" Short Sale Specialist MD "Are you considering a short sale?. .well, let me tell you about short sales and what you should consider from your bank's perspective. If you have a hardship, you are almost there. Negotiating a short sale is like waiting on line at the post office with one person behind the counter and 3 others taking a break in the back. . while your kids are waiting for you at the parking lot in the car fightning and screaming at you!
If your negotiator isn't talking to you. .perhaps this maybe the reason. .
Understand that lenders maybe willing to take homes to foreclosure because usually these loans have insurance that covers a percentage of the loan. . .So if they take property to foreclosure they only need to recoup a few cents to the dollar allowing their nsurance to cover the rest for them. . . essentially, they are receiving a lot more money than accepting a short sale from you.
For a free consultation with a short sale specialist if a Short Sale is an option for you, please contact me directly by email to: Fernando@ReallyNiceHomes.com
We assist people with Short Sales in the State of Maryland and Virginia
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Before you consider a short sale, you should have a pretty good idea what is the short sale process and your role as the seller in a short sale transaction. Although all lenders have different demands that a borrower must submit in a wide array of documentation, the following steps will give you an idea of what to expect.
Call Your Lender First:
You may need to make a few phone calls before you find the person responsible to make a decision in accepting loan modifications. Your first priority should be to speak with your lender and ask them to reduce the rates or convert your present loan to a fixed rate.
Your first priority before putting your property in a short sale situation should be to try and save your home.
When a foreclosure is eminent, a short sale is a good option if you have a hardship.
What are the reasons you can’t pay your mortgage payments anymore?
You must have a hardship. .
then
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 that specializes in short sales, they should have a standard letter of authorization for you to sign. The letter should include the following:
Preliminary Net Sheet HUD-1
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. Although your agent should help prepare this form with just the assistance of an attorney ( and no involvement from your part). . This is the single most important part of a short sale. A HUD-1 can make or break a short sale negotiation.
The Hardship Letter
The sadder, the better. This statement of facts describes how you got into this financial situation, where you can no longer make your mortgage payments. It must be short and detailed. Losses of a job, sickness, divorce, death of a family member, all of these are good causes of a hardship.
Just remember that lenders are not particularly empathetic to situations involving dishonesty or criminal behavior.
Proof of Income and Assets
Be truthful and honest about your financial situation and disclose all assets. Lenders will want to know if you have savings accounts, money market accounts, stocks or bonds, cash or other real estate or anything of value. Remember also, all major transactions where cash has been moved will need your explanation. Lenders aren’t looking to take all your money . . .they just want to be assured that you aren’t able to afford your property.
Comparative Market Analysis (CMA)
Your Agent ( A Short Sale Specialist ) should help prepare a CMA. The bank wants a pretty good idea how upside down you are. The Lenders will make a decision to accept the short sale based on your hardship letter and the CMA of your home . . . and NOT in how much you owe.
Now, if everything goes well, the lender will approve your short sale. As part of the negotiation, your agent might ask that the lender not pursue a deficiency of judgment against you. . But realize that the lender is under no obligation to accommodate this request.
Ultimately, a short sale will only become successful when you have chosen the right person to represent you. This person should be picked carefully. There are a lot of pretenders out there. I usually involve my clients so much in the process of a short sale that they end up “knowing” more about short sales that the typical agent out there.
Fernando Herboso & Associates are CDPE certfied
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eBOOK : Is a Short Sale An Option For Me? Quick guide to find out if you qualify for a short sale in Maryland, DC or Virginia.
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Fernando@ReallyNiceHomes.com
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SHORT SALES MARYLAND
As the short sale expert in your area you are providing a much needed service for homeowners. Thank you for being a proactive agent working with the market.
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Fernando, you did a great job of descirbing the process! We have many realtors in our office in Minnesota who are pulling there hair out during this grueling process.
Another aspect on short sales that we are finding is that offers are being presented and just sitting there in limbo as the client waits to hear the response from the lender. I think you have to have the stomach for this and especially so when you represent the buyer and their anxieties in the process.