Paul Pastore's Top 10 Tips for Short Sales:

By
Real Estate Agent with Hometown Realtors

1. Have the sellers sign a pre-foreclosure disclosure, which includes a notice of possible "phantom income" and receipt of a 1099.

2. Add to the MLS remarks that the sale is contingent upon lender approval and receipt of an "as-is" addendum.

3. Price the house 5-percent to 10-percent below market to ensure a quick sale.

4. Have the buyer and selling agent sign a separate pre-foreclosure addendum, which includes a possible commission reduction notice.

5. Locate the loss mitigation officer assigned to the file and get his or her direct phone, fax, and e-mail contact info.

6. Ask about the short-sale policies for the lender.

7. Ask what you can do to expedite the transaction.

8. Check the title policy every 30 days.

9. Send a complete short-sale package that includes: intro letter, hardship letter from the seller, listing agreement, comps, estimated net sheet or HUD1, the first page of the past two years taxes, the last two pay stubs, and the last two bank statements.

10. Request that the lender not send a 1099 to the seller, and marks the credit report "paid as agreed."

 

*****As posted by Paul Pastore

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Rainmaker
1,086,553
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate
Hi Sara - I see you jumped in and did your 1st post. It looks like you did not get any points credit for it as it is marked with the red x. The most likely cause is that it is someone elses material. Not sure who Paul Pastore is but the fact you mention it being his work would negate your points. Also you have to be careful on which groups to post to. Each group has it's own set of guidelines. You will find that in the left column under the specific group you join. If you put into the wrong group someone could flag it. Like the Newbies group - this post would not be appropriate for that group according to their guidelines. The learing curve when starting here can be difficult. I went through some of the same things myself :) 
Jan 17, 2008 09:13 AM #1
Ambassador
754,919
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Sara,

Thanks for posting this.  I don't know who Paul is either, and I wouldn't have seen it if you hadn't posted.  Much success!

Mike in Tucson

Jan 22, 2008 10:39 PM #2
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Rainer
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Sara Currier

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