Why & How We Work Real Estate Agents With Short Sales
To provide valid selling options to homeowners who are possibly facing foreclosure or who have no means to sell their property. We work in full disclosure and lender compliance with our real estate agents who have located these prospects and are interested in having a short sales negotiator to communicate with the bank. We are infact the Cash Buyer.
What We Do:
We manage 100% of the short sale process including, but not limited to, the short sale package, lender negotiations, value justification with FULL AND COMPLETE DISCLOSURE TO THE SELLER.
Our intent to purchase and resell will be fully disclosed, acknowledged and signed off by the seller. Furthermore we must comply with the lenders short sale requirements including no cash to the seller at closing.
We work to minimize the deficiency and unsecured debtor responsibility when working with our debtors.
Simply follow these easy steps and you will be on your way to collecting full commissions on properties your clients would have lost to foreclosure!
We work to minimize the deficiency and unsecured debtor responsibility when working with our debtors.
Simply follow these easy steps and you will be on your way to collecting full commissions on properties your clients would have lost to foreclosure!
Steps to processing forclosure prevention
Start by submitting the client information you would like us to personally contact on the help form. We will call to speak with and inform the client will be made within one week of the submission.
Seller Disclosure – Meet with your original client who was going to lose their house to foreclosure and let them know there is a buyer who will want to contract directly with them.
Next - You will now contact your (local partner/investor) to have the paperwork exectuted so that your listing is now with your local partner as the seller.
Establish the listing history and show the property – The property must be listed at full listing price until we feel we are very close to the lender settlement of price. Then the realtor will begin to reduce every 2 weeks by 2%-5% of previous price.
Communicate showings to your local investor– This is the most critical part of our relationship and will effect the outcome of your commission. We must know of all showings, prospective buyers, comments and any verbal or written offers within 24 hours. We will accept, deny and counter all offers.
Contract the new buyer and attend closing - Collect your check!
How we work with our realtors:
We work in partnerships in your area who helps us acquire a small team of flexible, open-minded licensees who can provide referrals of homeowner’s who are over-financed, facing foreclosure and would otherwise lose their homes to foreclosure. We act as the direct buyer using our own cash to buy property using the purchase agreement or an option agreement, allowing our company to negotiate the short sale and resell the property because of our equitable interest in the property created by the signed contract. You as licensee would be searching for a buyer during the time we work directly with the debtor’s lender to secure the discount (short sale) that will allow us to purchase the property. Our intention is to fund and payoff the short sale transaction in full and then resell to the buyer you will acquire on the Multiple Listing Service.
Property Qualifications:
We are only able to work with clients who are suffering a hardship and need to move the property fast because the are a potential foreclosure candidate. This means a homeowner who has stopped making payments and has no plans to ever begin making payments. The client must be a minimum of 30 days in arrears on their mortgage. They must be willing to acknowledge in writing that they are going to allow their property to go to foreclosure and have neither the ability nor the intent to prevent this from occurring.
We prefer properties that are 50% ABOVE median price range or $500,000 loan balances. Feel free to submit other properties that are below this price range as long as they are in average to above average condition.
Please note: Please do not submit junker, marginal properties needing repairs and no bank owned REO’s.
We prefer properties with MULTIPLE MORTGAGES, and especially LARGE second or third mortgages.
We cannot consider properties in active bankruptcy.
We cannot consider incomplete, new construction homes without final certificate of occupancy.
We are only able to work with clients who are suffering a hardship and need to move the property fast because the are a potential foreclosure candidate. This means a homeowner who has stopped making payments and has no plans to ever begin making payments. The client must be a minimum of 30 days in arrears on their mortgage. They must be willing to acknowledge in writing that they are going to allow their property to go to foreclosure and have neither the ability nor the intent to prevent this from occurring.
We prefer properties that are 50% ABOVE median price range or $500,000 loan balances. Feel free to submit other properties that are below this price range as long as they are in average to above average condition.
Please note: Please do not submit junker, marginal properties needing repairs and no bank owned REO’s.
We prefer properties with MULTIPLE MORTGAGES, and especially LARGE second or third mortgages.
We cannot consider properties in active bankruptcy.
We cannot consider incomplete, new construction homes without final certificate of occupancy.
Please no condos or townhomes.
Seller Qualifications:
Similar to licensees who are looking for a proven system, we are looking for sellers that are easy to work with. This means a seller who understands they have no other alternatives, or have already exhausted a mortgage modification or work out plan. Because of the sheer volume of these properties and clients needing our negotiation and funding services we are looking for clients willing to work with us. This extensive and time consuming effort requires us to find sellers who meet the following qualifications:
Similar to licensees who are looking for a proven system, we are looking for sellers that are easy to work with. This means a seller who understands they have no other alternatives, or have already exhausted a mortgage modification or work out plan. Because of the sheer volume of these properties and clients needing our negotiation and funding services we are looking for clients willing to work with us. This extensive and time consuming effort requires us to find sellers who meet the following qualifications:
Eager and willing to provide their financials and information needed by the lender to work the short sale. The home sellers are willing to release our selling agents (you) of any fiduciary responsibility and recognize they are working in a capacity with the assignee that has been designated first to resell the property.
Please note:
We wish above all to speak with the home seller (debtor) first, to make sure they are not requesting cash and are willing to follow through with the lenders request and sign all disclosures. Once this conversation is complete and we can determine the outcome is FULLY COMPLIANT, we will schedule a time to meet and go through the documentation.
We wish above all to speak with the home seller (debtor) first, to make sure they are not requesting cash and are willing to follow through with the lenders request and sign all disclosures. Once this conversation is complete and we can determine the outcome is FULLY COMPLIANT, we will schedule a time to meet and go through the documentation.
Agent Qualifications:
It’s our goal to work with pro-active licensees who want a LONG TERM RELATIONSHIP ONLY and are willing to work in the spirit of compliance with regards to FULL DISCLOSURE when referring A SELLER CLIENT to our firm. Because we are working directly with the seller we will be in constant communication regarding the lenders requirements for the short sale. As our selling agent it is we who are responsible and will fight to ensure a full 6% commission is made available between listing and buyers agent. Under this arrangement, we will ask for collaboration in the following areas.
Our negotiation team as well as our title company and attorneys will and must have direct contact with the lenders and sellers at all times. Once the short sale begins there cannot be any communication between you, our selling agent and the debtor’s lender. This has, and will cause irreparable challenges with the short sale.
There are two separate transactions.The first is where our company pays the short sale lender - paid off with cash. The second transaction occurs when the company resells the property. Upon resale agent agrees not to disclose to short sale lender what the property is being sold for at a later date.
It’s our goal to work with pro-active licensees who want a LONG TERM RELATIONSHIP ONLY and are willing to work in the spirit of compliance with regards to FULL DISCLOSURE when referring A SELLER CLIENT to our firm. Because we are working directly with the seller we will be in constant communication regarding the lenders requirements for the short sale. As our selling agent it is we who are responsible and will fight to ensure a full 6% commission is made available between listing and buyers agent. Under this arrangement, we will ask for collaboration in the following areas.
Our negotiation team as well as our title company and attorneys will and must have direct contact with the lenders and sellers at all times. Once the short sale begins there cannot be any communication between you, our selling agent and the debtor’s lender. This has, and will cause irreparable challenges with the short sale.
There are two separate transactions.The first is where our company pays the short sale lender - paid off with cash. The second transaction occurs when the company resells the property. Upon resale agent agrees not to disclose to short sale lender what the property is being sold for at a later date.
We are the buyer and do not wish to have our purchase price disclosed. The short sale is not a transaction of which you will be involved.
Your Local Partner
TimeSavers-4HomeSolution LLC
508-400-1190 call M-F 10-5pm
Your Local Partner
TimeSavers-4HomeSolution LLC
508-400-1190 call M-F 10-5pm
