â€œFrom my experience, the short sale process has actually gotten shorter and easier to manage. Cooperative and streamlined short sales, which most of the banks have implemented, have actually sped the process, requiring less paperwork and resulting in faster turnaround,â€ notes Brandon Brittingham, a Long & Foster agent who has closed hundreds of short sales. Brittingham is also the co-creator of Short Sale Campus, a training and marketing program to help sales associates better manage the short sale process. Below are several of his tips for keeping clients in good spirits, and ensuring that their short sale process goes as smoothly as possible:
Timing â€œThe key to short sale success is being quick,â€ says Brittingham. â€œThe agent should prepare the short sale package prior to getting an offer so that the seller can be verified and approved. This can cut the timeline down by about half.â€
Know the process According to Brittingham, the agent must also understand who the investor is before the process begins â€“ FHA, Fannie Mae, Freddie Mac, etc. â€œThe investor may be different from the servicer, and every investor has a different process,â€ Brittingham notes.
Agent Experience According to Brittingham, the sales associatesâ€™ experience with short sales is also key. â€œTo avoid delays, the listing agent must set up the short sale correctly from the beginning, which shortens the timeline and turnaround time. Buyera gents should ensure the listing agent has significant experience to help avoid delays in the process,â€ he says.
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