Broker Checklist

Short Sales — Real Estate Broker Checklist

 

The Decision to Take a Short Sale

How often are you presented with this question: Should I list this property as a short sale or make an offer on this listed short sale? Our firm has developed a Short Sales checklist for brokers to determine if they should list or sell a short sale. We strongly recommend that you refer your client to an attorney experienced in distressed property matters to make the initial determination if a short sale is best for your client. Our experience suggests only about 35% of distressed property transactions are short sale candidates

What is the Role of Galvin Realty Law Group in My Transaction?

Galvin Realty Law Group performs two separate and distinct roles:

 

  • Seller’s Advocate. If we are consulted by the client and determine that a short sale is the appropriate remedy for the client, we will assist the client and the client’s broker as the attorney for the client throughout the short sale process, including the final negotiations regarding acceptable terms for approval of the short sale by the client. (In this case, since we represent the Seller, we DO NOT close the transaction).
  • Neutral Negotiator Closer. Galvin Realty Law Group also negotiates and closes short sales as a neutral negotiator. The fee for both negotiating and closing the short sale is $3,000.00 plus sales tax, split evenly between the Buyer and Seller. This fee is contingent upon closing of the transaction. The Seller also pays the $250.00 non-refundable cost deposit.

Galvin Realty Law Group has developed a set of criteria memorandum for accepting short sales, as described in our memo. By following these criteria, our closing success rate is 85%. The criteria are:

  • When Listing the Property, Seller executes the “Letter on File” , which is placed in the listing as required by NWMLS Rule 11 (b) (vii).
  • The broker execute the set of criteria memorandum acknowledge that they have read and understood the criteria for Galvin Reality Law Group to accept there Short Sales.
  • All parties, including the brokers, execute the Galvin Realty Law Group Addendum 34, which modifies NWMLS Form 22SS by requiring the inspection and deposit of earnest money be undertaken immediately upon mutual acceptance; and
  • NWMLS Form 22SS is completed to allow a minimum of 90 days to obtain lender’s consent, prohibits the Buyer from withdrawing its offer during the period of obtaining lender’s consent and limits the submittal of offers by Seller to the subject Buyer’s offer only. Sample Form 22SS.
  • The Listing and Selling Brokers execute the set of criteria memorandum acknowledging that they have read and understood the criteria for Galvin Realty Law Group to accept their short sale.

Galvin Realty Law Group will also assist the broker by providing the lender’s individual short sale package requirements for completion and submittal. Galvin Realty Law Group utilizes the state of the art Short Sale Commander ® software to facilitate regular contact with the broker and client, and this software also allows Galvin Realty Law Group to access the same property comparisons that are utilized by the major lenders to determine whether or not the offer represents fair market value, and in appropriate circumstances, to submit current property comparisons to the lender if the lender’s evaluation is believed to be incorrect.

What Do I Need to Do to Place a Short Sale File with Galvin Realty Law Group to Negotiate and Close?

  • Assure that the Galvin Realty Law Group set of criteria memorandum &  Addendum 34 have been executed;
  • Forward the executed Purchase and Sale Agreement and Seller’s check for $250.00 to Galvin Realty Law Group, along with the following documents:

Where Do I Close?

Galvin Realty Law Group offers short sale negotiating and closing services at the following location:

Galvin Realty Law Group – Escrow Division
6100 – 219th Street S.W., Suite 560
Mountlake Terrace, WA 98043
Phone: 425-248-2163
Fax: 425-712-1673
website: www.grlg.net

Angela Noble, Closer Manager
Phone: 425-275-9868 (Direct)
E-mail: anoble@grlg.net

Marcia Lehmons, Lead Short Sale Negotiator
Phone: 425-248-2163 ext. 114
E-mail: mlehmons@grlg.net

LEAD ATTORNEY – Dale J. Galvin
Phone: 425-275-9862 (Direct)
E-mail: dgalvin@grlg.net