with no equity, but not yet late on mortgage payments?
How long does the process take?
What are the risks if I try to negotiate my own deals?
Marketing – where to find deals?
I am ready, where do I start?
Answers
Who is Short Sale Assistance Group LLC?
We are a short sale outsourcing, negotiation, and consulting service who works with Realtors, Sellers and Lenders. We are also:
- Here to assist realtors with short sales
- Here to provide solutions for sellers and lenders alike
- 6+ years experience in short sales Back to Top
While it is our preference to not have the property listed on MLS before we get a counter from the bank, we can still work on listed properties. If time permits we would recommend making the property TNAS (temporarily no available for showings) until after we get the BPO ordered. Another option is to cancel and re-list; please call us for advice on how to proceed. Back to Top
Will banks approve a short sale for someone with no equity, but not yet late on mortgage payments?
Most short sale approvals are from borrowers who are late on payments or facing foreclosure. However, some banks will approve a short sale if the hardship is bad enough to justify the bank to take a short payoff. In other words, if the lender knows that the sellers are current, but are also aware that they will be unable to pay the mortgage in the near future, say 2-3 months; the lender will consider a short sale to avoid a foreclosure. All of this goes back to having a “good” RFD (reason for default). Back to Top
How long does the process take?
The Short Sales process contains many phases and can be a lengthy process. The time can vary depending on the cooperativeness of the homeowner and the mortgage lender(s). Typically, short sales will take up to several months from the time S.S.A.G receives the completed short sale package to the closure date. As complicated as is, it is important to be patient during this process. It is also extremely important to coach your seller’s through this timely process. Back to Top
What are the risks if I try to negotiate my own deals?
- Waste time and energy on listings when an acceptable discount could not be negotiated
- Upset agents and brokers when they lose a buyer because the process took too long or the commission was reduced by the lender
- Unable to find a buyer in time
- Negotiate a discount and have the buyer not close
- List a short sale that may not have had much of chance to close anyhow Back to Top
Marketing – how to find deals?
If you start looking for short sale leads you will see that they are literally everywhere! Here are some of the ways we have found deals:
- We Buy Houses signs
- Word of mouth, getting the word out to other agents works very well
- Working with Loan Officers, Investors, Attorneys
- Direct mailing to people facing foreclosure, talk to A.S.A.G about purchasing foreclosure data which is updated daily at a discount
- Mailing to Expired MLS listings
- Door knocking people facing foreclosure
Please keep in mind we are not a marketing company. These are suggestions on where to find opportunities. Back to Top
We build our team with serious, ethical real estate professionals who are motivated to create win-win situations for all. Agents are screened and those we work with must go through our entire short sale training program to begin. Contact Vicki Schwartz at P: 612.238.3835 to get started today! Back to Top