Direct Call : 954-551-0236 / E-Mail : jenny_shin62@hotmail.com
NAR News (National Association of Realtors / 전미 부동산 중개인 협회)

Prevent short sale delays, double-check paperwork * coral springs real estate jennyformiamihome *

* coral springs real estate jennyformiamihome *

WASHINGTON – July 5, 2012 – Under new rules that took effect June 15, underwater home sellers with Freddie Mac- or Fannie Mae-backed mortgages loans can expect a short sale decision from their lender within 60 business days. The new guidelines should speed the short sale process, which once averaged eight months, according to RealtyTrac. The wait was so long that many potential buyers walked away from the deal.

Despite the faster deadlines now in place, however, the process can still be delayed if all the necessary paperwork isn’t submitted to the lender, and that includes something as simple as a photocopy of the borrower’s driver’s license. In many cases, it’s not enough to simply submit the missing piece of paperwork if one is missing. Many times, the entire submission must be redone, banks say.

“The way short sales are packaged and presented by real estate agents is more than half the battle,” Ed Delgado, who trains agents how to package short sales, told the Chicago Tribune. “The more agents understand about how the process works, the fewer the delays and the faster the closings.”

One critical document in the short sale package: The hardship letter. In this letter, homeowners explain to the bank why they need to short sell the property.

“You don’t need a novel … Be precise; be clear,” says Karen Mayfield, national sales manager at Bank of the West in San Francisco. “Offer a bullet-point list in your own hand of the events that led to your hardship. If the lender can’t understand how you got into trouble, he may close your file and move on to the next one. Or he may suspect you are trying to pull a fast one.”

Lenders also usually require tax returns for the last two years, bank statements for two to six months, pay stubs for the last 60 days, proof of residency (such as a paid utility bill), a listing agreement, and a third-party authorization allowing the bank to work with the real estate agent.

Sales trainer Gee Dunsten says he advises agents to bind all of these required documents together with a cover letter and table of contents that clearly lists everything included to let lenders know right away everything is there. Dunsten also says he writes a personal letter to the lender that explains the details of the transaction.

“When it comes to short sales, the devil truly is in the details,” Dunsten says.

Source: “It Pays to be Proactive in a Short Sale,” Chicago Tribune (June 22, 2012)

© Copyright 2012 INFORMATION, INC. Bethesda, MD (301) 215-4688

* coral springs real estate jennyformiamihome *

About jennyformiamihome

성심껏 도와드리겠습니다. 연락주시면 바로 상세히 답변드립니다. Jenny Shin / 신정미 부동산 (Broker's Real Estate) 남부 플로리다 마이애미 지역 한인 부동산 주택매매 렌트 싱글하우스 타운하우스 콘도 브라워드 카운티 마이애미 데이드 카운티 포트로더데일 웨스턴 코랄스프링 도랄 Rent or Buy single house, town house and Condo Miami Dade County / Broward County, fort lauderdale, coral springs, copper city, weston, doral 1398 SW 160TH AVE. SUITE 105 Weston, FL. 33326 Direct : 954-551-0236 Office : 954-384-1616 Fax : 954-697-0447 E-mail : jenny_shin62@hotmail.com

Discussion

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

JENNY SHIN PROFILE


Jenny Shin / 신정미 부동산
(Broker's Real Estate)
1398 SW 160TH AVE. SUITE 105
Weston FL 33326
Direct : 954-551-0236
Office : 954-384-1616
Fax : 954-697-0447
E-mail : jenny_shin62@hotmail.com

FLORIDA REALTOR NEWS

Miami metropolitan area INFORMATION

For more detailed information on Miami Metropolitan Area (cities / demographics, etc), click map

%d bloggers like this: