If you feel you may be in need of a short sale, you should do your homework on what you will need to have to provide to the agent. ADVICE: Choose an agent that knows how Short Sales work, have experience with short sales and is willing to do a short sale. In addition it is always a good idea to show your identification to the agent to be sure they know that you have the right to sign to list and sell the property.
First thing to do: Contact your lender and request a loan modification or other options.
Here are some items, questions that you will need to know the answers to:
- Name, Address of all borrowers on the property......
- Are you in current hardship......?
- Have you contacted your lender to ask for a loan modification or other options? If yes, what did they tell you....?
- What do you owe on your mortgage.....?
- Are you in default....? If yes, when did you go into default and do you have the paperwork?
- How Many Lenders or Lienholders do you have?
- Who are the lenders? 1st and 2nd Lienholders?
- Are you serious about doing a short sale?
- The agent should tell you that you will the following: Do you a problem getting any of the following
Current pay checks stubs (last 2 at least)
W2s for last year
Tax forms for last year
Hardship letter in your own words
Financial statement * you can use the one you used to request the loan modification
- Is this your primary resident?
- Do you have other properties that are/are not in trouble?
- When can you meet?
Your agent may have other questions but will be really relieved if you have these questions already answered for them. It will save time.
For more information... Check out our Website and our Blog... - Website: http://www.motheranddaughterrealtyteam.com - Blog: http://activerain.com/brooksrm2042 - Check me out on Facebook
Rosemary Brooks
Patrick Williams & Associates
Mother and Daughter Realty Team
PH: 866-543-0461
FAX: 866-815-1649
EMAIL: info@motheranddaughterrealtyteam.net
WEBSITE: www.motheranddaughterrealtyteam.com
Great information! Just spoke with a customer this afternoon that I'm referring to one of my referral partners. Will pass along this information.
Great Kevin. I just spoke to borrower and I use this list and it went fast and she felt comfortable talking to me. Then I had time to explain the short sale process to her instead of being stuck on making sure I got all the information I needed. I am sure there will be other questions and items to add.
Hey Rosemary...good to see you back in the Rain. How's Biz?...Better yet, How's life?
John
PS - Good info here...
Hi John - Great to hear from you. You and your family is still in my prayers. How are things going? I am doing OK and business, well it is good and I am working on it being better! Short Sales are increasing as predicted!