Welcome Back...were in week one of this Reality Blog Series of the Short Sale With Two Loans.
If you have just joined us,may want to start from the beginning.
- The initial call for real estate assistance
- The First Few Days
- Offers...Offers..The Phone Is Ringing!
The realities of doing a short sale can be a daunting task. Thank goodness Erick and Company has systems in place to master the tasks quickly.This is what happens next. Once we have a ratified offer, that is when the administration part of the job really begins. Much of it can now be done on the computer and with electronic files however to begin the process banks still require the first contact be by fax! ( no kidding!)
What ever happened to a paperless society?
So yesterday I crammed in my schedule time to prepare anothre short sale package. For this particular home we need two packages one for each bank. The most time consuming part is writing the loan #'s on top of each page( just in case the stack of papers fall off the copier at the bank or get misplaced on a desk) I feel it's better to be safe than sorry later! Here is what is included in the package. The package consists of more than 120 pages to each bank!
- A form that shows the bank the value they will receive with this offer, by auction sale, and through foreclosure methods. The short sale is almost always a less expensive option for the bank.
- Copies of Homeowners Tax forms
- Copies of Homeowners Pay Stubs
- Copy of Homeowners Hardship Letter
- Copy of Homeowners Financial Worksheet
- Copy of comparable homes in the community also known as a CMA
- Copy of Anaylsis of Market Conditions
- Photo's of any damage or repairs needed for the home (if that applies)
- Copy of comparable rental homes to show why they cannot afford the home
- Copy of Listing Agreement
- Copy of the contract ( this is a short sale only one offer officially goes to the bank!)
- Copy of the preliminary Hud-1 form based on the offer ratified by seller
"Folks keep in mind selling a house by short sale is just like buying a home only backwards!"When a buyer goes to a loan officer, the loan officer pre-approves the buyer and then hands the paperwork to the loan processor to handle. The loan processor crosses all the T's and dots all the I's before the loan goes in for final loan approval. At this point in the process a Realtor/Listing Agent like myself is doing the exact same thing. This is the very beginning of the process.
The main difference in a short sale is that the homeowner is asking the investor to take a significant loss. The reason they need your tax forms and pay stubs and financial worksheet is so the bank can prove to the investors the homeowner can no longer afford the home and it would be in the banks best interest to grant the Short Sale Request.
If you are a home buyer reading this blog post, remember patience is key. Don't expect any answer in the first few weeks of a short sale. It's just not going to happen. The Homeowner, the Listing agent and The Buyers Agent have no control at this point of the sale. We wait.......
If you thinking you want to buy a home, however there is NO WAY you want to go through this madness...then check out all the Regular Owner Sales in Prince William County right now there are hundreds available. Read More then call our office. Erick Blackwelder or I will help you find a wonderful place to call home.It's what we do...we're family Realtors helping people in Prince William County.
Stay tuned.......
If you need help selling your home pick up the phone.
703-590-2252
If you can't make ends meet and you need to sell
Call Peggy James today at 703-851-3085
Contact Peggy James or Erick Blackwelder of Erick and Company of Exit 1st Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's
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Contact Peggy James or Erick Blackwelder of Erick and Company of Exit Choice Realty, Woodbridge VA. Realtors®, call 703-851-3085(Peggy) 703-590-2252 (Office).Give us a call and we can "GET YOUR HOME SOLD FAST"to list your property for sale we service Woodbridge, Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas,Gainesville, Garrisonville and Triangle area's.Basically all of Prince William County Virginia. Manassas Park, Haymarket,Montclair, Dumfries, Quantico, Fort Belvior, Occoquan, Dale City.
"Papers" is not the word for it! I am shocked how much paper that I lug around! All the files that are very active come home with me at night so I can make early calls and catch the lenders on the east coast, sometimes I'm making calls at 6:00AM.
Hi Lisa,
Hey, I've got idea I'll be you and you be me! LOL
What has been your biggest frustration with dealing with short sales?
Is there any case that stands out as a really good one, where everything went really smoothly? Care to share with the readers?