As a real estate broker, I am not a lawyer nor a CPA and cannot give any legal advice. However, I work hand and hand with many lenders in this area. We have successfully closed many short sale deals this year. We have a good record in success. Give me a call at 239-898-2120 for more information. www.vadalarealty.com
Be aware the Internal Revenue Service. will consider debt forgiveness as income, and there is no guarantee that a lender who accepts a short sale will not legally pursue a borrower for the difference between the amount owed and the amount paid. In some states, this amount is known as a deficiency. A lawyer can determine whether your loan qualifies for a deficiency judgment or claim.
Although all lenders have varying requirements and may demand that a borrower submit a wide array of documentation, the following steps will give you a pretty good idea of what to expect.
- Call the Lender
You may need to make a half dozen phone calls before you find the person responsible for handling short sales. You do not want to talk to the "real estate short sale" or "work out" department, you want the supervisor's name, the name of the individual capable of making a decision. Lenders we have a relationship with: Vadala Realty Contacts - Submit Letter of Authorization
Lenders typically do not want to disclose any of your personal information without written authorization to do so. If you are working with a real estate agent, closing agent, title company or lawyer, you will receive better cooperation if you write a letter to the lender giving the lender permission to talk with those specific interested parties about your loan. The letter should include the following:
- Property Address
- Loan Reference Number
- Your Name
- The Date
- Your Agent's Name & Contact Information
- Preliminary Net Sheet
This is an estimated closing statement that shows the sales price you expect to receive and all the costs of sale, unpaid loan balances, outstanding payments due and late fees, including real estate commissions, if any. Your closing agent or lawyer should be able to prepare this for you if you do not know how to calculate any of these fees. If the bottom line shows cash to the seller, you will probably not need a short sale. - Hardship Letter
The sadder, the better. This statement of facts describes how you got into this financial bind and makes a plea to the lender to accept less than full payment. Lenders are not inhumane and can understand if you lost your job, were hospitalized or a truck ran over your entire family, but lenders are not particularly empathetic to situations involving dishonesty or criminal behavior. - Proof of Income and Assets
It is best to be truthful and honest about your financial situation and disclose assets. Lenders will want to know if you have savings accounts, money market accounts, stocks or bonds, negotiable instruments, cash or other real estate or anything of tangible value. Lender are not in the charity business and often require assurance that the debtor cannot pay back any of the debt that it is forgiving. - Copies of Bank Statements
If your bank statements reflect unaccountable deposits, large cash withdrawals or an unusual number of checks, it's probably a good idea to explain each of those line items to the lender. In addition, the lender might want you to account for each and every deposit so it can determine whether deposits will continue. - Comparative Market Analysis
Sometimes markets decline and property values fall. If this is part of the reason that you cannot sell your home for enough to pay off the lender, this fact should be substantiated for the lender through a comparative market analysis (CMA). Your real estate agent can prepare a CMA for you, which will show prices of similar homes
- Active comparables on the market
- Pending sales in your area.
- Properties that have sold in the last 6 months.
- Purchase Agreement &
Listing Agreement
When you reach an agreement to sell with a prospective purchaser, the lender will want a copy of the offer, along with a copy of your listing agreement. Be prepared for the lender to renegotiate commissions.
- Services
If your were to hire a lawyer to do all these service for you it would cost thousands $$$$ of dollars for their services. We offer all theses services above plus negotiating on your behalf .
Our fee for theses services range from $500-$750 per listing. This is a small price to pay to save your credit.
We will then list your property for 6% commission which will be paid to us from the lender's proceeds.
Now if everything goes well, the lender will approve your short sale. As part of the negotiation, you might ask that the lender not report adverse credit to the credit reporting agencies, but realize that the lender is under no obligation to accommodate this request.
How Vadala Realty will market
and sell your
property.
Not
all agents work the same way. The most important attribute
of an agent is that he/she is well connected to the real
estate industry. In addition, you also want to look for an
agent that is honest, assertive, and one that best
understands your needs. Large oversized companies can't give
you that personalized service. We all have the same amount
of exposure, no matter how many offices or agents. The Multiple Listing Service
is working for all of us the same no matter what size you
may be. The differences between Vadala Realty and other
companies is we can offer
personalized service! So don't be fooled by all theses
statistics agents sell you on.
Vadala Realty is committed to providing quality service to
all of their clients and to ensure your property is marketed
to an optimum level and receives high market value. I am
available to my clients 24/7 for any questions or concerns
they may have. Below is Vadala Realty's marketing plan for you. Communication & Trust
is a strong foundation to success.
1. View and Photo Home, make recommendations on how to
increase the value to Market the Home the most effective.
2. Agree on Price, Terms and Financing
3. Submit personalized Listing to MLS
4. Install a distinctive sign and Lockbox
5. Team up and run a campaign with the Real Estate Book for
all lee county
Multi
Media Marketing homes
6. Local advertising with
Realtor.com National advertising in the duPont Registry on listings over 1.5 Mil.
dupontregistry.com
7.Internet marketing on our website
www.sellcapecoralflorida.com ,
www.listhub.net,
www.listingbook.com
and the major search engines like Google, Yahoo, MSN,
Ask.
8. Email 81 Million Target Prospects Monthly. That's 2.7 Million Target Prospects a Day! http://www.webtrafficmarketing.com/
9.State-of-the-art Technology (
Talking House)
10. 24/7 Appointment service and showings
11. Hold Open House for Public & Brokers
12 Phone All Potential Buyers in our data base with Details of Listing
13. Follow Up on Open House for Public & Brokers
14. Mortgage Broker referrals for buyers. Title company
referrals for sellers
15. Help make the transaction for the buyers and sellers as
simple as possible (available 24/7 car internet access)
16. Give You a Status Report & evaluate anything I can do
better to met your goal.
17. Go Over Any Changes
18. Review Pricing
19.Create or revise Marketing Plan if needed
Remember you always want to look for an agent that is
honest, assertive, and one that best understands your needs.
www.vadalarealty.com