Trent Chapman Chats In relation to Escalation
Short Sale Power Hour is delighted to welcome Trent Chapman, Short Sale Genius, back to the episode. Trent has exhausted loads of time teaching realtors how to escalate. He provides a form letter on his website, theshortsalegenius.com, to offer people an illustration of how to communicate the escalation message to the lender. Basically, it gives a universal script as to how you can explain that the short sale is better than foreclosure.
Alas, since too many people have merely copied and pasted the document, Matt Vernon may have a problem with it. For folks that do not know, Matt Vernon is a bigwig at Bank of America. So, Trent will be getting in touch with Matt Vernon to discuss the escalation letter.
The plan behind the letter is that Trent needs to help agents in knowing how to escalate. When you are addressing someone that is higher up in the lender, you need to make the account as short as possible. We recommend that you tell them the following. This is the property. It has been on the market for 'x' days. We have a bid. It's full market value. Here is the fair market value based on these comps. Then you offer them the numbers. With a short sale, you will get this much cash and if this forecloses, you will get this much cash. That is the general idea of the email.
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Fred Weaver is a founding co-owner of Group 46:10. He has been working in the financing/real estate business for over 7 years. Fred began his real estate career by working for a large wholesale bank as a processor and rate/lock specialist for home mortgages. After 2 years in the business, Fred transferred from the banking side of home loans to the mortgage side. While on the mortgage side of financing, Fred gained experience originating mortgages and processing files for Morgan Capital of Arizona, Inc.
Kevin is a founding co-owner of Group 46:10. He began working in the real estate business in 2007 after spending 8 years working in the finance industry for companies such as Bank One, Green Tree Financial, & GE Capital.