LawsonGroupMediation

I help a lot of real estate agents and investors with processing short sales. I have purchased books and courses, and found them littered with errors and misconceptions.

How does this happen? Because agents gain a lot of experience do the things that the lender representatives tell them is the correct way…and they mislead the agents & investors.

I begain representing lenders 20 years ago, then changed my law practice to representing consumers. Over the years, I have gain a lot of contacts among lenders, including a close relative, and several friends.

First, the so-called lender refers to both the servicing lender (SL) and the secondary market investor (SMI). It is this SMI who owns the note and provides the approval/rejection. The SL negotiator really negotiates nothing, although they will try to mislead you into thinking they do.

So, with that in mind, here are the most common mistakes in submitting short sale proposals.

1. Contacting the lender before there is an offer

2. Not submitting all of the right documents at the same time

3. The hardship letter not containing the required elements

4. The financial records not consistent with the hardship letter

5. Submitting the documents without a professionally drafted proposal

6. Not making the proposal meet the needs of the SMI that you cannot contact

7. Being pushy… motivating the SL negotiator/analyst to tank the proposal

8. Not meeting the SMI’s minimum threshold net receipt percentage of the fair market value

9. Calling too often — and not often enough

10. Poor tactics with the SL

We have a solution. We have published 2 books to help you.

Short Sales & Loan Modifications: A Practical Guide For Real Estate Agents and Investors

This book is a step by step guide for agents for listing, processing, and negotiating short sales…AND running a short sale business. For investors, the instruction is easy to follow and designed to help you succeed.

Short Sale Business Manual

This is a companion book containing all of the legal documents, disclosures, and forms referenced in the other book.