- We do not charge any fees to our Homeowners (Sellers)
- Average Time to Receiving a Counter Offer from banks: 47 days
- Average Time to Receive Written Short Sale Approval Letter: 62 days
- Average Total Duration of Short Sale from Contract to Closing: 91 Days
- Commission to Realtors: 6% (Subject to Investor Guidelines)
- Closing Ratio: 91% (Based on committed short sale buyers)
- As of August 2012, LMS has successfully completed hundreds short sales generating over $10 million in Real Estate Commission for its agents. LMS currently manages over 800 short sale files with a staff of 25 employees.
We’re quick: Short sales, despite their name, are not a short process by any means. The typical short sale can take anywhere from 60-90 days from the time the contract is signed until you go to settlement. The housing crisis has caused a significant rise in the amount of short sales, and banks and investors are taking notice and modifying their processes and timelines to meet the demand.
We have a team of 20 hard-working staff who work together on all files to ensure the process is completed in the most efficient and effective manner possible. We follow up with the bank every 1-2 days to make sure we have the most up-to-date information and that the file is moving along smoothly. We also follow up with the seller, buyer, title company, and Real Estate Agents when the bank requests any new or updated documents.
We’re generous: We understand how important your commission is – it’s your bread and butter, after all. We do our best to get 6% commission approved for you by the bank, and are successful in doing so 96% of the time.
We’re honest: Undergoing a short sale is an unpleasant process, and if you’ve gotten here, you’re likely experiencing – or close to experiencing – financial burden, so why should we add to that burden by charging you for our services? We are paid by the bank, pending third party approval. Our fees never compromise the bank’s bottom line or the completion of your short sale. If ever your short sale were in jeopardy, we would revoke our fee.
We’re successful: We have over 1000 short sales under our belt, and we know what to expect from the banks. We have also built relationships with many negotiators and managers at many banks, which has helped us greatly in the negotiation process. It is so important to work with Realtors and third party negotiators, such as LMS, who are experienced and, where applicable, properly licensed.