Home > Uncategorized > How a Short Sale is Like a 5 Course Meal

How a Short Sale is Like a 5 Course Meal

In processing hundreds of short sales over the past few years, it seems like a short sale can easily be compared to a 5 course meal.

Appetizer
This is the part of the “meal” where the client calls in to your office inquiring about their options.  You immediately disclose your M.A.R.S. requirements and then explain the options.  You then set up a time to meet with the client.

Salad
At the salad portion of the meal you interview the prospect in great detail.  You ask them their ultimate objectives and see what solutions you have for them.  You suggest that they hire an attorney to stay foreclosure proceedings (if applicable).

Intermezzo (<—–Spelling?)
At this point in the meal you provide the client with the short sale package of information that the lender asks for — AKA “The Package”.  This “thesis” takes up 70-120 pages of information which accounts for approximatly 1 middle sized tree.  The information you gather is full of details and includes copies of bank statements, 1009s, W-2s, Tax Returns, Hardship Letters, etc.  You have about as much information on this client as is humanly possible with the exception of their blood type (and you may even have that too)!

The Main Course
Not surprisingly this part of the experience takes the longest.  It’s important that you maintain the course of follow ups during this potentially long process.  While you may savour the Desert (see below), the Main Course is full of aggravation.  It may, at times, seem like you’ve gotten food poisening.  But, if you are fortunate enough to earn Desert, the rewards are well worth the Main Course issues.

Desert
This is the best part of the meal — it’s also the best part of the short sale process.  This is where you receive an approval for your request for a short sale AND the transaction actually closes.  Did I mention that this is where a Realtor gets paid as well?  After putting in all the hard work and long hours in order to get to a short sale approval, it is deemed that you have “earned” your stipend.  How sweet it is!  But beware, if you don’t get the highly coveted Desert, it’s probably because you didn’t earn it you weren’t able to obtain a short sale approval satisfactory to the Seller or in enough time for the Buyer to hang on (note the sarcastic cross through).

Kudos to all the Real Estate Professionals who are taking the time to “digest” these short sales.  You do it with pride and you do it not knowing whether or not you’ll be paid after your long hours of dedication to the short  sale process.  What other professional is expected to work 20-40 hours for a client not knowing whether they’ll ever be paid for their efforts?  I admire you all (me included)!


Rick Schuster

Licensed Real Estate Broker –  Jaycee Realty, Inc.
Licensed Title Insurance Agent – Home Guardian Title, Inc.
Licensed Mortgage Broker – Leading Edge Mortgage Corp

20283 State Road 7 – Ste 400
Boca Raton, FL 33498561-206-2835 – via Google Voice
561-988-2546 -Fax
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