Listing Short Sales

I have done a number of short sales, both representing the buyer and seller, but I am by no means an expert on this topic. I understand the process and have almost all the contacts for the loss mitigation departments of banks that service loans in my area.My question is, does anyone have a method that works for them for obtaining the listings of these short sale properties?I have access to the NOD list but so does hundreds of other agents in my area. Has anyone had success with mailing personalized letters to the property owners on the NOD list?Thanks,-Ryan

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  • Thing to remember is that there is no such thing as a "short sale listing". It's a normal listing that is a pontential short sale. It is a short sale ONLY if the lender(s) approve the transaction. I know, it's a play on words. But there is some liability issues in how you advertise the listing, so be careful. Any and every listing has the pontential to be a short sale now-a-days. In the beginning it's still a regular listing with the homeowner, so getting them is no different.
    • Believe me Steve, I am just learning this SS business. I was encouraged by your comment that it is just a "listing" and may become a SS. Steve does that depend on the lead time? I have two listings that I took in May scheduled for foreclosure June 01. In Texas we have a promilgated form "Short Sale Addendum", again i understand your "listing is just a listing" comment. But, now I wonder about the timing of submitting the SS Add. There is so much that is not understood in this process that it is scarry. I personally do not see the virtue of escrowing a sale until it is approved by the lender. Any and all comments are appreciated, thanks.
      • Not familiar with the addendum you speak of. We don't use them in Georgia unless it's something from the lenders involved.

        But keep in mind that few people are "experts" on this matter as the rules keep changing every day. I am by no means an expert, the only reason I keep up with them is I have a team and some of my folks do short sales when needed. Lucky for us we have a large broker support team we can turn to when needed.

        If you do not have the support available and feel shakey doing short sales (and you should feel this way), take some of the many classes that pop up. There are many legal issues to be concerned with when doing S/S's, some will not raise their head until years later when the hungry attorneys start digging into this matter!

        Good Luck and proceed carefully!
  • If you want to make contact with the homeowner before the public notice, you need to partner with some type of foreclosure avoidance company like Titanium has a group here on REOPro you can join and learn more about what they do.
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