When a homeowner needs to request a short sale with his/her lender, the first thing the bank will ask, is if the property is listed for sale with a real estate brokerage. At that point, the homeowner needs to find a Realtor that is experienced processing short sales. As a homeowner, you have hired an experienced short sale real estate agent to market your property and negotiate the short sale with the lender. As the experienced Real Estate Short Sales Agent, you will need to meet with the homeowner to get the property listed and to retrieve the necessary documents that will need to accompany a complete packet to the lender.
These documents are specific to the State of Illinois; however, they are the same forms needed in any State:
1. The Listing Agreement.
2. The Short Sale Addendum to the Listing Agreement.
3. The Short Sale Authorization to Release Information on the Loans.
4. The Residential Disclosure.
5. The Mold Disclosure.
6. The Radon Disclosure.
7. A Comparable Marketing Analysis of the Subject Property.
Documents the homeowner needs to have available upon your arrival at the listing appointment:
1. The signed and dated hardship letter requesting a Short Sale.
2. Two years of the most recent income taxes.
3. Two of the most recent pay stubs or unemployment stubs.
4. An income and expense statement - This should be signed by the homeowner.
5. The most recent mortgage statements. These documents will not need to go in
the packet, they are for contact information and balances owed.
6. Two months of bank statements.
7. A list of repairs that are needed to the property.
Once the Realtor has receives an offer with a buyer's pre-approval, a HUD statement will need to be prepared so that the bank will have an estimate of what they will net. Once you have all of the above documents along with an offer to purchase the property and the buyer's pre-approval, you are ready to submit the complete packet to the bank or in situations where there are two mortgages, you want to send the complete packets to both banks at the same time.
In addition, always review the mortgage statements from your homeowner; because you want to have the correct contact information for the lender. Also, you need to know the exact balance of the loans owed on the property. In addition, always ask the Seller to keep you posted and notified regarding any documentation that they receive from their Lender. In the event, they receive the notice to appear in Court I ask them to notify their Real Estate Attorney for legal advice.
Yvette Wilkinson
沒有留言:
張貼留言