Short sales are being completed in record time, thanks to an assortment of short sale programs and streamlined guidelines from Fannie Mae and Freddie Mac, and there are several other steps that agents can take to ensure quick transactions of this kind in the new year. They should be familiar with the short sale incentive programs currently available, gather all documents for the short sale package at the listing appointment, and run the Statement of Information and order the preliminary title report when the listing is taken. Realtors also should have non-institutional liens released early, order repair and pest control bids before the short sale package is sent to the lender, make sure the settlement statement has the accurate figures for the closing date, and submit the complete short sale package to the bank. It is also important to avoid using or accepting electronic signatures, to communicate with all parties on a weekly basis, to ensure that short sale sellers have an exit strategy, and to follow up with the lender regularly. Finally, Realtors should remain calm and positive — which can go a long way toward generating referrals. | Read More

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