Some of our regular sales are turning into short-sales... but not all regular sales will qualify to be short-sales. Successful short-sales begin with answering questions, but also asking the right questions of our potential clients.
Short sales are pretty rare in this neighborhood... but there have been some fore-closures. Basically you choose a reasonable starting place... say $175/sq.ft. and reduce it weekly until you get an offer.
List of requirements needed when preparing a Short-sale packet for the bank-- look them over and see if a short-sale would make sense for you. All the documents listed are required and must be included.
1. Written permission to talk to bank on your behalf.
2. Hardship letter stating why they should allow you to do a short-sale.
3. Bank statements-- last 3 mos.
4. Mortgage Statements- 1st and 2nd
5. Last 2 years tax returns
6. Detailed Financial Statement-- monthly expenditures.
Question:
Answer:
As far as the financial info, hardship letter, and tax info-- it all needs to be current. How many payments have you missed? Have they filed a notice of default yet?
We market short sales pretty much the same as regular sales--we do most of our marketing online....and the lower prices bring buyers and offers.
Buyers do have incentive-- because they want to get an offer in before someone else does.
Your current tenant is there until the 13th of March-- I don't know about your plans for April. I have already shown your place recently-- by calling and giving your tenant notice that I had buyers who wanted to see it.
As you know, short-sales require a huge amount of time and patience-- and it is not an option for everyone. You would need to qualify, be completely committed, and rely on our process to get it done.
We have great results with short-sales because we ask the right questions, let people know what the requirements are , and let them know that short-sales are not for everyone.
If you have questions-- call Kathy Schowe at The Lori Bowers Group 760-333-8886.
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