All of the documentation needed to start a short sale is commonly called a "Short Sale Package" and is usually submitted by the investor interested in the property, the agent representing the seller, or the seller of the property. The package usually includes the following items:
Sample Short Sale Package (items may vary depending upon the lender):
Cover Letter
Authorization to Release Information
Sellers Hardship Letter
Seller's Financial information
2 years w2's
2 months pay stubs
2 months bank statements
Supporting Hardship Info - HOA liens, medical/disability statements etc.
Repair Estimate for the property
Comparable sales for the property
Contract
Net Sheet
First mortgage holder may ask for a payoff amount from the 2nd
Second mortgage holder may ask for a payoff amount from the 1st
Lender may ask for an Initial Title Report
FHA and VA may have their own forms and special requirements as well
http://makinghomeaffordable.gov/
Tuesday, July 20, 2010
Thursday, July 1, 2010
Should I sell my home myself?
Great Question!!
Selling your home can be a long and complex process. You need to think of all the angles, positive and negative. Here are few things to think about:
Pricing Your Home -
A. You need to find an accurate value that will create interest in potential buyers and a value that will also satisfy you.
B. Find a website like www.delawarehousevalues.com to give you a market snapshot of your area. A detailed CMA (Comparative Market Analysis) is also extremely valuable.
C. For Sale By Owners typically attract bargain hunters, so be prepared to negotiate lower.
Marketing and Showing your Home -
A. You must market your home so the potential buyers can find you, which will include signage, classified ads, open houses, websites
B. You'll be responsible for all showings of your home, so you must encourage appointments and discourage "drop-ins"
C. Screen the potential buyers from the "lookers" and the "curious". This will also include pre-approving the buyers to ensure they can afford to buy your home.
D. Keep the interest high and make the final agreement as quickly and efficiently as possible. When the offer is made and you've agreed on a price, make yourself available for any objections and concerns.
Drawing up a Contract -
A. You'll need to find an attorney or someone familiar with real estate contracts to help you draw and finalize
B. Include a list of all items you want written into the contract (fridge/stove/dishwasher) or items you want to exclude (personal property)
C. You MUST by law disclose any material defects in your property to the buyers.
http://www.karenmordus.com/ http://www.delawarehousevalues.com/
Selling your home can be a long and complex process. You need to think of all the angles, positive and negative. Here are few things to think about:
Pricing Your Home -
A. You need to find an accurate value that will create interest in potential buyers and a value that will also satisfy you.
B. Find a website like www.delawarehousevalues.com to give you a market snapshot of your area. A detailed CMA (Comparative Market Analysis) is also extremely valuable.
C. For Sale By Owners typically attract bargain hunters, so be prepared to negotiate lower.
Marketing and Showing your Home -
A. You must market your home so the potential buyers can find you, which will include signage, classified ads, open houses, websites
B. You'll be responsible for all showings of your home, so you must encourage appointments and discourage "drop-ins"
C. Screen the potential buyers from the "lookers" and the "curious". This will also include pre-approving the buyers to ensure they can afford to buy your home.
D. Keep the interest high and make the final agreement as quickly and efficiently as possible. When the offer is made and you've agreed on a price, make yourself available for any objections and concerns.
Drawing up a Contract -
A. You'll need to find an attorney or someone familiar with real estate contracts to help you draw and finalize
B. Include a list of all items you want written into the contract (fridge/stove/dishwasher) or items you want to exclude (personal property)
C. You MUST by law disclose any material defects in your property to the buyers.
http://www.karenmordus.com/ http://www.delawarehousevalues.com/
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