DSnews Magazine published an article in its June, 2011 edition, called 7 Tips to Speed Up a Short Sale, by Eric Friedman. Friedman, who is the President and COO of PREO Mortgage, LLC, gives readers insight on how to cut back the time spent on the short sale process and they are EXTREMELY useful. These seven ways included:
1. “Do everything you can to have an educated buyer in the process.” – An educated buyer has experience, accurate and up-to-date information, and will not get overwhelmed with the process.
2. “Make sure the submission package is complete.” – Extra stress is put on this step, because having unorganized documents slows the process down the most.
3. “Having a cash offer or pre-approved financing will speed the closing dramatically.” – Why waste time on securing a buyer, which can take up to two months, when there are tons of cash buyers who can be approved much faster and easier?
4. “Any supporting information about the property and nearby comparable properties is extremely helpful in evaluating a short sale.” – Include up-to-date information, comparable home prices, detailed photos and honesty about the condition of the home.
5. “To guard against last-minute surprises, establish a good relationship with the title company doing the closing.” – It could help you get issues handled quickly, be informed of possible deal-changers, and get paperwork is filled out correctly.
6. “Have backup offers in the wings.” – This could eliminate the need to market the property again.
7. “Communicate clearly and often.” – Establishing solid timelines and expectations will make everyone less stressed and time-consumed.