#30 Closing Your Short Sale Properly

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Summary

On this episode of The Most Dwanderful Real Estate Podcast Ever, the topic is closing your short sale properly. Dwan outlines the simple things that you need to have lined up to make sure that your closing goes smoothly. From contracts to the letter from the bank to the rehabber’s cash in hand to making sure the homeowners are out of the house before the closing, Dwan’s tips and tricks are foolproof and will help you be on top of things without having to worry about forgetting something. Everything that Dwan shares with listeners comes from her own experience, so you get to benefit from her wealth of knowledge and get your own paychecks!

Time Stamped Show Notes

  • 1:50 – If you have any suggestions for Drinks with Dwan, let Dwan know on the Dwanderful Facebook page!
  • 4:20 – Some topics Bill claims as “his”, so he will be joining Dwan for a few upcoming episodes.
  • 6:49 – Dwan recaps the steps in the short sale process that lead up to the actual closing.
  • 8:28 – Closing the deal involves finding a closing agent (title company or attorney) and having all of your documents lined up: your contracts with the homeowners and your rehabber or landlord as well as the letter from the bank spelling out in writing your agreement.
  • 12:12 – Pro tip: When you get a letter from a bank that is signed by the asset manager, you should go straight to that asset manager in all of your future dealings with that bank and keep working your way up the chain until you are in contact with the Level 3 Loss Mitigator.
  • 16:49 – Even though loss mitigation agents turn over pretty quickly, if you find one that you like and they have told you that they are sticking around for a while, keep developing that relationship.
  • 18:05 – The most important thing is to have an agreement letter from the bank. Then you need to make sure that your rehabber’s documents are square and they have cash for the purchase.
  • 21:40 – Try to give yourself at least a week between the closing date and the foreclosure sale date just in case something comes up.
  • 22:54 – If something does come up, wouldn’t it be nice to be able to talk to Dwan about the problem and get a real-time answer? You can if you join the Dwanderful membership site and gain access to the LIVE Coaching Calls every Wednesday morning and the ChatBox.
  • 24:16 – Your rehabber also needs to have their insurance ahead of time to avoid any weather-related delays.
  • 25:14 – This final part will make a huge difference and just takes some organization on your part. Hire a moving company to move your homeowners out on the morning of the closing and have the house in broom swept condition in time for the rehabber to drive by on their way to the closing to check it out. Also, make sure you are aware of the wire transfer deadlines for your bank or region and set the closing at least an hour before that deadline.
  • 28:57 – Everything Dwan is telling you she has learned from experience. Listen to her to ensure a smooth transition.
  • 31:19 – Knowledge is power. Use it to get your ducks in a row.
  • 32:29 – Your assignment is to make sure an asset manager or higher has signed your agreement letter from the bank. If not, go back and get another letter. Also, be sure to go to Dwanderful.com/lingo to download the free program!

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