It's Easy to Short Sale With Us!

Why National Real Estate Solutions?

Simple! National Real Estate Solutions has the experience, professionalism, knowledge, staff and contacts (with the lenders) to negotiate much more effectively than most in the business. In addition, we will pay to have your credit repaired over the next twelve months in order to get you back on track and get your credit score up to a respectable level. If and when that day comes when you decide to purchase or refinance real estate, we want you to be able to qualify and get the best possible deal with the best possible rate. It’s our job to help put the nightmare behind you, help you sleep well and resolve you of this obligation. We understand how stressful this time can be.

National Real Estate Solutions only contracts out with a limited number of brokers and agents nationwide. We don’t just assign your property to any agent. All of the real estate agents in our network are previously experienced with ‘short sale’ transactions and have gone through extensive National Real Estate Solutions training. There’s a right way and a wrong way. Don’t be fooled by someone telling you that they know how to do a short sale, when they truly do not.

Negotiating a short sale with the lender is a very difficult and delicate process, generally because it is a daunting task finding a bank officer who has the authority to accept a lesser amount than what is owed. You will have to call around to locate the lender’s ‘Loss Mitigation Department’. More than likely, each lender you deal with will have a separate name for this department. Much like getting your phone bill corrected, you can expect the process to involve a lot of waiting on hold and being bounced around an intricate maze of automated voice mail systems. Once you get in touch with the right person, then the negotiating begins. That’s where National Real Estate Solutions comes in!

From the lender’s perspective, a short sale saves many of the costs associated with the foreclosure process; attorney fees, the eviction process, delays from bankruptcy, damage to the property, loss of a ‘working asset’…which is extraordinary, costs associated with resale, minimal headaches, employee expenses, etc.
Banks are in the business to lend money for real estate…not manage a portfolio of it !
In a short sale scenario, the lender gets the property back much faster, so they are able to cut their losses. Our job as the negotiator is to convince the lender that it will benefit them tremendously by accepting a short sale now as to a foreclosure later. The lender will want some information about the property and then you. Specifically, the lender wants to know what the property is worth. The lender will generally hire a local real estate broker or appraiser to evaluate the property (broker’s price opinion or ‘BPO’). We will also submit our own comparable sales information. In addition, we will offer as much specific negative information about the property as possible. Also, we will include some relevant information about the neighborhood and the local economy if things are bad (copies of newspaper articles with ‘bad news’ will help). A contractors bid for repair estimates should also be submitted. Keep in mind, the bank is not necessarily local to the subject property. They need to be educated with your market and this is exactly why you want an experienced ‘short sale’ specialist on your side.

The lender will also demand financial information about you and anyone else that is on the loan(s), not title. Sort of a backwards loan application, we must demonstrate that you are truly in a hardship and an ideal candidate for a short sale. It is our duty to make sure the bank understands that you simply can no longer afford the payments and the property. This process is very time intensive; however, this is what we do, and we do it well! Typically, it requires much more paperwork, attention and expertise than the loan required to put you in this mess. We insist that all of our clients submit a ‘letter of hardship’ describing to the bank all of the unfortunate circumstances that have taken place recently and has caused you to no longer afford the property. This letter is most effective when written no more than two pages. Don’t stretch the truth…it’s not necessary, they understand.

Finally, the lender wants to see a written contract between you and the broker (real estate agent). We need to demonstrate to the lender(s) that all parties involved are doing everything possible to sell the property for as much as possible. The property needs to be marketed extensively and listed correctly. Do understand, the bank is taking a substantial loss, so don’t expect any funds at the close of escrow. As a matter of fact, you cannot receive anything, and all losses the bank incurs, should be kept to a minimum. Remember, the lender is on our side and wants to help throughout the process. Yes, some are easier than others. However, we all need to come together to satisfy all parties involved.

It is unlikely that the short sale bid is rejected, providing the offer is within reason. Lenders aren’t emotionally attached to your property, what they are attached to is the ‘bottom line’. They don’t want a foreclosure any more than you do. Short sales are bad…a foreclosures is worse…much worse!

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