How to have a successful short sale. Episode #194

Todd: Hello! Welcome to Todd Miller TV. I’m joined here today with Amanda Brown who is on a team she has her short sale operation here in Nevada Realty Solution. And so I’m gonna ask her a little bit about short sales and why she’s so good at it. So Amanda, most agents I ran into when I mention short sales, so they talk about short sales, they usually have bad things to say. They tell me how they don’t like doing ’em, they can’t get them done and or they refuse to do them or they’ll tell clients not to do them ’cause it’s a hard process but you apparently have had a different experience.
Amanda: Yes.
Todd: Okay. So why is that?

Amanda: Our team have closed over 200 short sales. With having 200 short sales closed, we have developed a lot of relationships with the banks, with the managers, with the escalation teams, a lot of great contacts. So if we do have troubles or conflicts in the short sales, we usually have individuals above our negotiators that we can go to at the banks for help.
Todd: Okay. So you already know all the people involved.
Amanda: Yes.
Todd: So like. if an agents is doing one for thee first time, they’re probably like calling around, trying to figure out what to do.
Amanda: Yes. Scrambling around.
Todd: So you already know. You’re just like “Oh, it’s this bank, I’m just gonna call this person and get the process heard.”
Amanda: Yeah. Or I’ll just e-mail them their information and the information when you first short sale and e-mail the problem we’re having and we can get response really fast. Usually less than 24 hours. Does that also means since you’ve dealt with different banks and you’ve seen different scenarios, that if, you have a good idea of how different banks operate.
Amanda: Yes, we actually have a very good idea. When yous sir first sit down and eat with me on a short sale listing, one of the first questions I’ll ask you is “Who are your Lean Holders on your property?” and with that I can basically tell you at that point what to expect with your short sale.
Todd: So if they say I got One mortgage. My primary residence is with Bank of America, you kinda have an idea of what..
Amanda: Yes!
Todd: What all that is.
Amanda: I could tell them what to expect in a short sale. Give them a good outline.
Todd: Okay. Why do you think that the average/’cause a lot of the foreclosures that we end up getting here were under contract as a short sale. And this is very common, we get the assignment and then the agent will say “Oh, we were supposed to close in a week, I can’t believe they went to sale.” Tell me how you avoid that.
Amanda: You have to have to, I can’t stress this enough, make sure that you are following up with the banks atleast once a week, checking on things like a foreclosure sell date. Even if you are working towards a closing on property and have a short sale approval there, the banks can still foreclose. So it’s very important as a listing agent, you are checking on that regularly, making sure it’s not foreclosure sale that’s set. If there is one that’s set, even if you’re an escrow with a foreclosure/pre-approved short sale or approved short sale, if you do not ask for the auction to be postponed, most likely the bank will still foreclose on the property. So that’s why it’s important to follow up with the banks all the time even if you have an approval letter and get ready to close escrow, you always have to ask the banks for the postponement of the foreclosure.
Todd: Okay.
Amanda: Don’t ever assume it’s gonna happen.
Todd: So those people that lost out probably lost out ’cause the agent just wasn’t aware they could make that happen and the verify that.
Amanda: A lot of agents still to this day after how long short sales have been on the market don’t know they can ask for an auction to be postponed.
Todd: What’s your record from the time it took you to call, like how many days before the auction date. What’s your/the quickest time you’ve had one cancelled?
Amanda: Probably 12 hours.
Todd: 12 hours?
Amanda: Yes.
Todd: That’s pretty fast.
Amanda: As long as we’re authorized on the file, 12 hours part of our quickest, yeah.
Todd: Okay. If somebody wants to contact you to ask you questions, you know if they’re consumer and they have questions about short sales and the process and things like that, or your services how do they get in touch with you?
Amanda: I prefer people will call me directly on my cellphone, that number is 702-496-7416.
Todd: Okay. Awesome! Is there a fee for that? Like for meeting with them or…
Amanda: No. There’s no consultation fee.
Todd: Free. So it’s free?
Amanda: It’s free. Yes!
Todd: Okay. Cool! Awesome! Well thank you very much!
Amanda: Thank you!
Todd: Anyway, So I just thought I would let you Amanda, short of let her tell you what her talents are and no you know how to get in touch with her. That is my update for today and hope to see you on another video. Thanks!