short sale: How to get short sale approval from the lender.
- 10/07/08 06:46 AM
What is a complete short sale package?? When I speak with the people working in the short sale departments, the most common problem with the packages they receive from agents is an incomplete package. What makes a complete package? 1. The financials from the borrower including tax return, W2 or paystub, recent bank statements, list of their expenses, list of assets if any. 2. Hardship letter from the borrower. The "reason for default" letter should draw tears from the lender if possible. Be careful, however not to exagerate or lie on this letter. Any supporting documentation including proof of job loss, proof … (10 comments)
short sale: How do short sale negotiators usually get paid and how much???
- 09/30/08 07:32 PM
I am working with a short sale negotiator on a purchase transaction and they are charging a 25% referral fee for the entire commission. It doesn't seem right to me. Isn't the short sale negotiator working for the seller only? Wow, experience does have it's price. On the positive side, the negotiator already had approval from both lenders. The first and second are with different lenders. Looks like he has been working on this transaction for several months. I'm not doubting that it is a well deserved referral fee, just curious about other peoples experiences. Your feedback is greatly appreciated. … (3 comments)
short sale: Pre foreclosure Sales Tips (Los Angeles, CA)
- 03/17/08 02:47 PM
Short Sales or Pre Foreclosure Sales A pre foreclosure is when the lender agrees to accept something less than the full amount of the payoff to avert foreclosure. Most lenders have discovered that it is cheaper to have a short sale or other activity rather than letting the property come back as an asset. This is especially true when the loan amount is much greater than the value of the property. Keep in mind that when the property becomes REO (real estate owned), the lender now is responsible for the gardening, utilities, taxes, insurance, etc. For this reason, lenders are … (0 comments)
short sale: Short Pay Tips (San Fernando Valley, CA Short Sale Broker)
- 03/03/08 05:08 PM
1. Always have the seller contact the asset manager to discuss a short payoff of their loan. 2. Most lenders require a signed listing agreement before they will speak with an agent. 3. Most lenders have specific requirements and may fax them to you upon request. 4. Be aware that there will be time constraint to close the escrow because the lender must approve the reduced payoff. 5. Always get everything in writing from the sellers payoff lender. 6. Some of the requirements of the asset manager may include, verification of employment, tax returns, W2's, hardship letter, financial statement, and bank … (8 comments)
short sale: Are short sales getting approved?
- 02/20/08 08:23 AM
There are many short sale listings on the MLS. However, many of escrows are not closing for several reasons. What are some of the situations which lenders are approving the transaction? Are some lenders quicker to respond? Are some lenders approving more short sales than others? This Blog is a place where agents and brokers can share their experiences so that we can get more transactions approved. … (2 comments)
What is a complete short sale package??
;)
;)
