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{ Short Sales Part 2 Taught by: Angela Tina 702.524.9718.

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Presentation on theme: "{ Short Sales Part 2 Taught by: Angela Tina 702.524.9718."— Presentation transcript:

1 { Short Sales Part 2 Taught by: Angela Tina

2 Listing Process Pre-approved Listings (Streamline, Coop, and HAFA) Bank sets list price Application and required paperwork can be submitted before listing paperwork Appraisal can take about 7-10 days Verbiage will be added to the MLS and listing agreement Traditional or Conventional Short Sale You as the agent will pull comps and set list price Comps may need to be submitted to bank

3 Required paperwork Residential Listing Agreement Short Sale Addendum to Listing Agreement SRPD Duties Owed Any other disclosures

4 Getting an Offer Let the seller know ahead of time what they will be responsible for: -HOA docs, utilities, etc.

5 -Repairs -Home Warranty -Buyer Closing Costs

6 Obtaining a HUD Title company will want to know how many liens are on the property, if the seller is current on HOA, if you would like to add transaction fee.

7 Submitting package to bank Authorization Letter Offer and Short Sale Addendum Any Counters HUD Hardship Letter Last 2 months bank statements Last 2 paycheck stubs Last 2 year tax returns Listing Agreement 4506T Financial Worksheet (List of Expenses) RASS form (HAFA only) BAC Addendum ( Bank of America) Buyer’s Disclosure ( Bank of America) Short Sale Affidavit (Wells Fargo) Any other specific forms required by the lender

8 Ways to Submit SS Package 1.Equator 2.Scan and 3.Sending Fax through - EX. 4.Fax

9 Closing once Approved -Buyer’s Due Diligence (Inspection and Appraisal) -Ordering Resale and Demand -Submitting HUD for approval (3-5 days prior) -Seller’s Signing -Close and Record -Submit confirmation docs to bank


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