You have been marketing a home and you are trying to stop the foreclosure with a short sale. It is important that you price the home close to the payoff in the very beginning. The price needs to be adjusted about every other week downward until you get an offer. Remember that you are trying to get the bank to take less than the payoff, so they want to see that you have at leased tried to get the payoff before you start to drop the price. More and more lenders want to see the history of the listing prices.
Now that you have an offer, you need to put together your short sale packet for consideration. It needs to include the following.
1.) The listing contract.
2.) The last two bank statements of the borrower
3.) The last two pay stubs of the borrower.
4.) A hardship letter from the borrower. Explaining why the borrower cannot pay for the mortgage.
5.) 3 recent sold comps.
6.) 3 listing comps.
7.) The offer to purchase on a "as is" Contract.
8.) The new buyers pre qualification letter.
9.) The homes listing history.
10.) Authorization to release information on the account.
11.) A completed HUD statement.
Be sure to list the account number on each and every document. After you send these documents in, weather it's mailed or faxed, follow up to make sure that the documents are received. If not, send them again.
Following these steps will make your transaction easier.
For expert advise on Short Sales, contact Mark Horan "The Resident Chef" He will ensure that the right ingredients are used to make your short sale a success. 407-301-0312.
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