sale if the
seller is current but the value has fallen. The seller may have over-encumbered,
owe more than the home is worth, so a discounted price might bring the price
in line with market
value, not below it.
This process can be very stress full at first. Remember everything you had to
give to your lender to receive your loan? You have to provide the same
information to get a short sale completed.
1st) You will have to complete a hardship letter. This letter needs to explain
your hardship. The reasons you can no longer make your payments. It can be
loss of job, needed to move from the home to another location for better
income. Divorce or illness in the family. It can of been a bad investment you
can no longer hold onto.
2nd.) The bank will ask for your last three pay check stubs.
3rd) The bank will need a financial form completed.
4th.) Your last two years taxes filled. (2009 and 2010)
5th.) An authorization form letting your Realtor ( negotiator )for your sale.
The bank generally will not work with the owner to complete a short sale.
The bank will just keep asking you to make the payment. In some cases I have
that were being harassed.
The home is then listed at a short sale price determined by the market value
in your area.
The comparable along with the sale short sale package will be sent to asset
department for your lender.
After everything has been completed and sent the asset department and
negotiator for the lender will be assigned.
This is were a Realtor with short sale experience not foreclosure and bank
experience is very vital to your sale. ( Foreclosed and bank owned are a
species of there own)
The behind the scenes of a short sale process is very tedious. You have a
Realtor negotiating an offer for you. You have a bank negotiator, which is most
likely in another state and has no concept of the declining market value here.
The location or neighborhood your home is located. Investors in the
background trying to buy your loan for 40 cents on the dollar in a package deal
with the bank.
The negotiator for you must call the bank every other day once an offer comes
in on your
property. This the only way to keep your property a priority to the bank. A bank
negotiator can have up files at one time.
We help take that stress away
GRI, SFR, CDPE
|REALTY OF CENTRAL FLORIDA LLC.