Realtors®



Why should I use RealtyTMS® to facilitate my short sale?
RealtyTMS® specializes in facilitating short sales.  We work on these types of transactions all day, every day.  We have a team of experienced, professional specialists who fully understand what it takes to get these transactions through the system.  By utilizing RealtyTMS® to facilitate your short sale transaction you are free to focus on keeping your pipeline full of additional business.  A short sale is complex and takes a great deal of time and expertise to process successfully. RealtyTMS® will help you maximize your ability to take on additional transactions and close more business.  We have a proven system, a team of well trained specialists and an approval ratio of greater than 90%.  Contact us today to find out how we can help you incorporate short sales into your business or handle more transactions at one time.
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When do I get RealtyTMS® involved in the short sale process?
As soon as possible!  Ideally, we like to be involved as early as before you go on the listing appointment.  We can provide you the information your client will need to in order to get the process started.  We can get involved at other stages of the process while sooner is always better and results in a greater likelihood of approval.
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What is the process to get a short sale started with RealtyTMS®?
The first step is to complete our RealtyTMS® Realtor® Agreement which allows us to get you entered into our online transaction management system.  There is a one-time $25.00 fee to get set up in our system.  Next, we will send you our RealtyTMS® Short Sale Package which has the necessary items that will be needed by you and your Seller in order to have a complete file to submit to the lender(s).  When a signed purchase offer is received, we will work with the title company of your choice to obtain an estimated HUD-1 settlement statement.  Once we have a completed Short Sale Package, you are assigned to one of our Transaction Management Specialists and work on your file is underway.  We will manage all of the communication with the lender(s) and keep you informed with status updates along the way.  Our online system also allows you to monitor the progress of your file online 24/7.
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Should I advise my client to stop making mortgage payments?
No, you should never advise your client to stop making mortgage payments.  It is very important from early on in your communication with the Seller(s) that you insist that they speak with a CPA and/or attorney on any and all tax and legal issues.  Stay the Realtor® and don’t get caught up in “What if you were me?” scenarios.  If they ask you that question, your answer should be “If I were you, I would consult a CPA and/or my attorney”.
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How should I price the listing?
It is important that you do your homework to determine what the home is worth today.  You must work to determine what the FMV (Fair Market Value) of the property is today.  This is a key piece of the work that you must complete.  We recommend that you set the listing price and include a schedule for automatic price reductions in the Listing Agreement write in automatic price-reductions.  This will prevent you from having to repeatedly discuss the issue with your Seller.  Our experience shows that typically offers that are within 85%-90% of FMV have a greater chance of getting approved than those that are below that amount.  Keep in mind that today’s Fair Market Value of the home may be very different than the original loan amount as well as what the Seller currently owes.  The lender will typically order an appraisal which is commonly known as the BPO (Brokers Price Opinion).  Ideally, you would like your list price and accepted offer as close as possible to what that BPO comes back at.
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How do I handle multiple offers?
You should review all offers with your Seller to determine which one you believe is the best offer and has the greatest likelihood of closing successfully.  After you and your Seller have agreed on an offer that is acceptable, it needs to be signed and submitted to us for submission is as part of the completed RealtyTMS® Short Sale Package.  All other offers should then be placed on “back-up” status.  We do NOT submit multiple offers to the lender.  This causes confusion and delays in the process.  Only one offer can be executed and reviewed at a time.

Do you only work with certain title companies?
No, we work with the title company of your choosing.
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Are there any lenders you do not work with?
No, we will work with any lender.
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The foreclosure date is just a few weeks away; can we still get a short sale done?
This depends.  Each lender has their own criteria on how close to a foreclosure date they will accept a short sale package for review.  You need to make sure you understand the timeline for that specific lender and also ensure that you have enough time to get the home listed, under contract and all of the financial and hardship information completed by the Seller in that timeframe.  Experience shows that once we can get a completed short sale package including an executed contract to purchase, the lender is likely to consider postponing the foreclosure sale date in order to review the short sale request.  Again, this is lender specific and is evaluated on a case-by-case basis.
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Will RealtyTMS® talk to my Seller?
Yes, we will speak to your Seller if you would like us to.  Often times, they have questions about the process and what it entails.  We are happy to speak to them and talk them through the process as well as answer any questions they may have.
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Should my Seller move out?
Unless there is a compelling need for the Seller to move from the home, they should stay put during the review process.  There is no reason they need to move out while the short sale is being reviewed.  It is actually advantageous that they stay in the home versus leaving it vacant and not maintained.  It is also important to note that you need to ensure that your Seller keeps the home in “show home” quality so that you can get an offer as quickly as possible.
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How should I answer questions about the credit impact or tax and legal consequences of a short sale from my Seller?
Again, we can’t stress enough that you should always have your client seek tax and legal advice from a CPA and/or attorney.  Steer clear from giving any advice regarding this.  It is not worth the potential liability.
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How should I advise my client regarding legal and tax questions?
The only advice you should give to your client is that they should seek guidance from a CPA and/or attorney regarding the tax and legal implications that a short sale will have on them personally.  Your job and focus should be to find the best offer and get the home sold.
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What if I just have questions about a scenario and I am just not sure what to do; can I call RealtyTMS® for advice?
Absolutely!  We are a resource for you and we are happy to help you in your efforts to determine whether or not the short sale you are considering has a good likelihood of getting approved.  We’re here to help!
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