Short sale transactions are very common in today’s real estate market. However, to be able to successfully close this type of transaction, the agent needs special knowledge and skills. In addition, short sale transaction requires a lot of time communicating with lenders and other parties. Not every agent has the time to do this or wants to process the short sale transaction independently.
REeBroker offers all the services and tools necessary for successfully closing short sale transactions. This includes: Transaction Coordinator, Escrow, Short Sale Negotiator, BPO, Inspections and other services.
Below is the information about short sale transactions and how to process them, what documents will be required, what problems may occur and much more. This information may help our agents to decide if they want to process the short sale transaction on their own, or use our services as an opportunity to improve their chances for success.
Most agents use outside short sale negotiators and pay thousands of dollars from their own commission for this service. It allows them to reach a closing rate up to 85% of total short sale transactions and to close the transaction faster. To compare, only 5-10% of short sale transactions are closed by agents independently.
We recommend that you use professional negotiator in short sale transaction as well. However, because REeBroker sends a large number of transactions to our associated negotiators, we have deeply discounted rates for this service. In addition, we work only with trusted negotiators who have a closing rate of 85% or higher.
Short Sale Negotiator’s services include:
- Prescreening the seller to be sure that the transaction can be successful. This is important, so that an agent doesn’t waste their time with hopeless listings.
- Offering recommendations, with regards to short sales, on how to better prepare a listing and RPA. In some cases, the negotiator fee may be paid by other parties (lender, buyer, co-agent, etc.) but the agent needs to know how to fill out the initial documents at the very beginning.
- Ordering HUD, BPO and Title report.
- Offer recommendations on how to write the hardship letter and other documents necessary for the short sale transaction.
- Prepare and delivery of the short sale package to the lender(s).
- Constant follow up and communication with the lender and the agent until the approval is given and the transaction is closed.
- Negotiate the best possible deal with the lenders, HOA, lien holders and other parties.
- Get lender(s) approval and follow up on conditions.
- Coordinate closing with all parties in the transaction.
Our associated short sale negotiators rates are:
- When Trusted National Escrow is used in the transaction as Escrow Holder:
0.75% of sale price with a $500 minimum and a $2000 maximum fee per closed transaction. There is no fee for secondary loans or liens.
- When other Escrow Holder is used in the transaction:
1.00% of sale price with a $500 minimum and a $2500 maximum fee per closed transaction with one loan, plus a $200 fee for each additional loan or lien. An additional escrow fee for preparing HUD statement may occur.
NOTE: NO UPFRONT FEES OR CHARGES IF THE TRANSACTION DOES NOT CLOSE!
Below are the forms and the information needed to start your Short Sale Transaction with REeBroker:
SHORT SALE INITIAL ORDER FORM
SHORT SALE PROCESSING ASSIGNMENT & ACKNOWLEDGMENT
BASIC SHORT SALE STEPS
COMMON SHORT SALE QUESTIONS
SHORT SALES IMPACT TO CREDIT HISTORY AND INCOME TAX
HOMEOWNER DOCUMENT CHECKLIST
AUTHORIZATION TO PERFORM BPO
AUTHORIZATION TO RELEASE INFORMATION
ESTIMATED REPAIRS FORM
FINANCIAL INFORMATION FORM
QUALIFYING CRITERIA FOR TAX EXEMPTION
HAFA PROGRAM AND INFORMATION
HARDSHIP LETTER GUIDELINES AND SAMPLES
To order Short Sale Negotiator Service, please email the SHORT SALE INITIAL ORDER FORM to shortsales@reebroker.com
If you have questions, please contact our office at info@reebroker.com or 760-598-7714.