“The key to short sale success is being quick,” says Brittingham. “The agent should prepare the short sale package prior to getting an offer so that the seller can beverified and approved. This can cut the timeline down by about half.”
Know the process
According to Brittingham, the agent must also understand who the investor is before the process begins – FHA, Fannie Mae, Freddie Mac, etc. “The investor may be different from the servicer, and every investor has a different process,” Brittingham notes.
According to Brittingham, the sales associates’ experience with short sales is also key.
“To avoid delays, the listing agent must set up the short sale correctly from the beginning, which shortens the timeline and turnaround time. Buyeragents should ensure the listing agent has significant experience to helpavoid delays in the process,” he says.