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1. Our Listing Agent will do the research necessary to determine your home's worth in the current marketplace. Using a checklist, the agent will discuss the attributes of your home to ensure proper valuation. If we find the home to be worth less than what you owe, we'll start the short sale package.
2. You give us the name of your lender(s).
3. We'll give you ALL of the forms required by your lender(s) for you to fill out for the short sale request. This includes the documents our short sale team needs to facilitate the negotiations.
4. You, the seller, fill out ALL the required documents and provide the financial information required by the lender. These documents will include 2 months of pay-stubs, 2 months of bank statements, the 2 most recent year's tax returns (1040´s with W-2s) and a written authorization. Lenders will not disclose any of your personal account information without written authorization. When you work with us you will need to provide an authorization to release information form, which we will provide to you. This will give our short sale team permission to speak with the lender on your behalf about a short sale.
5. You, the seller, write a hardship letter which states how you got into this financial situation and why you have not or cannot continue to make your mortgage payments. You are basically making a plea to the lender to consider a short sale on your property. Lenders are not out to get you and can understand if you lost your job, were hospitalized or some unforeseen event(s) led to your current financial situation. This includes the market depreciating. Dishonesty or conducting criminal behavior is illegal and if the truth comes out you may be subject to legal repercussions.
6. You sign an exclusive listing agreement with Weichert®, Realtors Sun Sand & Sea Homes for 6 months. All the terms of the listing agreement are contingent upon the lender approving a short sale. We will negotiate with the lender to help you stay in the home until it is sold.
7. Once we have all the documents our short sale team will take over. You will never have to talk to your lender again, unless you want to.
8. We will aggressively market your property including lowering the price periodically until your property is under contract. Without a contract on your property a short sale cannot happen. The contract is contingent upon the approval of the lender of the price. Once the contract has been accepted the short sale team will submit the offer to your lender.
9. The bank will review the offer and order a Broker´s Price Opinion by an unrelated third party. Your listing agent will meet them at the property to show them the local comparable properties, hand them the MLS printouts of those properties, and explain the current neighborhood market conditions. When property values are declining and the price you bought your home or condo for is less than what you can sell it for; this becomes a major factor for a short sale. The Broker´s Price Opinion should show the lender what home values are in your neighborhood and confirm the value is less than what you owe on the mortgage.
10. The bank will then make a determination if they are willing to accept the market offer. When they do, we'll get an acceptance letter from the bank and we can move towards closing.
11. Hopefully, at this point the lender is seriously considering all the information that has been provided. At this time your short sale team is doing their best to help the lender understand why the short sale is the best option in this circumstance. If the short sale is approved the closing date of the property should be 30-60 days away.
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