It's easy to get wound up and in a big hurry when a homeowner needs our help. We can't be any good to any of our clients if we don't have a system and a schedule to manage our day. The phone rings all day. The computer work piles up quick. The daily To Do list needs attention! Get the new listings in the MLS, change the status on the deals that went under contract or fell out of contract, get the buyer to the bank, web site updates and new listings, checking and returning emails, contacting new clients, fielding calls from new clients, making brochures and listing packages and printing listing agreements, writing contracts and delivering contracts, checking the HUD for tomorrows closing, sending the title commitment to the listing agent for our buyer. Our days are slammed start to finish.
We take the best care of all of our clients by having good systems in place. When a homeowner calls and has decided to let go of a house that is killing them and giving them sleepless nights the first reaction for many of us is to drop everything and run out the door.
When you call a Realtor® this is an example of what you can expect to hear.
"Hello Michelle!
There will be a few papers you'll need to gather before we meet. Do you have a pen handy or would you prefer that I e-mail you the 5 things?"
The Realtor® will then go step by step on the phone over the short list: "We'll need...
• A Hardship Letter
• 2 pay stubs from each borrower
• 2 months bank statements, all pages, for every borrower
• 2 years of W2's for all of the people on the mortgage
• An authorization letter so that their lender can talk to me.
When you have all the papers ready call your Realtor®.
She'll say, "Hi Michelle, That was fast. I thought it would take you a day or two!"
I ask whether the morning or afternoon is usually easier for you to meet for an appointment and if you know where my office is. Then we'll make an appointment to meet.
It could take 90 days or 9 months to get to the closing table. Depending upon the situation you may decide to move out of the home, stay in the home and make the payments or stay in the home and not make the payments. I'll ask what you intend to do and answer your questions. I'll recommend that you talk to an attorney and an accountant and explain the over all idea of what will happen in the process so you understand.
Be prepared to set some money aside if you have a 2nd mortgage. Many 1st mortgages ask for money too. The lender will call it a "cash contribution" and may attempt to refuse to close the transaction if you won't kick in some cash. The cash can come from you, the buyer, a family member or a combination. This will depend upon your circumstances and your ability. We'll talk about what's going on in your life that brought you to this spot.
If you are considering a short sale call a Realtor® and find out what your options are. The longer you wait the fewer options you will have and the less likely that the Realtor will be able to help you. After you take that first step you'll feel so light and free like the world has been lifted off of your shoulders.
Maya Thomas
REALTOR®
Exit Realty Old Island Key West
1511 Truman Avenue
Key West, FL 33040
(305) 522-1398
www.ShowcasePortfolioProperties.com
MyRealPro@gmail.com
Hi Maya; Nice post about our busy days and short sales! I really like your step by step scenario regarding short sales and warning the client the lender may expect them to kick in some cash also!