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 statements.
7. Always be completely honest with the asset manager in advising them of the sellers financial situation and the sale transaction.
8. Always recommend that the seller speak with an accountant and an attorney PRIOR to signing the listing agreement.
9. Use the short sale addendum when taking a listing. Now the new CAR form is the Short Sale Information and Advisory in lieu of the short sale addendum.
10. Use the CAR Default Residential Purchase Agreement when writing an offer on a property in which there is a notice of default filed. The buyer may be exempt from purchasing the subject property during a five day rescission period and no escrow should be opened or any monies deposited by the buyer during those 5 days.