Just because a property is listed with short sale terms does not mean the lender will accept your offer, even if
the seller accepts it.
Be aware that the seller need not be in default -- to have stopped making mortgage payments -- before a
lender will consider a short sale. A lender may consider a short sale if the seller is current but the value has
fallen. The seller may have over-encumbered, owe more than the home is worth, so a discounted price might
bring the price in line with market value, not below it.
This process can be very stress full at first. Remember everything you had to give to your lender to receive
your loan? You have to provide the same information to get a short sale completed.
1st) You will have to complete a hardship letter. This letter needs to explain your hardship. The reasons you
can no longer make your payments. It can be loss of job, needed to move from the home to another location
for better income. Divorce or illness in the family. It can of been a bad investment you can no longer hold onto.
2nd.) The bank will ask for your last three pay check stubs.
3rd) The bank will need a financial form completed.
4th.) Your last two years taxes filled. (2009 and 2010)
5th.) An authorization form letting your Realtor ( negotiator )for your sale.
The bank generally will not work with the owner to complete a short sale.
The bank will just keep asking you to make the payment. In some cases I have had clients that were being
harassed.
The home is then listed at a short sale price determined by the market value in your area. The comparable
along with the sale short sale package will be sent to asset department for your lender.
After everything has been completed and sent the asset department and negotiator for the lender will be
assigned.
This is were a Realtor with short sale experience not foreclosure and bank owned experience is very vital to
your sale. ( Foreclosed and bank owned are a species of there own)
The behind the scenes of a short sale process is very tedious. You have a Realtor negotiating an offer for
you. You have a bank negotiator, which is most likely in another state and has no concept of the declining
market value here. The location or neighborhood your home is located. Investors in the background trying to
buy your loan for 40 cents on the dollar in a package deal with the bank.
The negotiator for you must call the bank every other day once an offer comes in on your property. This the
only way to keep your property a priority to the bank. A bank negotiator can have up files at one time.
We help take that stress away
the seller accepts it.
Be aware that the seller need not be in default -- to have stopped making mortgage payments -- before a
lender will consider a short sale. A lender may consider a short sale if the seller is current but the value has
fallen. The seller may have over-encumbered, owe more than the home is worth, so a discounted price might
bring the price in line with market value, not below it.
This process can be very stress full at first. Remember everything you had to give to your lender to receive
your loan? You have to provide the same information to get a short sale completed.
1st) You will have to complete a hardship letter. This letter needs to explain your hardship. The reasons you
can no longer make your payments. It can be loss of job, needed to move from the home to another location
for better income. Divorce or illness in the family. It can of been a bad investment you can no longer hold onto.
2nd.) The bank will ask for your last three pay check stubs.
3rd) The bank will need a financial form completed.
4th.) Your last two years taxes filled. (2009 and 2010)
5th.) An authorization form letting your Realtor ( negotiator )for your sale.
The bank generally will not work with the owner to complete a short sale.
The bank will just keep asking you to make the payment. In some cases I have had clients that were being
harassed.
The home is then listed at a short sale price determined by the market value in your area. The comparable
along with the sale short sale package will be sent to asset department for your lender.
After everything has been completed and sent the asset department and negotiator for the lender will be
assigned.
This is were a Realtor with short sale experience not foreclosure and bank owned experience is very vital to
your sale. ( Foreclosed and bank owned are a species of there own)
The behind the scenes of a short sale process is very tedious. You have a Realtor negotiating an offer for
you. You have a bank negotiator, which is most likely in another state and has no concept of the declining
market value here. The location or neighborhood your home is located. Investors in the background trying to
buy your loan for 40 cents on the dollar in a package deal with the bank.
The negotiator for you must call the bank every other day once an offer comes in on your property. This the
only way to keep your property a priority to the bank. A bank negotiator can have up files at one time.
We help take that stress away
| Hook & Ladder Realty Inc. |
Ocala Florida
| 352-207-7412 |
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VIRGINIA WRIGHT
Broker Associate
Broker Associate
| FTC / MARS Disclosure: Hook and Ladder Reatly INC, is not associated with the government, and our service is not approved by the government or your lender; and even if you accept this offer and use our service, your lender may not agree to change your loan/approve a short sale. If you stop paying your mortgage, you could lose your home and damage your credit. |