Need a Short Sale expert in Denver, Colorado?

As a consumer and someone who may not be as well informed on Real Estate issues, it is very important that you work with a Realtor that is experienced in Short Sales. There are so many pitfalls in the Short Sale process, it is of the utmost importance that you submit a complete Short Sale package the first time around. One of the consequences of not submitting a complete Short Sale package is that the package will sit on the loss mitigation agents desk in the stack of 100′s of other incomplete packages.

Just to give you an idea of what the Loss Mitigation departments workload is like, a loss mitigation employee could have hundreds and sometimes 1000′s of files to deal with. The current situation with banks laying off thousands of people is not helping the matter at all. To top it off, those people sometimes are transferred and replaced periodically for one reason or another. So just when you thought you made an inroad to getting somewhere with the approval, the person leaves. That means the new person has to get up to speed with the workload they have inherited and you may have to start over.

I really don’t mean to paint a grim picture, but it is important for the public to know what they are up against, when they decide who they are going to work with when it comes time to negotiate a Short Sale. Many of my Realtor associates will not even work on a Short Sale, they usually pass on them because of the level of work that is involved with the process. This is no slam on them as they have to decide on how to best allocate their time in a difficult environment. Some Realtors are hesitant to show a short sale to their clients because of so many bad experiences they have had in the past. They show the house to the client and the client decides they want to make an offer and then doesn’t hear anything from the seller or the sellers agent for 6 weeks, sometimes longer. That is why it is important that you work with a Realtor who can put together a complete package and submit it to the bank. Some Realtors have a group of investors that they work with that will make an offer on the property that is submitted to the bank (This will usually trigger a BPO and excelerate the process in some cases). I happen to be one of those Realtors (depending on the home) who have several cash investors that are looking to buy in this economy, it just has to be the right deal.

There is no magic formula and not every deal looks the same, if anyone tells you that they negotiate Short Sales and are always successful with every lender, turn around and run away as quickly as possible. Any experienced Short Sale negotiator will tell you that not every deal is the same. As a Short Sale expert you have to be persistent and tenacious, but also you need to be courteous with the person that you are speaking with. When I am talking with the lender I do not get frustrated when things are not working out my way initially. I simply ask the lender what we have to do to make this deal work. It is an open ended question and even if I do not like the answer, it opens up dialogue and that is the best thing we can hope for to start.

In Summary, because I can go on and on and on, do your homework and get an expert in Short Sales. If the person that you are working with is promising you the world a red flag should raise in your mind. If you are in the Denver Metro Area in Colorado and need help or advice, please call or e-mail me, I would be happy to help you. Even if you just need a Loan Modification, call me and I can put you in touch with some great people who can pre-qualify you and then negotiate on your behalf with the goal of getting you favorable terms.

If you live in Aurora, Denver, Englewood, Highlands Ranch, Littleton, Lakewood and Parker or any other area in the Denver area, call me or e-mail if that makes you more comfortable.

Thank you for reading,

Steven Wright
Realtor/Short Sale Expert
720-989-5283
stevenwwright@gmail.com
www.stevensellsco.com