I'd have to say that they're here to stay and I think it's more important than ever that everyone familiarizes themselves with the process. It may seem daunting at first but it's a win-win-win situation since the buyer gets a deal, the bank doesn't have to foreclose, and the seller doesn't have a foreclosure on their record for many years to come. It is very important that the listing agent maintain CONSTANT communication with the lender, particularly once an offer is received. You need to determine exactly what the bank will want from you in order to proceed toward a closing. Some things the lender will require from the seller are a copy of bank statements, tax returns, and a hardship letter. You, the listing agent, will need to provide an estimated HUD 1 settlement sheet. You will send these items along with a signed agreement of sale to the lender. Please don't just sit back in your chair and relax at this point! It is now your responsibility to follow up with the lender every couple of days to make sure they're received what you sent, need anything else, have made any steps in assigning your case to a short sale specialist since you've probably been dealing with loss mitigation up to this point. It really is possible to have a settlement in just a few months as long as everyone stays in contact. The more info you have to pass along to the buyer's agent, the less chance you run of losing your buyer due to lack of contact.

 
Posted by Renee Lambert on 10/12/2008 11:22 PM   Comments (0)  
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Short Sales, foreclosures, distressed sellers
07/08/2008
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We've been doing quite a bit of work with sellers who owe more for their home than the property is currently worth. This often results in what is called a short sale. A short sale is when the lender is willing to accept less money for the property… more
 
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Renee Lambert

West Chester, PA

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RE/MAX Town & Country Associates

Address: 1479 Wilmington Pike, West Chester, PA, 19382

Office Phone: (610) 675-7100 x 1159

Cell Phone: (610) 547-6167

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