Many of the agents that I speak with wait to start the short sale process until they have an offer. Big mistake!! Why wait?... Why not try and make some headway with banks before you even have an offer? Maybe the seller can go HAFA (Home Affordable Foreclosure Avoidance) program. The HAFA program offers full deficiency release, $3000 seller for moving costs once approved, and the bank is able to make a decision 10 days after they get an offer. Unfortunately, inexperienced agents would rather wait to get a buyer before even considering HAFA. Don’t wait…get the ball rolling, this will help you to put time on your side not the bank’s.
Once you get a short sale file, research the options that are available for that seller and get moving on something. Most people aren’t even aware that the HAFA program exists so you should definitely find out if you can get them qualified. Even though I’m always the buyer on my short sale deals, I still try to exhaust every option I can to do what’s best for my client. Even if it means that I will make less money on that deal.
In my experience I’ve found that if you make it not about the money…in the long run you’ll make more money. I’ve gotten countless referrals over the years by going the extra mile for people.
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