Like most real estate instructors, I am spending more and more time teaching on Short Sales and Foreclosures. I firmly believe that starting off on the right foot, covering your bases and establishing expectations with the Seller is the key to getting these difficult transactions done.
Part of the Listing Agent’s job, should they accept the responsibility of the Short Sale listing will be to work with the lender. Negotiations and Asset Managers typically will not discuss the Sellers information without a release from the Seller. Also, they are going to request from the Seller a lot of information. Jennifer and I have put together a packet, from our experiences with Short Sales, that we use to help with this process. We’ve found them very useful.
Whereas, I am not an attorney, nor your broker; I am adding links to our forms below so that you can see the model that we use and hopefully make your life a bit easier. You should confirm with your broker before using any forms with your clients.
Short Sale: Permission to Negotiate
Short Sale: Permission to Obtain Payoff
Also, sellers who are in trouble should be going to www.995HOPE.com or calling 1–888–995–HOPE. This is a resource setup by the government to help folks in trouble with their housing situation. Even if they are listed this resource may help buy you time to sell the home.
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Hi Matt, good links. My question is we have the sellers sign a pay-off authorization form when we take the listing. The title company has the signed form in their file when we get an offer. Is this in addition too?