Guide To Help Sellers Through a Short Sale - SHORT SALE HELP FOR SELLERS
Call the Lender
You may need to make a few phone calls before you find the person responsible for handling short sales. You do not want to talk to the customer service or collections. Request the contact number for their short sale department or loss mitigation.
Submit Letter of Authorization
Lenders typically do not want to disclose any of your personal information without written authorization to do so. If you are working with a real estate agent, closing agent, title company or lawyer, you will receive better cooperation if you write a letter to the lender giving the lender permission to talk with those specific interested parties about your loan. The letter should include the following:
- Property Address
- sellers names
- Loan Reference Number
- email address
- The Date
- Some lenders require a 4 digit password
- Your Agent's Name & Contact Information
Preliminary Net Sheet (HUD1)
This is an estimated closing statement that shows the sales price you expect to receive and all the costs of sale, unpaid loan balances, outstanding payments due and late fees, including real estate commissions, if any. Your closing agent or lawyer should be able to prepare this for you if you do not know how to calculate any of these fees. If the bottom line shows cash to the seller, you will probably not need a short sale.
The sadder, the better. This statement of facts describes how you got into this financial bind and makes a plea to the lender to accept less than full payment. Lenders are not inhumane and can understand if you lost your job, were hospitalized or a truck ran over your entire family, but lenders are not particularly empathetic to situations involving dishonesty or criminal behavior. Make sure the letter is not more then 1 page in length.
Proof of Income and Tax returns
Lenders will want to know if you have savings accounts, money market accounts, stocks or bonds, negotiable instruments, cash or other real estate or anything of tangible value. Lender are not in the charity business and often require assurance that the debtor cannot pay back any of the debt that it is forgiving.
Copies of Bank Statements
If your bank statements reflect unaccountable deposits, large cash withdrawals or an unusual number of checks, it's probably a good idea to explain each of those line items to the lender. In addition, the lender might want you to account for each and every deposit so it can determine whether deposits will continue.
Comparative Market Analysis
Sometimes markets decline and property values fall. If this is part of the reason that you cannot sell your home for enough to pay off the lender, this fact should be substantiated for the lender through a comparative market analysis(CMA). Your real estate agent can prepare a CMA for you, which will show prices of similar homes
Active on the market, Pending sales
closed sales from the past six months.
Purchase Agreement & Listing Agreement
When you reach an agreement to sell with a prospective purchaser, the lender will want a copy of the offer, along with a copy of your listing agreement. Be prepared for the lender to renegotiate commissions and to refuse to allow payment of certain items such as home protection plans or termite inspections.
Now if everything goes well, the lender will approve your short sale. As part of the negotiation, you might ask that the lender not report adverse credit to the credit reporting agencies, but realize that the lender is under no obligation to accommodate this request.
Remember every bank has different guidelines. Call and ask for their short sale package.
We offer free, discreet consultations over the phone, at our office or in your home and there is never any obligation. Contact us today or apply online for more information.
Please take the time to browse through our website and gather the information that you need. If at any time you have further questions about what we can do for you in your situation, you can email or call us at anytime and we will be happy to assist you. Thank you for reaching out to The Marcus Rice Team.
Contact our team today to learn more about your options
Please contact Marcus for a free consultation and we will work with you to either help you save your home or sell it. WWW.RICHMONDVAHOME.COM for more info or call 804-247-8187
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The Marcus & Tonya Rice Team specializes in Richmond, Va, Henrico County, Chesterfield County, Powhatan County, Hanover County, Petersburg, Colonial Heights, and Fort Lee Homes and Real Estate for sale. We are tech savy realtors with over 11 years experience. Please join us on our Social Networking Network to stay up to date on Richmond Virgina real estate news and more...
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The Marcus Rice Team
13204 Hull Street Rd.
Midlothian, VA 23112
Call Marcus at 804-247-8187
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