we have a system
We've Been Negotiating and Processing Short Sales for Agents Since 2007!
We developed our systems and techniques through years of helping close short sales for other Realtors. Be careful you're not trusting your short sales to someone that copied what we do. They can't use our experience to save your deal!
Our Fee - The buyer agrees to pay us a fee of 3% ($6,000 min) of the sale price as a service fee, but we are usually successful at convincing the sellers lender to approve paying all the transfer tax and the title insurance. We also can convince lenders to waive real estate tax prorations, so the buyer doesn't have to reimburse for real estate taxes that are paid ahead by the bank.
The final settlement statement will include our service fee as a buyer's cost.
Be wary of short sale companies with documents stating they'll keep a buyers deposit, or charge fees outside of settlement. When your short sale company performs illegal or unethical behavior, it's your license at risk!
Automatic Updates - Both you and your seller will receive automated email notifications from our property tracking feature. Every time our negotiator makes a note on the file (usually at least once per week), an email is sent to all parties from [email protected] displaying these notes. This keeps everyone up to date on the progress of the file from start to close.
When you get a short sale listing, log-in to your account, register the listing & seller contact info, and upload the seller's mortgage statement. We'll immediately send the seller an introduction with pertinent details about short sales, writing a hardship letter, and what documents their lender will require. They can even upload their info here - If you don't already have an account, click here to create your account now! It's absolutely free.
Typical Short Sale Requirements (to be collected from the borrower/seller)
Hardship letter – which states what happened to cause the seller to fall behind, when it happened, and what you’re doing to fix the situation
Financial worksheet – a breakdown of all the seller's income and expenses. Most lenders require this to be their specific financial form.
The most recent month of pay stubs, a recent profit and loss statement if self-employed, or benefits/award letter for disability or social security income.
The most recent bank statements (usually 2-3 months - every page)
Possibly tax returns, or a 4506-C form (1040's, schedules, and W-2s or 1099s)
A mortgage statement, agreement of sale, buyers pre-approval, and the listing agreement.
Once we have these documents we will be able to start the short sale. Once the process has been started you’ll receive automated feedback emails from us at least weekly.
Once you have an offer, we recommend the property be changed to pending status, as it normally would. Don't worry, our Realtor management will help pre-screen the buyer so they are well qualified and well prepared.
Agents - You May Want to Find These Things Out from a Potential Buyer
How quickly can they close? Lenders do not typically provide more than 30 days after written approval to close. Are they flexible as to when they can settle?
What amount of closing cost help do they need? Remember that in a short sale, the seller's lender approves the contract and the closing costs they'll approve are determined by what type of loan the seller has...So try to find that out too.
Are they willing to turn on utilities if the property's vacant? Or even pay something toward utility fees like sewer, trash, or HOA fees that the seller can't pay and their lender won't pay.
Agents - Working with a short sale homeowner.
In addition to working with the homeowner, you may also need to meet the BPO agent or appraiser at the property when the lender(s) conducts their BPO/Appraisal.
This part of the process is extremely important! This value has to come in as close to your offer as possible in order for the lender to accept a short sale.
Make sure to have a copy of the current offer, as well as some of the closest comps you can get. If you have a home inspection report or repair estimates, provide them too.
The lender does not want an unrealistically high value.
They'd rather do the short sale because it will net them more than a foreclosure.
A figure that's too high will usually assure the property will be foreclosed on.
You as a Realtor must make sure you aren't trying to influence that agent to come in with a low value so the bank sells the property for less than it's worth. That could get you in a lot of trouble.
Amrit Thomas
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Short Sale Connection (SSC) is a loss mitigation provider. As one of the largest short sale negotiation companies in the country, we answer questions for sellers burdened with excessive property liens and facing foreclosure.
We provide solutions to Real Estate Agents, Attorneys, and Title Companies.
DISCLAIMER
Short Sale Connection, LLC is not associated with the government, nor have our services been approved by the government or your lender. Your lender may not agree to change your loan. If you stop paying your mortgage, you may lose your home and damage your credit. You should always contact your lender directly to see whether they can offer you additional options.
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