(The Complete Guide to Selling Your Home as a Short Sale pt. 3)
The third episode of season 3, Heather talks about what a short sale offer looks like and what happens after the offer. Show outline is below.
Short Sale Offer **Another Reason to Hire a Short Sale Expert**
- Offers in this Market
- H/B Offer
- What Happens if No Offers?
- Explaining the Short Sale Offer to Sellers
- Advise to Move Forward (In the End, Up to the Lender)
- Make Sure Buyer is On Board for Long Haul – Willing to Wait, Negotiate with Bank (if Needed), and Know “As-Is”
- Signing the Short Sale Offer
- Electronic Signatures – Except PNC and Bank of America
- Attorney Review Starts Once Seller Signs
- Buyer Likely Will Perform a Home Inspection… Property Still Sold “As-Is” (Prefer to Have this Step Completed Prior to Submitting Short Sale Offer Packet to the Bank)
Gathering Documentation **Another Reason to Hire a Short Sale Expert**
- Each Lender is Different (as Far as Requested Documentation)
- What Does a SS Lender Typically Look For?
- 30 to 60-Days of Pay Stubs
- 2 to 3-Months of Bank Statements
- 2-Years of Tax Returns
- 4506T
- Financial Statement
- Hardship Letter
- Let’s Talk About the Hardship Letter
- WHY DOES A LENDER ASK FOR THIS DOCUMENTATION!?!
- Do Not Need Originals – How to Get Us Documentation
- What My Team Does Prior to Submitting the Short Sale Offer Packet
- Review Documentation for Accuracy
- Make Sure Nothing is Missing (So a Complete Packet Can Be Submitted)
Submitting the Short Sale Offer Packet **Another Reason to Hire a Short Sale Expert**
- What’s Included in the Short Sale Offer Packet (Again, Depends on the Lender and Type of Mortgage)
- Authorization to Release Information
- Listing Agreement
- Listing Addendum
- MLS Listing Sheet
- Financial Statement
- Hardship Letter
- Pay Stubs
- Bank Statements
- Tax Returns
- 4506T
- Contract – Sales
- Contract Addendum
- Pre-Approval or Proof of Funds
- Master Statement
- What Happens After the Short Sale Offer Gets Submitted?
- Lender Updates – Tues, Fri
- How to Keep All Parties Updated
- Let’s Talk About Length of a Short Sale, Again
**SECOND HALF OF SHOW**
#1: How to Get a **FREE** Copy of My Book, The Complete Guide to Selling Your Home as a Short Sale
- Visit Our Website realtalkelgin.com and Click on Short Sales at the Top Right, Fill-Out the Form at the Bottom
- Call or Text (224) 407.2220
- Email [email protected]
#2: 5-Part Short Sale Series
- April 5: Part #4 (Negotiations and the Short Sale Approval Letter)
- May 3: Part #5 (Closing a Short Sale)
- Mixed in Between My 5-Part Short Sale Series… Bankruptcy, Divorce, Delinquent Property Taxes, Alternatives to Foreclosure, Mortgage Rates, and Joining eXp Realty
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Short Sale Offer **Another Reason to Hire a Short Sale Expert**
- Offers in this Market
- H/B Offer
- What Happens if No Offers?
- Explaining the Short Sale Offer to Sellers
- Advise to Move Forward (In the End, Up to the Lender)
- Make Sure Buyer is On Board for Long Haul – Willing to Wait, Negotiate with Bank (if Needed), and Know “As-Is”
- Signing the Short Sale Offer
- Electronic Signatures – Except PNC and Bank of America
- Attorney Review Starts Once Seller Signs
- Buyer Likely Will Perform a Home Inspection… Property Still Sold “As-Is” (Prefer to Have this Step Completed Prior to Submitting Short Sale Offer Packet to the Bank)
Gathering Documentation **Another Reason to Hire a Short Sale Expert**
- Each Lender is Different (as Far as Requested Documentation)
- What Does a SS Lender Typically Look For?
- 30 to 60-Days of Pay Stubs
- 2 to 3-Months of Bank Statements
- 2-Years of Tax Returns
- 4506T
- Financial Statement
- Hardship Letter
- Let’s Talk About the Hardship Letter
- WHY DOES A LENDER ASK FOR THIS DOCUMENTATION!?!
- Do Not Need Originals – How to Get Us Documentation
- What My Team Does Prior to Submitting the Short Sale Offer Packet
- Review Documentation for Accuracy
- Make Sure Nothing is Missing (So a Complete Packet Can Be Submitted)
Submitting the Short Sale Offer Packet **Another Reason to Hire a Short Sale Expert**
- What’s Included in the Short Sale Offer Packet (Again, Depends on the Lender and Type of Mortgage)
- Authorization to Release Information
- Listing Agreement
- Listing Addendum
- MLS Listing Sheet
- Financial Statement
- Hardship Letter
- Pay Stubs
- Bank Statements
- Tax Returns
- 4506T
- Contract – Sales
- Contract Addendum
- Pre-Approval or Proof of Funds
- Master Statement
- What Happens After the Short Sale Offer Gets Submitted?
- Lender Updates – Tues, Fri
- How to Keep All Parties Updated
- Let’s Talk About Length of a Short Sale, Again
There is a lot to know when it comes to real estate short sales. Heather starts off this 5 part series with the basics, helping you understand what a short sale is and moves through her book. Download it for FREE – link in top right corner of this website!
If you or someone you know is struggling with making payments on their home, or facing foreclosure – contact Heather today!
Heather J Keller
Short Sale Expert with eXp Realty
TKGHomes.net
[email protected]
(312)607-7928
