In real estate, a short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the lender agrees to discount a loan balance due to an economic or financial hardship on the part of the homeowner.
What the banks need in order to short sale....
In the short sale process the home owner lists the home for sale usually uses the assistance of a qualified agent. When a buyer submits a offer the agent submits a short sale package to the lender's loss mitigation department. This package usually includes supporting information for the short sale request such as:
Hardship letter
Listing agreement
Market reports to support the offer price
Financial worksheet
2 years tax returns
Last 90 days bank statements.
The agent negotiates through communication with a bank's loss mitigation or workout department.
How do I get approval?
The bank requests a BPO(broker's price opinion) or appraisal from an independent contractor. Once the bank reviews the information (if they approve the short sale) they will issue an addendum stating their approval and the agreed upon terms for the seller's signature. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt.
Why should I hire a Agent's With a Smile to help me with my short sale?
Short Sales can be tricky, take time, and often times very stressful. Banks need weekly if not daily calls to further the process along. We will save you the hassle of spending hours on the phone and push the approval through as efficiently as possible, all while keeping you updated on every call or new bit of information we obtain. Barbara Dopp earned her Pre-Foreclosure Specialist Certification or PSC, which gives our team more of an advantage to be a liason between the banks and the homeowner. It also allows her to offer all clients mortgage relief options. The Barbara Dopp Team is committed to excellence, and work to full extent to make the experience worth Smiling about. If our word doesn't mean enough, you can read what some of our previous clients have said.
Questions?
Contact the Agents With a Smile Team for short sale help.
Let the Agents With a Smile help you short sale your property or home!!!!
