More talk about short sales

Real Estate Broker/Owner with NextHome Synergy AB066573

I'd have to say that they're here to stay and I think it's more important than ever that everyone familiarizes themselves with the process. It may seem daunting at first but it's a win-win-win situation since the buyer gets a deal, the bank doesn't have to foreclose, and the seller doesn't have a foreclosure on their record for many years to come. It is very important that the listing agent maintain CONSTANT communication with the lender, particularly once an offer is received. You need to determine exactly what the bank will want from you in order to proceed toward a closing. Some things the lender will require from the seller are a copy of bank statements, tax returns, and a hardship letter. You, the listing agent, will need to provide an estimated HUD 1 settlement sheet. You will send these items along with a signed agreement of sale to the lender. Please don't just sit back in your chair and relax at this point! It is now your responsibility to follow up with the lender every couple of days to make sure they're received what you sent, need anything else, have made any steps in assigning your case to a short sale specialist since you've probably been dealing with loss mitigation up to this point. It really is possible to have a settlement in just a few months as long as everyone stays in contact. The more info you have to pass along to the buyer's agent, the less chance you run of losing your buyer due to lack of contact.

Comments (1)

Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Stopping by to share our RELO message -

Jul 19, 2014 12:28 AM