Trent Chapman Talks On the subject of Escalation
Short Sale Power Hour is pleased to welcome Trent Chapman, Short Sale Genius, back to the episode. Trent has exhausted a lot of time training agents how to escalate. He provides a form letter on his website, theshortsalegenius.com, to give people an example of how to convey the escalation idea to the lender. In essence, it gives a general script as to how you can explain that the short sale is better than foreclosure.
Alas, because too many people have just copied and pasted the manuscript, Matt Vernon may have a problem with it. For persons that do not know, Matt Vernon is a major player at Bank of America. So, Trent will be contacting Matt Vernon to discuss the escalation letter.
The thought behind the letter is that Trent needs to help agents in knowing how to escalate. When you are addressing somebody that is higher up in the lender, you want to make the story as short as feasible. We suggest that you tell them the following. This is the house. It has been on the market for ‘x’ days. We have an offer. It’s full market value. Here is the fair market value backed by these comps. Then you give them the figures. With a short sale, you will get this much capital and if this forecloses, you will get this much capital. That is the essence of the email.
If you have questions, get your Short Sale questions answered by Short Sale Specialists.
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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.