Short Sales and Divorce....which are often elements that are both found in the same transaction, are condi
tions we often encounter and are well prepared to handle. The two incomes that were required to pay the mortgage no longer exist under the same roof. The loss of a job by the primary "bread winner"or income drastically reduced and that was the beginning of the end of the marriage.
The house was purchased when the home prices were much higher...no one controls the market...and now...with tremendous loss in equity, the home cannot be sold and remain "right side up."
As listing agents with these conditions we often encounter Selling agents with little or no experience with a short sale transaction. We are happy to explain the process...what needs to be done, that patience IS a virtue...closing dates are not always predictable...etc.
" Who is the Seller's Lender ?" is often the question from a Buyer's agent. It doesn't matter to us...and it is very easily discovered in public on line court records. We don't worry about the Sellers lender...we DO worry about the le
nder the Buyer may have chosen. That lender may be inexperienced as well in the short sale arena....and that can be a far bigger problem for the whole transaction.
Deadlines are HUGE in a short sale...when approval is given for the short sale ....there is a window of time in which the transaction must close. A good short sale listing agent is ever watchful of the timing of the appraisal...no phone call from an appraiser means diligent follow up and follow thru to be sure that piece of the underwriting puzzle is complete.
Both agents should be aware what the Buyer's lender requires and the deadlines that must be kept to close on a timely basis.
IF there are repairs that may be required ...does the Buyer have a lender that offers a loan that accomodates repairs ?
Short sales are not for inexperienced agents on BOTH sides of the transaction and not for Lenders inexperienced in what may be required in terms of conditions and timelines. Don't experiment with someone's foreclosure...refer the transaction to an agent with experience.
If you are a lender on the buying side of a short sale transaction...be sure that you are not short on information required for closing ....from the kind of loan to the requirements of the deadlines that must be met....and beyond that....that they are monitored....and kept.
If you or anyone you know is unable to pay their mortgage whether you are a Realtor or a Lender...have the education and experience required OR refer the business to another person who can close the transaction.
We are happy to assist anyone in southeastern Wisconsin with a short sale transaction and know that ALL the deadlines will be monitored...and there will be a happily ever after and a timely closing. Call the Hansons...we are honored to be of service for all things real estate in southeastern Wisconsin.
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