Let’s face it, Short Sales aren’t the easiest transactions to deal with. As a Realtor or Investor you'll often spend valuable time fumbling though paperwork and websites trying to find the right phone number to get in touch with a decision maker at the bank. Then sorting through the necessary paperwork to put together a thick file basically dis-qualifying the client from the loan they were given.
Dealing with loss mitigation representatives can be a daunting task. The rapid increase in the number of short sales, and the short sales process itself present a number of challenges for Realtors and Investors. Nowadays,the loss mitigators at the banks are sitting on 200 to 400 files and each file gets the same attention (very little unless submitted properly). You will spend a great amount of time leaving countless voice mails that you can never re-connect with (because you’re busy with other business). Many Realtors and Investors are new to the short sales process, a difficulty which is as said before compounded by many lenders' lack of sufficient and experienced staff to process short sales. Some of the lenders staff that process the paperwork may or may not even know the first thing about a real estate contract. Add to the hundreds of files on their desk on any given day. Their own frustration level is high enough. Add hundreds of agents, investors and 3rd parties asking for status and they eventually shut down. They begin giving bogus information (it will be 2-3 more weeks, followed by 2-3 more weeks, and so on and so on...) or no information at all. Communication often breaks down. There is a lot of venting of frustrations on both sides. We understand that this is messed up, shouldn't happen this way, and is completely unfair. Life isn't fair. Ask the seller. What sounds like a great deal for a buyer is a murky mess for the seller and the bank holding the note. Even if the Realtors or Investor are experienced, again most servicers are under-staffed and still not adequately trained, making negotiating a short sale particularly difficult. Currently, both short-sales documents and processes are lender-specific, making it very difficult and time-consuming for Realtors and Investors to become knowledgeable and efficient in facilitating these transactions. When more than one lender is involved, the negotiations are much more difficult. Second lien holders often hold up the transaction to exert the largest possible payment, in exchange for releasing their lien, even though in foreclosure they will get nothing.
As a result of these challenges many Realtors and Investors have reported difficulties with: unresponsive lenders; lost documents that require multiple submissions, inaccurate or unrealistic home value assessments, and long processing delays, which cause buyers to walk away.
You need to Concentrate on What You Could Accomplish If You Were Working on NEW Business.
You’re not a Realtor or Investor because you’re great at pushing paperwork. You’re who you are because you’re a people person, someone that creates and fosters relationships. Don’t put your valuable time to waste working on getting a response from a loss mitigation department. Let us, Financial Relief Solutions (FRS) do it for you. Thats what we are here for. We take the knowledge and experience we possess and make sure that the transaction file we're working for our client is complete and accurate. We see ourselves as part of the solution to this problem. The question is not whether short sales and foreclosures will be processed in 2010. The question is whether or not you (buyers and agents) will play a part, or sit it out. The sellers have no choice but to play along. These are sellers in distress. The sellers need the help of experienced Short Sale processors to guide them through this process. Many of those sellers didn't even know that a short sale could be a possibility until the option was presented to them. The buyers also need the help of experienced short sale processors and negotiators.
Due to the recent economic crisis, including rising unemployment, and drops in home prices in communities across the nation, the number of short sales is increasing. Add to the fact that the Treasury Department released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA), part of the Home Affordable Modification Program (HAMP), (click here to view) essentially giving the green light on the shortsale process as another alternative to forclosures besides loan modification. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses.
A short sale can also be the best option for a homeowners who are “upside down” on mortgages because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially. Honestly speaking, there are a lot of Homeowners that have been left with no other option but a short sale. The question is if you can put out your hand and help these folks and do it efficiently and successfully. Financial Relief Solutions (FRS) would like to be a part of your team in doing this. You can consider us exactly that, a team member!
How Do You Know What’s Going On?
Throughout the transaction, you’ll receive carbon copies of each letter of correspondence or e-mail sent to the lender so you are aware of the progress on your clients negotiation.
How Do You Get Started?
Easy. We simply email you the forms that must be filled out and faxed or Mailed to us (preferred) to initiate the process.
Here’s a short list of what we’ll need with the submission:
•
Completed and Signed “Request for Authorization and Limited POA” form.
•Copy of Completed Listing Contract.
•MLS Information Sheet of Subject Property (with Days on Market Circled).
•Three Comparable Sales.
•Two Most Recent Years Tax Returns (W2’s if client is an employee, full return if self-employed).
•Two Months of Most Recent Bank Statements.
•Seller Hardship Letter (Signed and Dated).
•Copy of Most Recent Mortgage Payment Coupon or Statement.
•Personal Financial Statement (detailing all monthly income/expenses). Signed and included.
•Purchase Agreement (if finalized) - fully executed and buyers’ pre-approval letter.
If you have any questions, don’t hesitate to contact Shortsales@financialReliefSolutions.com or call 877-717-6759 or 602-413-5174
What Happens After I Fax Or Mail This In?
One of our processors will get in touch with you and confirm that we’ve received your initial package. If there are any missing documents, we’ll get everything else together. From there we’ll start the Short Sale process! WE don't just submit documents and wait... even though that is part of the process. We are proactive and will build a case for you or your clients Short Sale approval. We’ll be carbon copying you on each e-mail or correspondence to the lender.
It’s a Win-Win
Make it your goal to hold your hand out to the Homeowners that need your help right now. You can confidently talk with them and help them sell their home. It’s a win-win proposition for everyone.
1.Banks avoid a costly and nasty foreclosure process.
2.Homeowners avoid a foreclosure on their credit report and sell their home.
3.Realtors and Investors are capable of closing a short sale transaction and not dedicating their entire day to playing phone tag while still helping a client that is in need.
Go back to those sellers you shied away from when they talked about a short sale and get them listed! Let’s get the process in action and see what we can do to make it a win-win for everyone!
Our Short Sale processing is designed to maximise profits by getting properties discounted between 25 to 70 percent (sometimes more) of value. Properties that are considered turnkey, good condition and location nowadays can generally get discounted between 30% to 45% of value.
Properties that require a minimal amount of repairs and few minor problems will get discounted between 40% to 60% of value.
Properties that require more major repairs, some renovation sometimes referred to as an Ugly house may get up to 60% to 75% of value.
There are many factors and situations that will influence these estimated discounts however. There is no set discount and it will vary by property and lender. There is no guarantee about the discount that one can achieve in a short sale, the lender being one of the major factors as any one who has done short sales will attest to this. Almost every lender will short sale... but by how much? This is where Financial Relief Solutions (FRS) comes in. We cannot make any guarantees, but we are confident about our ability to negotiate a successful short sale approval that you will like.
We have developed effective and streamlined solutions to working out Short Sale approvals. We have the capability, knowledge and most importantly the Experience that can assist you, the Investor or Realtor in getting a successful Short Sale approval. Many Investors and Realtors have experienced inflexibility and frustration in trying to do Short Sales. We get the bank/lender to listen to your needs because of our experience and knowledge. That kind of experience gives us credibility with many lenders. We've developed working relationships with key people in the pre-foreclosure and loss mitigation departments at most banks/lenders. Our integrity and professionalism allows us to be heard. We know what we are doing. Period. We use our experience and connections to the Investors advantage. The Lender may accept, reject, or make a counter offer to our Proposal. But it does not end there. We are dedicated to working the Short Sale for you until approved. Financial Relief Solutions (FRS). We work for you.
What's Our Loss Mitigation (negotiation) fee? $3500.00
Remember when we mentioned what your time is worth?… Specifically on an hourly basis? Get your Short Sale Done and Approved. It's worth it. The Loss Mitigation Fee is a fee that we collect only when we successfully negotiate a short sale and have the foreclosing lender pay for all of the closing costs (the realtor commissions, attorney/title company fees, conveyance taxes, etc.).
Whats our submission/processing fee? $199.00
This is to separate the serious investor from the those wasting our time. Our time and resources are valuable and yours should be too.
Some other benefits for letting us handle your Short Sale processing are:
1. We'll put together a professional and presentable short sale package guaranteed to get your short sale offer reviewed and approved.
2. We will negotiate with your lender and handle all the paperwork, faxes, communications, etc..
3. We will review the offer and schedule any BPO's that need to be done on the property.
4. Lifetime membership in our Shortsale processing program with no extra or hidden fee's.
5. You can concentrate on getting the deals while we do the negotiation and work for you.
Call us at 877-717-6759 for a FREE consultation with Financial Relief Solutions or visit us on the web at www.FinancialReliefSolutions.com
Financial Relief Solutions (877) 717-6759 Fax # (877) 376-9911
Correspondence and Mailing Address:
2320 E. Baseline Road Suite 148
Phoenix, Arizona 85042
(877) 717-6759
(602) 774-4802
(602) 413-5174
© copyright 2010 Financial Relief Solutions. All rights reserved.
