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#414533 - 10/19/12 12:04 AM Client with Potential Foreclosure.
SRkw Offline
Junior Member

Registered: 10/18/12
Posts: 1
Loc: SRkw
Hello,

I recently received my license for the state of VA (salesperson) and I have a client who needs to sell her house quickly she just got notice from the bank that they will foreclose but they didn't give her a date yet. What should I do as the first step to helping my client out. I never did a short sale before. Help please!!!!

Thank you!!

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#414553 - 10/19/12 12:50 PM Re: Client with Potential Foreclosure. [Re: SRkw]
NWABroker Offline
Member

Registered: 08/22/07
Posts: 60
Loc: Arkansas
I was green enough when I first got my license I needed assistance with just a regular non-distressed listing. You need to seek assistance from someone in your office NOW - split the commission with them if necessary. You are not serving your client if you try to do this all by yourself - and an online community simply can't provide the amount of help you're going to need - you need someone right there in the office with you.
_________________________
Gary Gay, Executive Broker
Crye-Leike Bentonville
Bentonville, AR 72712
Office: 479-273-1778
garygay.crye-leike.com

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#414554 - 10/19/12 01:00 PM Re: Client with Potential Foreclosure. [Re: SRkw]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
The OP should have a Broker to discuss these matters with.

You owe it to the Client not to leave her out at sea without a paddle.

Does she have enough equity to sell the property and still pay you a Commission ?

Will she allow you to contact the Bank to ascertain the payoff amount, so that you can answer the prior question ?

Is it priced right to facilitate a quick sale ?

You're lucky that the Seller is communicating these matters with you . . . . many are embarrassed and won't reveal this unfortunate circumstance until it's too late to do anything about it. Consider it a call for help; she expects you to do so.

Seek out the Counsel of your Broker . . . . that's why you have one, and it's your responsibility to keep him/her informed as you enter what are previously uncharted waters for you (and this Seller).
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#414558 - 10/19/12 02:11 PM Re: Client with Potential Foreclosure. [Re: SRkw]
Kjmendy Offline
Veteran Member

Registered: 05/17/10
Posts: 935
Loc: London, Ontario
I agree work very closely with your broker on this one. That is where you should have gone in the first place and not to ask strangers an internet forum.

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#423803 - 05/14/13 05:29 PM Re: Client with Potential Foreclosure. [Re: SRkw]
HomeTeamGA Offline
Member

Registered: 07/15/11
Posts: 339
Loc: Georgia
Most areas now have 3rd party facilitators who will work with the lender to get a short sale approved. all you have to do is follow their instructions. Your broker should have that information available for you. It shouldn't cost your seller anything for you to use one to help you.

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#423814 - 05/14/13 08:08 PM Re: Client with Potential Foreclosure. [Re: HomeTeamGA]
johnnyloans Offline
Veteran Member

Registered: 03/29/09
Posts: 870
Loc: Los Angeles ,CA
You need the last mortgage statement with the lender info. Contact lender for short sale package requirements. You need to get an offer quick.

(The Usual)

Borrower authorization for you to communicate with lender.
Hardship Letter
Financial Statement
3 months Bank Statements
3 months Paystubs
2 years tax returns
Listing Agreement
Purchase Agreement
Preliminary HUD-1
_________________________
Johnny James
Real Estate Broker in CA
(702)204-1166
Greater Los Angeles Area
www.PalmdaleRealestate.biz
Have Car Will Travel
For Those That Google JohnnyJamesBroker@gmail.com

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#423890 - 05/16/13 03:56 PM Re: Client with Potential Foreclosure. [Re: SRkw]
Musa Opondo Offline
Member

Registered: 09/24/12
Posts: 210
Loc: USA
Move quickly and identify the person to work with, even if it means less returns for you because of sharing the commission.In a market with low inventory, these are the kind of opportunities every Realtor would love to get.

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#423892 - 05/16/13 04:16 PM Re: Client with Potential Foreclosure. [Re: SRkw]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7950
Loc: Vermont's North-East Kingdom
This problem (or opportunity) arose seven (7) months ago . . . . so I'd imagine they've already acted as promptly as was possible.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#423957 - 05/18/13 02:54 PM Re: Client with Potential Foreclosure. [Re: Vermont]
Malok Offline
Member

Registered: 08/18/07
Posts: 441
Loc: Kentucky - in a barn!
Originally Posted By: Vermont
This problem (or opportunity) arose seven (7) months ago . . . . so I'd imagine they've already acted as promptly as was possible.


Yup, for sure. Either it worked out, or its someone else's problem now.

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#424004 - 05/20/13 01:38 PM Re: Client with Potential Foreclosure. [Re: SRkw]
Scintillion Offline
Member

Registered: 01/26/12
Posts: 437
Loc: Colorado, USA
Too funny...although with the speed of some banks could easily still be going on. smile

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