ShortsaleThis post is directed to agents with short sales where your seller has an FHA mortgage. I'm addressing a problem I've seen over and over again. You present an offer to the lender, they order an appraisal (if the lender orders and appraisal rather than a BPO, it's a good indication of an FHA loan) [...]
ShortsaleOk, so maybe it's ok to have a 3rd party take care of all this clerical short sale nonsense. I suppose anyone could do it, and if they've closed one or two...great. So what if they aren't Realtors, and don't know much about our rules & regs, Code of Ethics? RESPA? What does that have to do with my short sale?
ShortsaleAvoid common mistakes that kill short sales. Asking the right questions helps you build a foundation for a successful short sale transaction. Ask your seller's lender: 1. Loan Type (FHA, VA, USDA, Conventional, Reverse Mortgage, HECM Reverse, Fannie Mae or Freddie Mac) – This tells you how they'll process the file and the approximate time frame, required [...]
ShortsaleThere are several questions you should ask your sellers when you have a short sale listing. Ask your seller: 1. Who's on the mortgage? You need to make sure everyone on the mortgage is cooperative. Often ex spouses can throw a wrinkle into the deal and cause problems. The lender will normally require all the financials from everyone on the mortgage. 2. Are there any other potential liens or mortgages? You can't close without satisfying all other