Realtors With Experience Are The Key!

Are you deep into a short sale? Ready to scream? Here are 5 key things to keep in mind: 1. Work only with an experienced Realtor. This industry is wiping out the weak, the lazy, the uneducated and the slackers. It is far too difficult to make a short sale work to risk it on a rookie. Be sure you have an experienced Realtor. Ask the following questions: a. What is Equator? b. How many stages are there in a short sale offer? c. How have you handled the Jr. lien holder previously? d. Please explain the 'investor' stage to me. e. Please explain the language in the Car SS form. If you get vague answers or a deer in the headlights look, excuse yourself immediately. Each bank is different so there is no uniform protocol to getting the short sale done, but each requires the following: 1.A signed purchase agreement by the buyer and the seller. Even if the seller is behind in his loan payments, has a notice of default, or is trying for a loan modification, he is still the owner of record and must agree the sale. 2. A hardship letter that is very detailed and offers the following four parts: 1. What lead to your financial collapse? 2. What sacrifices have you already made? 3. What are the benefits of the short sale? 4. A statement that you are willing to maintain the home. 3. Your last 2 years tax returns 4. Your last 3 bank statements 5. A list of any other assets or a statement that you do not have any. 6. Your agent can provide comparable sales in the neighbor and should write a detailed letter shedding light on the conditions in your neighborhood. 7.A Financial Statement for any period not covered by tax return. It is very important that you separate the elements and label them with a sheet of paper: My Financials, My Tax Returns, Comps, My Hardship etc. The person reviewing your file looks at hundreds of files and is very jaded. And probably tired. You must get them to wake up. A photo is also helpful, even an image of a pencil or a beleaguered person will jolt the attention of the asset manager looking at your file and will make you stand out. This is war, a war of attention. Fortune favors the BOLD! Also, be neat, this sends a message that you are responsible and can complete a goal. They are stocked up on whiners and wimps. GO AFTER IT! And remember, a short sale successfully handled frees you of negative equity, you can re purchase in many cases after two years, and you relieve a lot of stress on your self or your family. Good luck!