The REO Agents Source » Short Sales http://reoagentsource.com An Informative site for Agents on REO Subjects Thu, 01 Jul 2010 07:22:12 +0000 en hourly 1 http://wordpress.org/?v=3.0 Short Sale Forms – What Does The Bank Want? http://reoagentsource.com/short-sales/short-sale-forms-what-does-the-bank-want/ http://reoagentsource.com/short-sales/short-sale-forms-what-does-the-bank-want/#comments Sat, 04 Oct 2008 18:17:00 +0000 admin http://reoagentsource.com/?p=21 Short Sales Kits are available all over online. 
Just go to the department of Real Estate and ask them what is used. 
You can even ask the banks for a complete list of documents that needs to be sent in.  They will tell you that you need a Borrowers Authorization, Financial Worksheet, Estimate Hud Settlement Statement from a title company (your title company will put this together for you with the correct numbers), a Hardship Letter (why the borrower is having trouble with their mortgage), and if you have had an appraisal lately that also helps.  Short Sales is not a secret anymore. 
As a Agent – Your Contract Documents already have the Short Sale Addendum, Borrowers Authorization.  Your Title company will do the hud.  All you need to do is put together a list of items that need to be fixed on the home, take a few pictures, have your client write a letter explaining their financial hardship. 
If you call the lender, they will tell you they need 2 years of w-2′s and 2 Months Bank Statements to go along with the items above.  If for some reason, an item is not available include the reason in the hardship letter.  Once you have everything together that the bank wants, submit the entire packet to the lender.
 (I always suggest calling the lender as some may want something slightly different than the other, or have a different procedure to submit documents.  Make sure you ask them exactly how they want you to submit the documents so that you do not slow down the process)
When in doubt –  Just ask another agent or a title company – they will usually have these forms available for you.  Companies such as ZipForms where agents get their contracts even have forms being updated daily.
]]> http://reoagentsource.com/short-sales/short-sale-forms-what-does-the-bank-want/feed/ 0 Winning With Short Sales http://reoagentsource.com/short-sales/winning-with-short-sales/ http://reoagentsource.com/short-sales/winning-with-short-sales/#comments Fri, 27 Jun 2008 19:46:40 +0000 admin http://reoagentsource.com/?p=15 Today banks are taking back 1000′s of homes per day across the United States.  As banks take more homes back into their inventory, it reduces the amount of money they can lend for loans.

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