The Short Sale Doctors

How It Works

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BASIC QUESTIONS TO ASK POTENTIAL SHORT SALE CLIENTS

Are they behind on their payments?

Do they owe more than their home is worth?

Have they lost their job, fell ill,  divorced or their “ARM” adjusted?

Do they want to just walk away and not owe a dime?

CLICK HERE TO OPEN UP A WEBSITE FOR HOMEOWNERS . . . . . WE’RE NOT TAKING THIS EXIT!

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Eight Steps to a

Successful Short Sale Completion

Our Proven System to Get the Job Done

1. Market to Sellers: Agents find homeowners who are over leveraged or behind in their payments and are interested in a short sale to avoid foreclosure and save their credit. Sellers never get charged a fee for our services.debt-image1

2. Meet with the Seller and Us: Set up a meeting to explain the process and to start gathering their financial documents.

3. Send in Package with an Offer: The Short Sale Doctors submit the short sale package, driving the entire process for all involved. Along with the package, a cash offer from Stewardship Properties is sent in to get the lender’s full attention along with proof of funds.

4. Get the Lender to order a BPO: The Short Sale Doctor’s first goal is to get the lender to order an interior Broker’s Price Opinion—a BPO. (The lender likely has already done a drive-by BPO.) After they receive the BPO, our offer can be evaluated by the lender. We negotiate with each lien holder to get approvals.

5. Meet the BPO Agent at the House: We meet the BPO agent at the home and bring repair estimates, comps, the seller’s hardship letter and Stewardship’s offer to help and make sure that the BPO reflects a reasonable valuation. The BPO is VERY IMPORTANT because the lender considers this value as “set is stone.”  A unreasonably high BPO can   kill the chance for a sale! A reasonable BPO will help ensure that the homeowners can     sell their house.

Please Note: short-sale4 About 65% of the time there is enough margin and Stewardship closes on the property. The agent finds an end user buyer to purchase the home from Stewardship. If there is not an adequate margin Stewardship can not buy the home (about 20% of the time). In this case the listing and buyer’s agent split the lender approved commission and the listing agent pays a 30% referral fee to Open Road Real Estate.

Even though Oregon is a dual agency state, we have found the it is better to divide representation. Consequently, the agent bringing the short sale for Stewardship to buy acts as the listing agent and Open Road Real Estate supplies our buyer’s agent who also lists the home for sale for us. After some experience with our system, the agent bringing the seller may want to refer that seller to an Open Road listing agent and then act as our buyer’s agent. There are advantages to both representations options which we are happy to discuss.

6. Find out the Lender’s Bottom-Line Price: Whether Stewardship buys the property or not, the process allows The Short Sale Doctors the opportunity to find out what the lender’s bottom-line price is. Lenders often do not accept Stewardship’s initial offer but they indicate (usually verbally) what price they would accept. The agent is made aware of where the process is at and when it is time to market the home.sold-home2

7. Agent Lists and Sells House: Having found the high-end of the lender’s bottom-line price, the agent lists the home on the MLS for a traditional 15-45 day sale. In the MLS remarks are placed like “Short Sale Verbally Approved at This Price.” Such remarks in the listing attracts buyer’s agents who otherwise avoid normal short sales.

8. Closing: Once an offer from an end user buyer is obtained. we stipulate that the lender pays buyer’s closing cost, seller’s concessions and the real estate commission. To close the transaction we use escrow companies that are familiar with the sometimes more complex work of a short sale.

The Primary Goal >> SELL THE HOUSE >> Then Everyone Wins >>

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