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DONT's |
 Have a Short Sale System that is Efficient. |
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 Use an outdated model that is slow. |
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| Have an Experienced Team which Specializes in their role. |
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| Have one person doing all the work and getting burned out. |
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| Reduce the short sale turnaround time to 30-60 days consistently! |
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| Take 6 months to a year or longer and still never close escrow. |
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| Use a web-based database to centralize your short sale activities and minimize paperwork. |
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| Use a paper-based filing system that is redundant, hard to find and disconnected. |
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| Empower each team member to make decisions within certain parameters to reduce red tape and delays. |
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| Increase the approval time-line by requiring simple procedures and decisions to go through cumbersome approvals. |
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| Get an internal BPO to ensure accurate data and proper analysis of comps. |
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| Rely solely on the bank's BPO without doing your own analysis. |
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| Have an all-cash investment group purchase short sales with its own experienced team and system. |
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| List a short sale on the MLS based on what's owed and hoping to get offers from buyers who may get frustrated and quit. |
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| Start low in the negotiating process and work your way up to a compromise with the bank which is easier than asking the bank to discount. |
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| List the property for what is owed, which is generally far more than it's value and wait 30 days to ask the bank to discount the property before lowering the price. |
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| Create win-win situations for the homeowner, bank, buyer, real estate agents and investors by utilizing a short sale system that works. |
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| Frustrate homeowners, banks, potential buyers, real estate agents by letting short sales fall apart and further exasberating our depressed economy. |
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