BEFORE YOU START THE SHORT SALE PROCESS !

By
Real Estate Agent with Long & Foster Real Estate Inc.

It is so important to do a Title search before doing the short sale and you must pull the deed before moving forward on the sale.  There might be liens and encumbrances on the property.  These might have to be negotiated prior to moving forward.  We as Realtors, cannot negotiate liens.  That must be done by a lawyer.  If the homeowner is behind on their payments, a lien could be filed on the house.  You musts make sure HOA is up to date, if it applies to property.  Taxes must also be up to date. If there are refinances on the property, you must make sure the subordination is recorded too!!!!! If it is not recorded, that means the second mortgage would be in the first position. 

The importance of pulling the actual deed to the property is crucial!  You must verify you are dealing with all the parties involved.  All parties on the deed must also sign the listing agreement, contract, and all settlement documents. If it's a divorce situation, both parties must be on the same page, since you will ultimately need both signatures if they are both on the deed!!

A good recommendation would be to pull the deed prior to visiting the property so that you can make sure that all parties are present at your first meeting, that need to be!

 

If these things are done ahead of time, it will safe a lot of time and aggravation at settlement.  Not having these things done, could also prevent going to settlement!  That would make for a very unhappy client!!!!

Short Sales are not going away anytime soon!!! At least not for a few years!

 

 

Comments (6)

Cheryl Thomson REALTOR Army Ret
United Real Estate (703.216.5635) cheryltee47@gmail.com - Prince William, VA
Associate Broker in Northern Virginia

That's right Rosa, they aren't going any where for quite a while and absolutely doing a title search is a must. If that is not done first you are setting yourself up for failure.  I don't know of anyone who is successful in completing short sales don't  do this first.

Mar 08, 2012 01:43 AM
Christin Griffin
Realty ONE Group - Las Vegas, NV
CDPE, Short Sale Queen

Great info for setting our clients up properly from the start of the short sale process.  And not only that but making sure we are able to get the job done for them and not run into a mess when we are trying to close.  Thanks

Mar 08, 2012 02:23 AM
Rosa Almond
Long & Foster Real Estate Inc. - Freeland, MD
E-PRO, SSC Short Sale Certified

Thanks Cheryl  You got that right!!!!

 

Mar 08, 2012 03:14 AM
Rosa Almond
Long & Foster Real Estate Inc. - Freeland, MD
E-PRO, SSC Short Sale Certified

Christin!  Very cute tag line!!!!! Short Sale Queen !!! Love it!!!

 

Mar 08, 2012 03:15 AM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Rosa, I am so glad to see you blogging! Good advice. You mighe want to share how  you are pulling the deed?

Wishing you much success with your short sales!

Margaret

Mar 08, 2012 01:08 PM
Anonymous
Anonymous

Thanks Margaret!!!! Will do!!!

Mar 08, 2012 01:43 PM
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