Short Sale Strategy: How to Attract Lender Attention

In the world of short sale, everything actually depends on the approval of the lender. As a short sale Realtor, your hard work will be wasted and you cannot claim success if the lender rejects the proposal.

So how do you increase the chances of the short sale application getting accepted? Make sure you attract the attention of the lender — for the right reasons.

Consider the following tips:

1.       First of all, you need to make sure every pertinent document is included in the short sale application and all lender requirements have been submitted.

2.       Be nice when dealing with the lender or any of their representatives. You do not want to be remembered for the wrong reasons.

3.       Establish solid relationships by responding to the lender’s inquiries promptly and being professional the whole thing. Keep in mind, a short sale actually benefits the lender as well so if you establish yourself to be a good Realtor, your short sale applications will most likely be taken seriously as well.

Dealing with the Seller

Aside from attracting the right kind of attention from the lender, it is also important you work well with the seller. After all, it is their home which you are trying to sell via a short sale transaction.

Keep in mind you are there to make sure the rights of the sellers are not violated and their interest is upheld. Seek attorney advice when necessary.  You still have to know the rights of the lender as well and make sure every decision considers these entitlements.

When things get tough, you just need to ride things out and still persevere. After all, no one will tell you a short sale is an easy transaction to close. It is more of a waiting game than anything else and being patient will matter in the end.