Archive for the 'Short Sales' Category
Submitting a Short Sale Package
April 22nd, 2009 categories: Short Sales
You have a complete Short Sale Package and now your ready to submit it to the Loss Mitigation Department of the Bank. While you may be happy to get this to the bank…
The Loss Mitigation Department may not be as happy as you.
Each file handler in a loss mitigation department handles about 300-500 Short Sale Files and may look like this..
Because of the number of files they receive they will do anything they can to reject a Short Sale file.
Be prepared it takes a long time to get your file reviewed.
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What is a Complete Short Sale Package?
April 15th, 2009 categories: Short Sales
A complete Short Sale Package will help you get the attention from the Loss Mitigation Department.
Often People do not understand what is to be included in a Short Sale Package. An incomplete file often gets put at the bottom of the pile.
To make sure this does not happen to you, I am putting together information on what is needed to negotiate a Short Sale with your lender.
All Short Sale Packages will only be assigned a Loss Mitigator with a complete package.
| Items | Seller | Buyer |
| Executed Sales Contract | X | X |
| Executed Short Sale Rider | X | X |
| Mortgage Commitment Letter | X | |
| Listing Agreement with Realtor | X | |
| W-2 (Two Years) | X | |
| Pay Stubs (Two Months) | X | |
| Tax Returns (Two Years) | X | |
| Financial Statement | X | |
| Hardship Letter | X | |
| Signed Authorization to Release | X |
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The Short of It.. Definition of a “short sale”
March 27th, 2009 categories: Short Sales
As a Realtor in business for over 10 years I have never experienced a real estate market like today. It really is like a roller coaster. For those of you unfamiliar with Short Sales and Foreclosures, I want to take time out to give you definitions of both.
Short Sales Defined: The term “Short Sale” is used in the real estate business to describe a situation where there is more debt owed against a property than the property is worth. In other words, the owner cannot sell the property unless the creditor (“Third Party”) agrees to accept payment that is less or (“Short”) of the amount actually owed to those Third Parties. These third parties are usually banks, mortgage issuers, or investors.
Foreclosure: The term “Foreclosure” is the legal process by which the owner’s rights to the property have been terminated because of default on their mortgage and the lender has taken back the property after the sherriff sale auction.
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