If you live in the Manatee County, Florida area and are considering a short sale, I can help. If you live in another area, I can help you find a short sale expert near you. You will want to work with an experienced Realtor who understand the short sale process and who is an expert in short sales.
Most lenders require that the home be listed before they will consider a short sale. They want to be sure the home has been exposed to buyers and that an attempt has been made to obtain a contract at today’s market value.
It is important for the borrower to work with a Realtor who is experienced in short sales. This is a complicated process and the successful completion of it requires patience, skill, and expertise.
Here are few things the listing Realtor must know how to get accomplished:
- Know how to establish contact with the lender’s loss mitigation department. Contact the loss mitigation department, rather than the collection or customer service departments, which are only interested in collecting payments.
- Obtain a signed authorization from the seller that allows the Realtor to speak with the lender in their behalf. Include their social security number and date of birth because this information is often needed to verify the account.
- Obtain mortgage information from the seller. Name of lender, loan numbers, and phone numbers.
- Know how to order a title search on the property to research liens and judgments. All of these are expenses in the sale and will appear on the HUD-1 settlement statement.
- Order payoffs so that you know the exact numbers for the settlement statement.
- Know how to obtain a status letter from the Home Owner Association because many times there are back HOA fees.
- Know how to obtain a short sale package from the lender. Some provide them, some don’t. If the lender does not have their own package the Realtor must create one of their own.
- Know how to assist the borrower in compiling the documentation needed for the lender.
- Know how to assist the new buyer in obtaining a mortgage pre-approval and counsel the buyer regarding the short sale process.
- Know how to ”influence” the BPO or appraisal. Provide comps if needed.
- Assist the seller/buyer in obtaining repair estimates.
- Negotiate, negotiate, and negotiate. Negotiation skills are a must.
- Stay in touch with the lender throughout the process.
Most sellers pay thousands of dollars for their Realtor’s service in Bradenton, Florida. The good news for the short sale customer is that my services are virtually FREE. The lender absorbs the Realtor’s commission into the transaction. The seller pays no commission!
(Copyright © 2007 By Dan Forbes, All Rights Reserved.)
