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- Oh no, we received an offer, now what? I can remember not too, too long along when I received my first offer on my first listing. Oh no, we received an offer, now what?
- Call the bank and inform them that you are trying to sell your client's house and that the market value is less than what is owed therefore it is being sold short of what is owed. (Please note that this is not intended to be used as a script but only as a guide.) Ideally the conversation should be an informational session. Basically, the bank rep will have a scripted response, which if you listen carefully, will impart to you what you’ll need to provide the bank to obtain the coveted answer. Here are some of the items they may want:
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- 1.)Two months in a row bank statements. 2.)W-2 statements. (Profit and loss statement if they were self-employed.) 3.)Authorization form.(signed by your seller) 4.)Hud-1. (You can get this from your favorite escrow officer.) 5.)Contract. (As in you have obtained an offer from a ready and willing buyer. If you have no offer, you don’t get to do any of the above.) 6.)Pre-approval letter from buyer. 7.)Listing agreement. These are just some of the things banks may want in the beginning stages of the short sale process. The requested items may vary from bank to bank and from state to state. Check with your local Board of Realtors to make sure you have all the proper state forms. Some helpful tips: Be sure to get the needed fax numbers. Also they may have a direct line other than the number you called. Find out and make note of the new number. The next Anatomy of a short sale will cover what happens after we put the package together.
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To contact me go to:http://www.soldbybarr.com
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