Utah Short Sale Packages: Part 2 of 3: Extra Tips and Tricks!
Posted by Amber Sorensen on Fri, Oct 14, 2011 @ 05:37 PM
Now that you have the Basics of the Utah Short Sale Packet down like a pro, here’s some “extras” that we include every time we submit a packet:
- Listing History and Info Cover Sheet - this gives a clear breakdown of the following:
- Repairs that need to be made to the property
- Breakdown of Comparables
- percentage of short sales vs equity sales
- average list price
- average “days on market”
- Days on Market
- Completed Price Reductions (include dates)
- Number of Showings we’ve had and any negative feedback from agents.
- Offers received, along with terms.
- Detailed Comparative Market Analysis for both Sold and Actives.
- Hint: Let the buyers agent help with this, my guess is they most likely pulled comps when writing the offer... ask them to send over the comps they used and then consider using them in your Comparative Market Analysis.
I also review past files that are with the same bank to check for any additional documents that were requested and may be requested again, those docs could include (but are not limited to):
- Arms Length Affidavit
- Homeowners Questionnaire
- Freddie Mac Short Sale Addendum
- No Flip Affidavit
- Name Affidavit
Once you have all these documents in your hands, review them again for completion and then call the bank to ensure you have the correct fax number (if you haven’t already done so). Upload the docs into Adobe, or another editing program. At the top of each page, ad a header with the Borrowers name and Loan number.. if you don’t have access to an editing program, simply print the Borrower name and Loan number at the top of each page personally (but make sure it’s printed and readable).After you’ve faxed the entire packet to the bank, call within 48-72 hours to ensure they’ve received each document (don’t simply ask if they’ve received a fax, many times certain pages can get mixed in with other files even if the majority of the fax was received correctly). Ask at that time if any additional documents are being requested and try to get a time-frame from them as to when the file will be reviewed and assigned a negotiator.If you’ve completed these steps, you’re well on your way to a successful Utah short sale! Next week we’ll be discussing keys to follow up and making sure the Utah short sale packet stays up-to-date while the file is under review.