Bank short sales of course are where the seller of the property is requesting the bank to allow the sale of their home for much less than the original lien note was secured. Selling short is not a right of the seller, banks decide on individual basis weather or not to allow the sale. It is of the utmost importance to have the full cooperation of the home owners in order for the Realtor to ask for a short sale.
One of the most important pieces of documentation is the “Hardship Letter”, this is a gathering of all reasons the owners are not able to continue on the present course. In writing the letter included documentation must be any reasons for the current financial position of the seller. This would include job loss, medical bills, and poor sales in the case of being self employed.
Your Realtor will then write a proposal letter to the bank or lien holder giving reference to the hardship letter, but mostly documenting the current state of the loan such as what is owed how far behind etc. This letter will lay out the plan of action for the sale of the home which includes the listing price, marketing plan and any liens that may be or could be encountered.
The final area of the sale would be the actual listing of the property including all pertinent MLS documentation, market analysis or comparative sold prices and short sale listing addendums. Addendums are basically telling any buyers this is a short sale and probably will not have the same safety nets associated with a “normal sale”, such as the home being sold as is. Contact me with any further questions.
No comments:
Post a Comment