Important Short Sales Information
Real estate short sales are going to govern our market with greater and greater homeowners facing the reality of owing greater than their house is presently worth. Right now I am working with sellers on short sales with comerica, citi, Bank of America, Chase and Wells Fargo. Delightedly the time its taking to process the extensive quantities of short sales seems to be getting shorter. Both Wells Fargo and Bank of America are adopting an on-line negotiation management system/software to manage the short sale process.
One thought to keep in mind is that no two short sales are the equivalent. There are abundant changing parts to a short sale and understanding how every piece impacts the deal is critical to success. Here are some things to keep in mind when it comes to short sales.
If you lodge in a condo or town home association, you must continue to disburse your HOA dues. More and more lenders and investors are not willing to pay these costs as part of the short sale. In addition, most HOA agreements approve the HOA to personally pursue you for past due dues. While some HOAs might accept a settlement, getting a lender to pay them as part of the short sale might be a huge roadblock in trying to navigate the short sale process.
Make definite you get all of your financial documentation in line for your agent so they can advance it to your lender. This is one of the main reasons that bring about delays when working with short sales. All lenders have what are called gatekeepers that screen short sale requests for all necessary documents before the file really moves ahead to the phase where someone that has authority to approve a short is actually assigned to your file. When lenders ask for 2 years of tax returns, be sure you have signed the signature pages. Because several people file their taxes electronically these days they at no time genuinely sign the documents. Every lender wants to see your name on these documents. Also, when they ask for 2 months of back statements, be certain to cover the most current two months and insert EVERY page even the blank ones. ven if page 9 out of 89 pages is 100% blank include it anyway so it doesnt seem like you are leaving something out.
Many people have been without a job for some time so if you are missing a specific document they are requesting like a pay stub just communicate a good clarification about why you can’t provide that document.
If you have further questions about, what is a short sale, then we encourage you to continue searching the internet.
Processing your request, Please wait....
