Trent Chapman Chats About Escalation
Short Sale Power Hour is thrilled to welcome Trent Chapman, Short Sale Genius, back to the episode. Trent has spent a large amount of time educating agents how to escalate. He offers a form letter on his website, theshortsalegenius.com, to give people an exemplar of how to convey the escalation idea to the bank. In essence, it gives a general script as to how you can clarify that the short sale is better than foreclosure.
Unfortunately, since too many people have simply copied and pasted the file, Matt Vernon may have a problem with it. For those that do not know, Matt Vernon is a bigwig at Bank of America. So, Trent will be contacting Matt Vernon to chat about the escalation letter.
The inspiration behind the letter is that Trent wants to help agents in knowing how to escalate. When you are addressing somebody that is higher up in the bank, you need to make the story as short as feasible. We suggest that you tell them the following. This is the home. 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 give them the numbers. With a short sale, you will obtain this much funds and if this forecloses, you will obtain this much funds. That is the general picture 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.