Trending

How do Realtors handle short sales?

How do Realtors handle short sales?

A Step-By-Step Guide to the Real Estate Short Sale Process

  1. Get a Property Valuation Analysis.
  2. Get a Hardship Letter.
  3. Contact the Lender for a Short Sale Application.
  4. Prepare the Sales Contract.
  5. Assemble the Short Sale Package Together.
  6. The Loss Mitigator Reviews Your Short Sale Package.

Who pays the agent in a short sale?

In rare markets, a buyer may also pay agent commissions. In a short sale, the commission technically remains the responsibility of the seller, but the lender covers it with part of the sale proceeds.

How to submit a short sale package to the bank?

It must contain the loan number and be signed and dated. Some agents send the authorization letter with the short sale package and some prefer to submit the letter upon listing inception. This letter is signed by the sellers and authorizes the bank to speak with the listing agent.

Can a real estate agent negotiate a short sale?

Without an authorization letter, the real estate agent can’t negotiate a short sale . Your two most recent bank statements, for every bank account, are required for submission. Be sure to include every page.

How to find a buyer for a short sale?

First, that means a seller will need to start finding a buyer, by listing their short sale home on the multiple listing service (MLS). Then, the buyer and seller will have to agree on a realistic offer price to submit to the bank.

How long does it take for bank to respond to short sale?

Snyder explains that one thing she puts in her short sale offers helps protect buyers’ costs and time spent. “On the third party approval addendum, you can give a specified time that you give the bank to respond with a short sale. The minimum number of days is typically 30,” she notes.

Who is the listing agent for a short sale?

The short sale listing agent represents the seller, not the bank. The short sale listing agent also wants to sell that home quickly. The price the short sale agent deems is market value might be right on the nose or it could be deceivingly low.

It must contain the loan number and be signed and dated. Some agents send the authorization letter with the short sale package and some prefer to submit the letter upon listing inception. This letter is signed by the sellers and authorizes the bank to speak with the listing agent.

Without an authorization letter, the real estate agent can’t negotiate a short sale . Your two most recent bank statements, for every bank account, are required for submission. Be sure to include every page.

Can you get a discount for a short sale?

The bank may or may not allow a discount for waiting for short sale approval. Bear in mind, though, neither your offer price nor the BPO agent’s price could have any basis in market value. The amount you pay and market value can be two distinct things. Just prepare yourself for a counter offer from the bank if your offer price is too low.