WE ASKED Ryan Overmyer!
What does a listing presentation with a distressed homeowner sound like?
The listing presentation is a two step process. First we do an initial over-the-phone qualification. If the projected terms are acceptable to the borrower(s) we then schedule an in-office appointment with borrower(s) for a final review and to sign documents. I have them sign anything and everything we could ever need. We also schedule a convenient time for the photographer to visit their home.
By the end of the initial call sellers feel so comfortable even after such a short conversation because I’m usually able to tell them what the exact terms and/or outcomes of their short sale will most likely be. I’m able to do this because I speak with so many banks so often. Also be prepared to field questions about credit, a timeline and their individual financial circumstances.
Script: Initial Over-the-Phone prequalification
Seller: I’m interested in receiving more information on how a short sale might be a good option for me.
Agent: Certainly. Would it be OK if I asked you a few quick questions that will help me answer YOUR questions a little more accurately?
- What do you think your home is currently worth?
- Deal Breaker for Overmyer: An anticipated sales price of under $100K.
- How would you rate your home’s current physical condition?
- Deal Breaker for Overymyer: Poor condition.
- Who is/are your lien holder(s)?
- What are the estimated mortgage balances?
- How many borrowers are on the loan(s)?
- Are you currently up-to-date or behind on mortgage payments?
(Note: Give them the most probable outcome of the sale based on their answers to these questions. For this script, we’ll assume there is one borrower with one MajorBank mortgage loan.)
Agent: OK, thank you! Now, let me give you the “cliff notes version” of how the short sale process would most likely go for you. Please keep in mind that the results of your short sale are incredibly bank specific! If you had a lien holder other than MajorBank Mortgage – we’d project a very different outcome.
- First, we’ll place your home on the market – listed at market value.
- Then, we’ll retain a purchaser and market value offer for your home.
- Then, we’ll lock that purchaser in place and assemble your short sale package. Your lien holder will require various financial documents – and we’ll email you a checklist of these required documents prior to getting off the phone today.
- After we’ve finished assembling your short sale package – we’ll submit it to your bank and begin the negotiation process.
- Since your loan is with MajorBank, here are the terms we’d expect to receive.*
- Do these anticipated terms sound acceptable to you?
*Bank terms trend quickly. So it’s important that you giving clients accurate information. If you’re unsure about the probable outcome of the short sale – consult with another short sale expert or wait to offer the expected outcomes until you have reliable information to back your predictions up.