THE PAPERWORK:
1. The authorization to release information: This is a form that allows our company to talk to your mortgage company on your behalf. When we call the Mortgage company, they will ask if this form has been faxed over to them. They will not speak to us unless they have this form
2. The Purchase and Sales agreement: This is usually required to get the process started with the sellers mortgage company. Without this the file will probably just sit on a desk collecting dust
THE PROCESS
1. Visit the house to gather all of the necessary paperwork. We will put a for sale sign in the front yard.
2. We call the mortgage company, find out the name of the person and or department who is handling the account, and fax the Authorization to Release Information.
3: The Homeowner should gather all of the documentation that we have requested. This can be faxed or delivered to the our office
4: We will contact the Mortgage company to see if they have uploaded the authorization to release and ask them to send all of the necessary documentation to conduct a short sale on the property.
5. An offer comes in, we submit the complete package to the mortgage company
6. The Mortgage Company may order an appraisal or an BPO (Brokers Price Opinion) of the house.
Make sure you include a HUD 1 Settlement statement with the offer. The HUD 1 will also show the banks how much they should expect to NET from the sale.
7. Mortgage company accepts, declines or counters the offer submitted
*** A Short Sale request is a request for the Mortgage Company to take less that what is owed on the property.
If you wish to keep your home; contact your mortgage lender(s). Just talk with them - Believe it or not
they want to keep you in your home. They want to work with you through this difficult time.
If you have anything to add to this, feel free to leave a comment
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