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Across the U.S. there are millions of homeowners who are either behind on their mortgage or entering foreclosure. In some areas, foreclosures and short sales comprise as much as 70% or more of the market. Are you taking advantage of this market or still fighting for business in the quickly shrinking traditional market? While it is true that short sales can be seen as challenging transactions to agents who are unfamiliar with the process, with the right team they can be treated similarly to traditional listings. This leaves the agent free to continue to cultivate new business rather than spending countless hours on the phone with lenders faxing documents and negotiating payoffs. It is important that agents embrace this new avenue of business, not only will it increase their income and build their referral basis and future business but it also assists in correcting the current economy and brings us closer to ahealthy housing market. The formula for a short sale is simple, a homeowner with a legitimate hardship, a property under contract for fair market value, full documentation, and a strong negotiating team to handle the rest.
With the attorney model employed by D’Amico Burchfield, we are able to offer unparalleled benefits to the agents that we negotiate for. There are no upfront costs to the agent or homeowner because we are paid by the seller’s lender upon closing of the transaction. We submit our fee to the short sale lender on the HUD as a seller cost to be deducted from the net proceeds, the same as the real estate agent’s commission. Thismeans thatwe do not ask for upfront fees and the agent retains their full commission, it’s a win-win for all parties involved.
OUR POLICY – SHORT SALE SUBMISSIONS
It is important for us to be able to ensure the highest quality service possible for our clients. D’Amico · Burchfield has enacted a strict policy regarding the submission of short sale files and documentation in order to satisfy this expectation. We will NOT accept any files that are not complete and we require all documentation outlined in the lender package to be submitted together with the initial package. There are NO exceptions. The documentation requested is required by every lender to start and complete the short sale negotiation process. It is imperative to the process to have a complete package ready for submission the day the Purchase and Sales Agreement is signed. Delays from the outset will result in a much longer process and a greater likelihood of failure.
When submitting a file, please be sure you are using a lender specific package in its most current version. Lenders constantly change their requirements and we update our packages on a regular basis. If you are unsure if you have the most recent version of a package please email SSHelpDesk@DBLawRI.com and we will forward you the materials that you need. Once you have a complete file, scan all documents to PDF format and email to Submit@DBLawRI.com. Once your file is received it will be reviewed and you will be notified of any missing or incomplete documentation. Please be advised that your file will NOT be submitted to the lender until all documentation requested is supplied.
You may email any questions or concerns to SSHelpDesk@DBLawRI.com.
Please click on the image of your current lender and fill out the Short Sale form.