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.
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