In order to have a successful short sale, all parties assisting teh seller need to be expereinced. As an agent you need to know the ins and outs of a short sale, what the bank will require and when they need it. If you have nbever completed a short sale, you will need to hire a professional negotiator to work on th sellers behalf, if teh seller has hired a lawyer, hopfully they are experienced in negotiating short sales, if not, find a lawyer that is. Any good negotiator does not charge anything up front, they get paid 1% of teh short sale price when it cloises. Without a professional negotiator and an agent with no experience, yoru short sale is doomed before you begin.
My advice is to contact the bank daily onc eyou do submit yoru packs, make sure they have everything an dif they need anything get it immediately, you can call for 30 days straight, they may not need anything, but if you dont call teh one day the do need something and you dont get it, there is delays.
As far a wif they will owe anything afterwards, that is part of the negotaitions, what to do with the shorted amount and how it is reported on their credit report.
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TIPS ON MAKING A SHORT SALE GET APPROVED