Just continued from the other post we are still talking about the short sale process. It is a tedious process that takes time but we try to get through it as fast as we can.
* Copies of Bank Statements
If your bank statements reflect unaccountable deposits, large cash withdrawals or an unusual number of checks, it's probably a excellent notion to explain each of those line items on the loan company. 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 ought to be substantiated for the lender through a comparative market analysis (CMA). Your authentic estate agent can prepare a CMA for you, which will show prices of similar homes:
o Active on the market
o Pending sales
o Sales from the past six months.
* Purchase Agreement & Listing Agreement
When you reach an agreement to sell with a prospective purchaser, the loan provider will want a copy of the offer, along with a copy of your listing agreement. Be prepared for the lender to renegotiate commissions and to refuse to pay for certain items such as home protection plans or termite inspections.
Now, if everything goes well, the loan provider will approve your short sale. As part of the negotiation, you might ask that the loan provider not report adverse credit to the credit reporting agencies, but realize that the loan provider is under no obligation to accommodate this request. Credit report status is not always negotiable.When needing Real Estate Moreno Valley news or info visit our website.
Tuesday, October 26, 2010
Short Sale 202
While all lenders have varying specifications and may possibly demand that a borrower submit a wide array of documentation, the subsequent actions will give you a pretty excellent concept of what to expect.
* Call the Loan provider
You may will need to make a half dozen phone calls just before you discover the person responsible for handling brief sales. You usually do not wish to talk for the "real estate quick sale" or "work out" department, you would like the supervisor's identify, the name of the individual capable of producing a decision.
* Submit Letter of Authorization
Lenders normally tend not to want to disclose any of one's personal info without written authorization to complete so. If you are operating having a actual estate agent, closing agent, title corporation or lawyer, you will obtain much better cooperation when you write a letter on the financial institution giving the financial institution permission to talk with those certain interested parties about your mortgage. The letter really should consist of the subsequent:
o Property Address
o Loan Reference Quantity
o Your Name
o The Date
o Your Agent's Identify & Contact Data
* 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 true estate commissions, if any. Your closing agent or lawyer must be able to prepare this for you, if you tend not to know how to calculate any of these fees. If the bottom line shows cash on the seller, you may probably not will need a short sale.
* Hardship Letter
The sadder, the superior. This statement of facts describes how you got into this financial bind and makes a plea to your lender to accept less than full payment. Lenders are not inhumane and can understand in the event 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 would like to know when you have savings accounts, money market accounts, stocks or bonds, negotiable instruments, cash or other true estate or anything of tangible value. Lenders are not in the charity business and often require assurance that the debtor cannot pay back any of the debt that it is forgiving.
This is just a portion of what needs to happen the rest we'll cover in a later post. For more info on how you can take advantage of the short sales out there contact Tony Thomas for Real Estate Moreno Valley
* Call the Loan provider
You may will need to make a half dozen phone calls just before you discover the person responsible for handling brief sales. You usually do not wish to talk for the "real estate quick sale" or "work out" department, you would like the supervisor's identify, the name of the individual capable of producing a decision.
* Submit Letter of Authorization
Lenders normally tend not to want to disclose any of one's personal info without written authorization to complete so. If you are operating having a actual estate agent, closing agent, title corporation or lawyer, you will obtain much better cooperation when you write a letter on the financial institution giving the financial institution permission to talk with those certain interested parties about your mortgage. The letter really should consist of the subsequent:
o Property Address
o Loan Reference Quantity
o Your Name
o The Date
o Your Agent's Identify & Contact Data
* 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 true estate commissions, if any. Your closing agent or lawyer must be able to prepare this for you, if you tend not to know how to calculate any of these fees. If the bottom line shows cash on the seller, you may probably not will need a short sale.
* Hardship Letter
The sadder, the superior. This statement of facts describes how you got into this financial bind and makes a plea to your lender to accept less than full payment. Lenders are not inhumane and can understand in the event 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 would like to know when you have savings accounts, money market accounts, stocks or bonds, negotiable instruments, cash or other true estate or anything of tangible value. Lenders are not in the charity business and often require assurance that the debtor cannot pay back any of the debt that it is forgiving.
This is just a portion of what needs to happen the rest we'll cover in a later post. For more info on how you can take advantage of the short sales out there contact Tony Thomas for Real Estate Moreno Valley
Tuesday, October 5, 2010
It's not the perfect time to buy!
They say it's the perfect time to buy but is it?
I When it comes to real estate it goes in cycles and what happened in the past will happen again. It is the perfect time to buy right now don't wait any longer.
The reason why it's the perfect time to buy is the prices are still dropping. You can buy a house that was $400.00 now for $150.00 that is huge savings. Just because there is a big savings that doesn't mean that it's the right time to buy either. When prices drop rent is less expensive and you win all ways around.
The prices are dropping even further and you can afford to wait even more and if you do when the prices go back up you will have gained equity. These are not the only reasons why you buy but it is the most important.
For Real Estate Moreno Valley call Tony Thomas for assist you in any way possible.
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