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short sale process: FORECLOSURE DEFICIENCY JUDGMENT or SHORT SALE PROMISSORY NOTE or BANKRUPTCY? - REVISITED - 07/22/09 08:55 AM
 
Facing foreclosure or deciding to do a short sale? This article was written by a Florida attorney and goes over the differences of a deficiency judgment and promissory note. You should defintely read this if you are facing either. We handle many short sales here in Lee County and get asked these questions quite often. While we are not attorneys we can not give legal advice. We always suggest a potential short sale seller speak with an attorney to go over their specific situation before they list with us. We can be reached at (239) 542-8521 or on my cell … (2 comments)

short sale process: Cape Coral Short Sale Offer - 06/15/09 09:17 AM
Placing an offer on a short saleReady to make an offer on a short sale? Here are the steps to make sure your offer stands a chance. Remember, a short sale simply means that the seller is upside-down on their mortgage. Their lender may, or may not, know that they are even trying to complete a short sale. The house may or may not be in some level of pre-foreclosure. The bank has no obligation to approve or even respond to a short sale offer. There are many documents that must be submitted with a short sale offer for it to … (5 comments)

short sale process: Expecting to Buy a short Sale | What to Expect - 10/09/08 08:36 AM
What to Expect when you are expecting to buy a short sale  
So, you are expecting? Expecting to buy a short sale? Short sales are handled much differently from traditional sales. Here we will go over the differences to help you through the process.
 
The first thing to consider: Your time frame for purchase  
Do you have enough time to wait for an answer? Short sales can take 30-60 days to receive an answer. We've heard horror stories of it taking 5-6 months in some cases as well. This could have been due to a number of factors … (0 comments)

short sale process: Short Sales and How I Think They Should Be Handled Part 1 of 4 - 06/26/08 01:29 PM

First of all I do not believe that any real estate agent should list a home as a short sale without having done some research first.
 
 
Research
 
You should have a preliminary title search done to determine if there is a second mortgage or any other liens on the property. Determine who the owner(s) are.
 
           
 
Document Collection
 
Next, you should collect all of the necessary paperwork that the lender will require for their short sale package. (Some banks require less/more documentation but this is a very ‘standard’ list)
 
Obviously … (8 comments)

short sale process: Short Sales and How I Think They Should Be Handled Part 2 of 4 - 06/26/08 01:28 PM

Listing Activities at property
 
 
·         Take multiple photos of the property – the good and the bad. Obviously use the prettiest photos for your marketing material but disclose any known defects. The bad photos are good to show the seller’s lender.
 
·         Put an electronic lockbox on the front door or hidden if seller/tenant prefers. Agents that have to pick up a key or schedule to meet an owner/tenant/agent are WAY less likely to show that home. Especially in this current buyer’s market. There are too many other choices available. Check out my previous blog about tenant … (0 comments)

short sale process: Short Sales and How I Think They Should Be Handled Part 3 of 4 - 06/26/08 01:27 PM

Yay, Showings and Offers!
 
You get showings, and now an offer comes in. GREAT! How do I think offers on short sales should be handled? Like any other sale.
 
            Present all in a timely manner. Encourage your seller to make a decision asap. If they like the offer, have them sign the contract. We require all contracts to be on the Far/Bar As-Is contract along with the Short Sale Addendum. We also require a bank letter of funds available or a pre-approval letter and a copy of the buyer’s escrow check.
 
            What’s next? First of all, … (5 comments)

short sale process: Short Sales and How I Think They Should Be Handled Part 4 of 4 - 06/26/08 01:26 PM

Submit That Offer
 
            Ok, now back to the seller’s bank. You should have already spoken to the bank(s) to know exactly what to send and to where. Create a nice coversheet detailing the borrowers (that’s your seller) Property Address, Name and Loan #. Include page #s like a table of contents. Include the contact for the BPO/Appraisal. Include a preliminary Hud1 (get from your title company), updated financial if out-dated, comparables and property history of the property. Send this and call the following day to verify. (Some banks say it takes up to 72 hours to receive so … (3 comments)

 
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Cape Coral Real Estate Broker | Susan Milner | FloridaFutureAgents.com

Cape Coral, FL

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Florida Future Realty, Inc.

Address: 2816 Del Prado Blvd. S, Unit 1, Cape Coral, FL, 33904

Office Phone: (239) 542-8521

Cell Phone: (239) 218-2229

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Licensed Real Esate Broker, Susan Milner shares her knowledge & opinions on real estate. Having lived in Cape Coral for the past 17 years she puts emphasis on that area. Susan holds GRI, CDPE, SFR & e-PRO designations & is a proud member of the National Association of REALTORS.

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