Tips for Realtors (but good for buyers also)

10 Tips to avoid delays in Short Sales
The short sale process is complex and involves many different parties who must all agree to take a loss on an outstanding debt (for example, investors, additional lien holders, and mortgage insurance). This leads to a longer timeline than a traditional home sale. Here are some key factors that you can influence to help minimize delays.
1. Set appropriate expectations with sellers, buyers and buyer’s agents so that they understand the complexity and resulting length of time a short sale can take.
2. Have the homeowner call the Short Sale Customer Service (866-880-1232) to start the process and register in Equator. Prepare the homeowner to provide the complete financial hardship documentation, including all sources of income, assets and liabilities and have it updated regularly to Equator.
3. Ensure that the property is listed on MLS, and actively marketed for sale.
4. Negotiate external 3rd party fees prior to submission of HUD (for example, the following fees are typically not approved by investors: short sale negotiation, reconveyance, document preparation, notary, recording, courier, processing). Supply the complete HUD-1 that is valid for at least 60 days and includes all fees.
5. Review all documents & document images for accuracy and clarity prior to upload.
6. Ensure that the customer and agent tasks are completed as timely as possible (for example, accepting short sale assignment, submitting short sale offer, and uploading offer documents must be done within 7 days).
7. Work to get a purchase offer representing the best possible fair market value (with current detail on the market and activity) and highest net proceeds for the investors.
8. Submit fully executed purchase offers with all appropriate addendums signed by both buyer and homeowner, and include all supporting documentation.
9. Work to get a release on outside liens as early as possible.
10. The following situations will cause delays. Please notify us as soon as possible if:
 Change in buyer or agent or terms at any time during the process
 Customer files bankruptcy/divorce
 Any changes after the approval letter is issued (be conscience of the expiration date)