Where to get short sale leads

When working on short sales, there is one aspect of the process that may require those excellent negotiation or debate skills: disputing the property value. In a short sale, the short sale lender sends an appraiser or broker to the property and this individual conducts a Broker Price Opinion or an appraisal, using special forms provided by the short sale lender.

After this individual completes the Broker Price Opinion or the appraisal, he or she will return it to the short sale lender. Shortly thereafter, the short sale lender will be ready to talk about the purchase price. Will the lender accept the offer on the table or is the lender looking for more? If the lender is seeking an offer for a lot more than the one on the table, mentally prepare for the fact that you will need to conduct a value dispute.

While each of the different short sale lenders including Fannie Mae has their own policies and procedures for value dispute, all these procedures have some things in common.

Follow the steps below in order to conduct an effective value dispute. It is entirely possible that some lenders will not be particularly open-minded when it comes to valuation dispute.

However, more times than not, an effective value dispute leads to short sale approval. If you are a short sale listing agent, a short sale processor, or a short sale negotiator then you probably already know about the short sale standoff.

Or… better yet, each one will not move any further in the short sale process until they see the short sale approval letter from the other lien holder. Scenario 1 — You are processing a short sale with two different mortgage-servicing companies. Bank 1 employees tell you that they will proceed with the short sale, and they will offer Bank 2 a certain amount to release their lien. You call Bank 2 and tell them the good news. Unfortunately, the folks at Bank 2 want more money.

If Bank 1 and Bank 2 do not agree, then you are in a standoff. Scenario 2 — You are processing a short sale with two different mortgage-servicing companies. Bank 1 employees tell you that they cannot generate your approval letter until you present them with the approval letter from Bank 2. Bank 2 employees tell you the exact same thing. Clearly, in this situation, you are in a standoff. If you are in the middle of a standoff, then you are likely very frustrated.

And, the lenders are not helping much by creating the standoff. One thing about short sales is that the problems that arise can be difficult to resolve merely because of the number of parties involved—and all from remote locations. Imagine how much easier this would be if all parties sat at the same table and broke bread? People always ask me how it is that I obtain short sale approval letters with such ease.

I often sweat it, just like everyone else. Despite the fact that I do not have magical powers, I do have something else on my side—education. One of the most important things than can lead to short sale success for any and all agents is education. Experience dictates that agents that learn about the short sale process have increased short sale closings.

There are many ways to become educated about the short sale process and make getting short sale approval letters look easy to obtain. These include:. As the distressed property arena grows and changes, it is important to always stay abreast of policy changes that may impact how you do your job and how you process any short sale that lands on your plate.

The most important thing to do is to read, read, read. Visit mortgagor websites to read up on their specific policies and procedures.

Agents in most of America right now are clamoring for listings since we are in the midst of a listing shortage. But, if you are going to take on a short sale, be sure that it is a deal that you can close. A successful short sale won't, and you'll be able to purchase a home much faster.

Please call me…". He has a broad corporate and entrepreneurial resume that has exposed him to a wide range of industries.

In he received his real estate license in Colorado during the peak of the real estate boom. The market stayed hot for about 18 months and then changed drastically with the collapse of the sub-prime markets in At this time his real estate focus shifted to the distressed market helping investors and buyers purchase REO's along with pioneering the early days of doing Short Sales with the sellers and the banks.

Ever the student, he evaluates the changing markets to add to his real estate knowledge base. Please note these are not postcards. To learn more about EDDM mailers, click here. Yes No. Sign up today! Short Sale Leads in a Nutshell. Newsletter Subscription Enter your email. Free Prospecting eGuide.