Here are some more questions and concerns that Ive received from prospective home sellers. Please see my previous postings for other questions and concerns.
Will my lender suspend a sale date if I would like to short sale my home?
No. The foreclosure process continues. It also depends on the bank.. I had a scenario where a seller called to list their property as a short sale. Shortly after listing the home, I received an offer. I then proceeded to make contact with the lender. After faxing the short sale package, and speaking to a rep in the loss & mitigation department the lender suspended the sale date. Keep in mind by just faxing the short sale package that does not guarantee that the lender will suspend the sale date. It takes most lenders 48hrs to upload the auth letters and short sale package…Calling and following up with the lender is the key…Make sure your agent is on top of things
How much will I have to pay to short sale sell my home?
Most times the owner will not have to come out of pocket with any expenses. Usually all commissions, taxes, association fees, etc... are paid by the lender. In some cases the lender my ask you to hold a note but if it’s neither practical nor feasible than this has to be communicated to the lender. Some lenders may ask you to provide another financial form or another hardship letter. Once the lender determines that its not feasible than they may move forward with the short sale.
I have two loans can I still do a Short Sale?
Yes. The agent will negotiate with both lenders. Make sure the agent has some experience negotiating 2 loans…Sometime having 2 loans can slow the process and get a little complicated…Both lenders will require a short sale package and a detailed hardship letter.
The first lender will only offer so much to the second lender. Than the second lender has to agree upon the settlement…All parties of the short sale has to be on the same page otherwise it the transaction can fall apart…The second lender should provide a letter accepting the payoff inurn that letter has to be sent to the title company and sometimes the first mortgage. As the seller, I would definitely keep a copy as well.
Please feel free to address any real estate questions or concerns that you may have
Thank you
Regards
Ainsley Daux
Lic Realtor
Home Run Real Estate inc
cell:(813)546-1954
fax:(866)820-1028
email:ainsley.daux@gmail.com
www.homerunrealestate.com
http://ainsley.daux.topseller.net
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