Posted in loss mitigation, pre-foreclosure, real estate, realtor, selling, short sales

Selling Your Home: Short Sales

If you’re faced with selling your home as a short sale you’ll need to get some information ready for your lender as well as for your Realtor.
First, you should get in touch with your lender and see if they will let you renegotiate your loan. Do not wait until you have missed payments or are in a pre-foreclosure state. Ahead of the problem. Each Lender is different so it is impossible to predict if they will allow a renegotiation.
Second, if you are already in the foreclosure process and you wish to try for a short sale (which is where the Lender agrees to take less than is owed for the property) please know that Lenders will not discuss a short sale unless there is a formal, written Sale & Purchase Contract for the property.
With an offer on the table, your Realtor should be prepared to negotiate with the Lender’s Loss Mitigation Department. For your Realtor to represent you, you must send a FAX authorizing the lender to speak with your Realtor on your behalf. In your Fax of authorization you will need to have all parties to the mortgage sign the FAX, you will need to have the Loan Number and the last four digits of all social security numbers and you should identify your realtor by name, by Brokerage as well as your realtor’s contact information.
With this authorization (and the Sales & Purchase Contract) your Realtor will be able to begin negotiations. You should send to the Lenders Loss Mitigation Department the following information:
A hardship letter explaining why you are not able to make your mortgage payments.
Copies of your last two months pay stubs
Copies of your last two years Income Tax.
………………….

With this information sent in, your Realtor can begin serious negotiations with the Lender on your behalf. Other information to keep in mind:
The Lender will not allow you, the seller, to realize any money from the sale whatsoever.
Ask the Lender to give you confirmation that you have satisfied the mortgage.
Be aware, many Lenders will ask you to sign a note for repayment of the difference between the sale price and the mortgage. They will, in some cases, allow you to pay this off over ten years, interest free.
It is better for you if you can receive a satisfaction of the debt without having to agree to a payment plan.
Critical to you successfully concluding a short sale is to have an experienced Realtor who has the expertise and knowledge to work with your Lender’s Loss Mitigation Department. Your Realtor will do a Brokers Price Opinion (BPO) as the basis for negotiating with the short sale price.

We can help, call us at 813-996-2441 or visit our website for all your real estate questions.
Sheena & Bob
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Author:

Introducing Sheena and Bob Murray, Realtors Experts in domestic and international relocation and investment Sheena is from the Scottish Highlands, educated in Wales and lived in Surrey and Sussex in the South of England. Coming to the US for a one-year visit, she met Bob and has extended her stay by some 30 years. Married in England, Sheena and Bob settled in Minneapolis, Minnesota. Since then they have lived in Boston, Geneva, Switzerland, Amsterdam, The Netherlands, Houston and, finally Tampa. Sheena and Bob have two children, Ian and Fiona. Married, Ian lives in Seattle, Washington with his wife Gulay. Ian is a rocket-scientist working for Blue Origin. Fiona is married to Danforth Johnson and lives in Iowa City, Iowa with their two sons Roan and Tristan. Fiona is an Emergency Medical Technician (EMT) and Paramedic. While in Boston, Sheena was in Real Estate and General Contracting. Buying older homes, she renovated and sold them with several properties in varying states of re-construction at any one time. Consequently, Sheena has a keen eye for Real Estate value and potential as well as detailed experience in how to improve and/or evaluate properties structurally and cosmetically. Sheena sees all the possibilities and can make specific interior and exterior recommendations - from essential to aesthetic including landscape gardening. Sheena is an Accredited Staging Professional (ASP). Having moved to Tampa in 1998, Sheena has continued her career in Real Estate. In 2000, Bob joined her bringing his experience in sales, marketing and communications gained from his career as a senior executive in international sales and marketing for DEC, AT&T and Compaq. Having made more than a dozen moves domestically and internationally, Sheena and Bob are personally and professionally knowledgeable about the entire relocation process – from first meeting to moving day. Sheena speaks French and Dutch. Sheena holds the prestigious Certified International Property Specialist (CIPS) designation and joins a worldwide network of global real estate practitioners with certified expertise working with international clients and is an accredited member of ERA’s International Collection of Fine Homes. Before joining ERA Dennis Realty & Investment Corporation Sheena and Bob were awarded the Prudential’s Chairman’s Circle Gold Award placing them in the top 3% of all Prudential Realtors in the world. They were named ERA Dennis’ Top Team for 2007 and 2008. Bob has recently completed several detailed courses on foreclosures and short sales and is an accredited short sale specialist. Sheena has completed the USAA Movers Advantage Training Program as she continues to increase her relocation services capability. Whether it’s Buying or Selling, Resale or New Construction, with their knowledge of the Tampa Bay area and superior customer service, Sheena and Bob will help you meet your real estate goals efficiently, painlessly and with a happy spirit.

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