Providing Help to Homeowners by Handling Short Sales of Properties
A home seller who owes any lender a huge amount of money that may be more than their property's value has no choice other than to negotiate a "Short Sale" with their lender. Why would a bank accept a "Short Sale"? Banks grant short sales for 2 reasons: the seller has a hardship, and the seller owes more on the mortgage than the home is worth.
When a "Short Sale" is negotiated with the lender, it means that original homeowner allows the property to be sold at or below market value. With the approval of the lender, the proceeds of the sale will be accepted as payment in full of the mortgage, even if the sales price is lower than existing mortgage. However, on the lender's part they are not allowed to negotiate payoffs that are discounted.
The Realty Factor, Inc. has 19 years of experience, education, and a full understanding of the real estate market. To learn and be aware of the procedure in this kind of real estate transaction, not only are the mortgagee, real estate broker educated in the area, but the homeowner themselves should understand the process.
As a "Short Sale" specialist in the Orlando market: The seller will need to prepare a financial package for submission to the short sale bank/lender. Each lender has its own guidelines but -- the basic procedure is similar from bank to bank. The seller's short sale package will most likely consist of:
•Letter of authorization, which lets The Realty Factor, Inc. negotiate with the bank direct.
•HUD-1 or preliminary net sheet
•Completed financial statement
•Seller's hardship letter
•2 years of tax returns
•2 years of W-2s
•Recent payroll stubs
•Last 2 months of bank statements
•Comparative market analysis or list of recent comparable sales, prepared by us (The Realty Factor, Inc.)
As a "Short Sale" Specialist in the real estate business I will help to sell your home and save your credit. To offer anything else would be an injustice in light of your financial crisis.
Loan Modification are nice “IF” you can get the right deal, however, think of this: If your house is worth 50% of the value of the home next door (ex: owe $250,000 house now worth $150,000) is it worth paying on and waiting 20 years to have your value come back, or is it better to divest yourself of this upside down situation, go across the street and buy that house at 50%?
Troy S. Blanchard
Realtor/Consultant
The Realty Factor, Inc.
www.Orlando-Today.com
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