Short sales are a very common phrase now a days, but few people understand the actual ins and outs of what short sales are and how they work. Therefore, we have decided to outline and blog about our experience in working a short sale.
Please check back daily for a real-time short sale negotiation as it unfolds.
Day 2- Diary of a Short Sale
After an eventful and stressful Day 1 (click here to read Diary of a Short Sale Day 1), today we received the last of our documents that were needed to complete the short sale package to send over to the lender.
Our total package ended up being almost 100 pages long and included, as required by the lender Wells Fargo the following items:
• Hardship letter from Seller (them explaining why they can not afford the mortgage and requires a short sale- they were told to include any documentation that supported their hardship as well- i.e. divorce papers, court notices, medical statements, etc...)
• Authorization to Release Information (this was already sent in and confirmed to be on file, but we sent it in again anyway just to be safe)- had to include: borrower's name, property address, loan/account #, borrower's signature, date, last 4 digits of borrower's Social Security #, and our contact information and office information.
• Fully executed listing agreement
• Fully executed purchase contract with all pages initialed by both Seller(s) and Buyer(s)
• Buyer pre-qualification of proof of funds letter
• Net HUD sheet
• Signed and dated financial worksheet- completed by Seller- listing all monthly expenses.
• 2008 W2 (included)
• Unemployment stubs -last 30 days (included)
• And as a bonus from us- marketing efforts, descriptions of how it was advertised, a CMA for the area, and copies of the previous MLS brief from the last year it was on the market, a cover letter, and summary sheet for the offer.
By late this morning, the package was finished, complete with a nice organized table of contents- footers on the bottom of every page that contained the loan number (in case a page got lost) and we were ready to fax it out.
An attempt was made to have actual phone contact with the Short Sale Dept, but all we ended up talking to after several attempts was the department's answering machine.
Then we reached another snag, it took hours for us to get through to the fax line- supposedly this line gets backed up. After a multitude of attempts of scanning in and faxing the near 100 page document it appears to have successfully gone through- an attempt to follow up with a confirmation phone call was attempted, but once again we only talked to the answering machine.
******Lesson of the Day: We however, learned a very important thing today- when dealing with a large company like Wells Fargo try sending the faxes in non-peak or off hours or you may spend hours doing a simple task that should only take minutes.
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Visit Christine McInerney and Jennifer Halinkowski with Keller Williams Realty on-line at:
www.HomesForSaleKnoxville.com and www.KnoxvilleReal-Estate.com
Office: (865) 694-5904
Christine (865) 237-5289 and Jennifer (865) 621-3658
Mail to: McIn-Kowski@HomesForSaleKnoxville.com
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