Benefits for Buyers
The short sale experience can offer a wonderful value opportunity for buyers or it can create a tremendous amount of stress by taking them out of the market for months only to end up with nothing to show for their efforts. The difference maker is the experience of the person handling the facilitation of the short sale and their ability to take the appropriate steps to get the offer approved by the lender in a timely fashion. It is estimated the average approval rate is less than 20% but working with a professional short sale facilitator such as The Service Firm can drastically improve your odds. Our current experience has been an impressive 89% approval rate!
Short Sales and Approvals Defined
A short sale occurs when a lender agrees to accept less than what they are owed on the property to allow a sale of the property to be completed. Short sales generally occur when the owners of the property are unable to make their payments for some reason and a foreclosure of the property is likely to occur in the future. A short sale can, and often does offer a great value for buyers that would not be available with a traditional transaction.
Short sales are approved by lenders when the loan investor is convinced that the property is going to end up in foreclosure and believe their losses will be limited by completing a short sale. This does not just happen automatically, it takes a great deal of experience, tenacity and time investment to get a short sale approved. If you are serious about purchasing a short sale property, request your realtor to only show you properties that are being professionally facilitated.
How The Service Firm Can Help
Our focus is on helping you in three core areas – getting approval, minimizing the timeline and delivering the best terms possible to ensure the seller’s acceptance.
Approval – Our promise to you is to deliver a complete package to the lender’s exact specifications and relentlessly follow up until we gain approval. We will stay on top of all the details and maintain consistent communication with every party – buyer, seller and agents.
Timeline – While it is impossible to predict exactly how long it will take to get a short sale approved, there are many factors that can be managed to shorten the timeline. Completed paperwork, compliance with lender requirements, detailed back-up and persistent communication goes a long way in getting an answer.
Terms – We will fight for the best possible terms for sellers, buyers and the agents involved. You need a deal that your seller will accept at the best total out of pocket cost you can get.
Remember, in the current market, lenders are overwhelmed with short sale offers. Out of necessity, some files are going to take priority over others. When we submit a package to a lender, it will be looked at because the lender knows it will be accurate, complete and legitimate. The lender also knows we will follow up! We will make sure your offer is not shoved aside or put at the bottom of the pile.
The Service Firm Advantage
- Intense understanding of lender requirements and processes
- Existing professional network of lender contacts
- Extensive experience and successful track record
- Creative strategies to produce best terms for sellers
- Tenacity to stand up for all parties
- Exclusive focus on short sales
- No “up-front” fees, paid only on successful closing
- Attention to detail
- Sense of urgency.
- Proactive and timely communication
Simplify Your Short Sale Now
We’re here to help – contact us now to handle your file or to receive a list of recommended local real estate agents. The Service Firm: Where Service makes the difference!
