short sale package: Most common mistakes on short sale packages that may cause delays, or worse, rejection
- 02/06/12 06:26 AM
Most common mistakes on short sale packages that may cause delays, or worse, rejectionWells Fargo/Wachovia sent a letter to short sale agents about the most often seen mistakes that seem to hold up the approvals. It’s a good reminder to review the short sale package before sending it.Here are the most often found mistakes on submitted short sale packages: Can’t read the contract and other paperwork. Be sure all pages sent are legible Page 1 of purchase contract missing APN (Assessor Parcel Number) and/or zip code or property All other pages of contract missing full property address at top including … (12 comments)
short sale package: Dear Short Sale Buyer, how could you, and why did you back out?
- 06/25/11 07:49 PM
Dear Short Sale Buyer When you started looking for a place to buy, presumably, your agent educated you on the types of sales that you can choose from, the pros and cons of regular sales, short sales, and foreclosures. And that when you decided to write an offer on my short sale listing that you determined that this is the one you want. And that you wrote your offer in GOOD FAITH. "Good faith in legal terminology refers to the use of honesty and best efforts in dealings with others." And that you were prepared to wait. Your agent may have … (12 comments)
short sale package: SHORT SALE PACKAGE: Make sure it's complete before submitting to the lender
- 09/25/09 07:39 PM
It's been discussed, blogged, taught...and it doesn't hurt to revisit it again. If it appears that the only available option to the seller is to sell the property as a short sale, it is extremely helpful to prepare him on what to expect: what is a short sale, how to qualify for a short sale, what is the process, timelines, how to prepare his property for sale, and forms he needs to complete. The seller is already in distress and will not be in the best frame of mind. So it helps when a listing agent walks him through the various … (34 comments)
short sale package: Lender's requirements for a short sale package.
- 07/23/08 07:46 AM
The short sale packages are pretty much the same today....I think the lenders are making their requirements almost standard. In the case of a short sale property with more than one loan, this is most certainly useful and helpful so that we don't recreate the package. From what I've encountered, lenders rarely touch a file until after there is an offer (accepted by the Seller) on the property. If the offer is substantially less than list price, or if it is substantially less than what is owed, the asset manager or loan negotiator submits the file to their committees for review and for a … (5 comments)
short sale package: Preparing Short Sale Package Template
- 06/13/08 05:40 PM
There are so many short sales today that they now consist most of my business, both at the listing and selling side. Educating clients is a priority. It is an absolute must to set expectations. Since short sale listings take a lot more energy and time than regular listings, I wanted to make sure I have a clear plan or template. I don't want to reinvent the wheel, so I put together a package of info gleaned from various resources for my listing clients. My package consists of: Q & A on avoiding foreclosures to let buyers know there are recourses available … (3 comments)
Most common mistakes on short sale packages that may cause delays, or worse, rejectionWells Fargo/Wachovia sent a letter to short sale agents about the most often seen mistakes that seem to hold up the approvals. It’s a good reminder to review the short sale package before sending it.Here are the most often found mistakes on submitted short sale packages: 
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