Submitting Offers

In order to give your offer full consideration, we will need to ensure that the following four items have been included with each offer.

CBC (Cooperating Broker Compensation) Please check Short Sale Confirmation box.  The listed MLS commission to the buyer’s agent is not negotiable. If you seek more compensation that what is offered, you will need to make arrangements with your buyer(s).

SSA (Short Sale Addendum) Please check box B 1,2 on the SSA. This informs your buyer that this is a Short Sale.

Copy of Earnest Money Deposit

Proof of Funds

Once we receive an offer we will send a fax confirmation within 24 hours. If we are missing any of the items above, you will be asked to provide the missing forms/information before we can present the offer to the seller(s) and lender(s).

**Please take a moment to read the following information to understand how we can effeciently communicate throughout this Short Sale transaction.

Email and Fax Communication

SUBJECT LINE

If you have any questions regarding a particular property, please put the Property Address in the subject line.

SUBMITTING AN OFFER

When you submit an offer, an increased offer or are changing the terms to your previous offer, please type the word Offer prior to the Property Address in the subject line. Since most offers are sent by fax, be sure to use the same subject line in all of your email correspondence in order for us to keep all of your information together. Please know that your offer will receive our immediate attention. We receive dozens of faxes each day and will confirm receipt of your fax/offer within 24 hours. 

WITHDRAWING AN OFFER

Sometimes a client may be considering several properties at one time. In the case that your client decides to purchase another property, please email us and type the word Withdrawal prior to the Property Address in the subject line. We will then remove their offer and send you a confirmation email or fax.

SHOWING REQUEST or SHOWING INSTRUCTIONS

Again, when you email or fax a request to show a property or need showing instructions, type the words Showing Request or Showing Instructions prior to the Property Address in the subject line. In the case that you are requesting a same day showing, please be sure to mention that in the subject line. You may contact our office directly by phone to schedule a same day viewing, but due to our high call volume, you may receive a quicker response via email or fax.

FORM REQUEST

When you are sending in a form or document that we have requested, please type the Name of the Form/Document along with the Property Address it pertains to in the subject line.

These ‘Tips’ are for the purpose of making the whole process clear, quick and easy for all parties involved. We do understand that time is of the essence during any Short Sale transaction and following these instructions will help us to easily organize and prioritize your requests and communication and will result in a timely and efficient response. Thanks for your cooperation

My personal opinion is that any time you are the seller and you realize either immediately or over an extended amount of time that you honestly can't continue to make the payments but you are stuck because the loans on the house far exceed the property's value, by offering to Short Sale your home shows integrity and responsibility instead of just "giving up" and letting the bank begin the process of a foreclosure.  A lot of our clients feel like they're trying to help the lender out by offering the home for sale, maintaining it in a good showing condition and allowing real estate agents to show their home even though there's nothing financial in it for them.

Some of the lenders are beginning to come around and they've staffed the departments that deal with Short Sale transactions. My most recent calls to a few of the largest loan companies were actually very pleasant and the lender representative was showing compassion for the client's situation.

Since there are numerous situations that can get you into the position of needing out of your home when the value is lower than the potential sales price, I feel it is very important for the lender representative to not judge the defaulting borrower. A good number of our clients were caught off guard financially when a relative's health deteriorated and all their time, money, and energy went to assist them. Some of our clients have been folks who put 10-20% down payment with the intention of staying in their home for a long time only to find themself without employment and a rising house payment.  Of course, there are just as many clients who admit they just bought at the wrong time, took a loan that fit their short term needs thinking the home would appreciate and they could refinance in a year only to find the value dropped, the easy qualifying loans disappeared and they're caught with their pants down. In any of these scenarios, the fact remains: In California it takes roughly 9 months for a lender to gain control of a home that is in the default process. By the time they get the home on the market and secure an offer it's closer to a year after the initial default.

In a plunging market this could represent an additional loss of home value of 10-20%! So, can you see why it seems "angelic" for a distressed seller to agree to offer the home for sale during the first few months of default in order to limit the lender's damages? 

Our tax CPA team mate has provided much confidence to the sellers on the issue of owing taxes for the amount the lender loses. As the tax document reads, if the owner is insolvent at the time the home closes and they are issued the 1099, they can fill out the form 982, check the box insolvent and poof, NO TAXES ARE OWED!!! Ever!

I'll continue this line of thought as time goes on and we see the impact of the number of short sales and foreclosures change the timeline a lender takes to respond to legitimate Short Sale offers.

Eric

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