Patience rules the day with short sales, say Illinois brokers

In the June IAR Broker Sentiment Survey we asked managing brokers for the most effective advice they give their agents who work on short sales. These are sales in which the lender (or lenders) agree to accept less than the mortgage amount owed by the current homeowner. The difference may be forgiven by the lender or the homeowner may be required to settle the remainder of the debt with the lender.

  • Manage expectations. Explain the process thoroughly and prepare buyers/sellers for long waiting periods before any response.
  • Get educated on the process.
  • Be persistent and patient and work with a good real estate attorney.
  • Keep the pressure on the lender. Stay in regular contact.
  • Patience, patience, patience. Every bank is different.
  • Stay engaged with your clients. Send weekly updates.

To get up-to-speed on the short sale process, consider taking the National Association of REALTORS® Short Sales and Foreclosure Resource Certification course, which was written by two of our very own top instructors—Illinois REALTORS® Lori Cox and Lynn Madison.

Also IAR members can find more short sale resources from the IAR Legal section of the website www.illinoisrealtor.org/legal (login required) and read this post with tips for getting a short sale to close from Illinois REALTOR® magazine.

This entry was posted in Uncategorized by Ann Londrigan. Bookmark the permalink.

About Ann Londrigan

Ann Londrigan is Director of Association Outreach and Marketing for the Illinois Association of REALTORS®. She is responsible for increasing member engagement in and awareness for IAR Governmental Affairs and the RVOICE program as well as increasing participation in the REALTORS® Political Action Committee. She is responsible for overall marketing plans for IAR member benefits, educational products and events and is the content manager for IAR’s Facebook page and LinkedIn discussion group. She manages the IAR Welcome Center, serves as staff liaison to the University of Illinois Regional Economics Applications Laboratory, and coordinates the IAR housing stats program.

One thought on “Patience rules the day with short sales, say Illinois brokers

  1. Another great resource for MRED brokers and agents is our Fannie Mae Short Sale Assistance Desk (SSAD). If you are finding you’re having trouble getting the lender or servicer to act on an existing offer, check out http://www.mredllc.com/shortsalehelp. If you meet one of Fannie Mae’s guidelines (for example, no initial response to the offer within 20 days) you can submit a request though our website. Agents are reporting responses very quickly, usually within 48 hours. Remember, it must be a Fannie Mae first mortgage. There are FAQs on the site if you need more information.

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