Posted by http://www.floridashortsales.info - December 27, 2011 - News
Certified Distressed Property expert
I’m not sure attending a few class room hours of education makes you an expert at anything. Becoming an expert requires years of experience and countless hours of continued education. I say this as I’ve met many with the certification of a
CDPE and most leave much to be desired. I always tell people that the home in which you may desire to
short sale was at one point the most valuable investment you ever made. I assume most of you took great care when making the purchase and certainly hope all of you will take additional care when dumping what is your worst liability.
Kid yourself not, you must find a Broker or top Realtor that really understands the landscape, and is equipped and motivated to take on the
Short Sale. I have seen more
short sales get screwed up as the realtor had no clue as to what they got themselves into. And when you hire anyone that that claims they will assist you in the
short sale process please do not pay one penny. In many States it’s become illegal to charge upfront fees but there always seem to be some clever folks out there that figure out a way to circumvent the system.
We have taken on short Sales for the last four years and have never charge a dime upfront. We don’t charge as we know we will get the deal done, not to mention the fact that Short Sales are the only type of real estate we handle.
Find A Proven Realtor
You should only rely on those folks that have successfully completed countless shorts sales. Make sure they do not off your file to a title company that will attempt to process the short sale. Many times Realtors and Title companies become frustrated with the process and just give up. Not good.
Short sales are complicated transactions and tend to be very time consuming. Clients who have no experience with short sales might not understand the importance of procuring a
Florida short sale realtor which has experience dealing with the lender or who ever is servicing the loan. Have you heard of Equator? This is a electronic platform that allows for communication between the lender/servicer and the Real Estate Broker or Attorney handling the file. It’s amazing the amount of paperwork that is amassed during the short sale process. Try sending a ninety page fax, follow up with the lender in forty eight hours to be told, we never received the fax. Frustrating for sure. And that little process can easily kill a couple of hours.
HAFA
I remember when we started doing short sales back in 2007, that was truly a puzzle that never seemed complete. Things have improved greatly as the lenders have developed systems and protocols to make this all happen. I often explain to clients that these institutions were not set up to perform these types of procedures. Starting back in 2009 things started getting better. Not to mention the mess with who would take the hit on the loan. The originator of the loan, the mortgage insurance company, the second lien holder or the lender? Would the government step in and take some of the pain. As it ends up these issues are still not clear and to this day there is much litigation concerning these very facts. One thing is for sure, if there is a buyer looking to buy a
short sale all parties involved now understand it’s in their best interest to move the property and get it out of inventory. Once the government stepped in with the
HAFA program it sort of greased the wheels a bit. Not all home owners will reap the benefits of HAFA which I will dedicated an entire post to. But the short of the long of it is simply the motivation this provides for the lenders to receive some financial rewards from the government. Yes I know, another bail out.
Due to the complex and lengthy back and forth necessitated by these transactions, a
Florida short sale realtor is often necessary for translating and providing guidance. In some instances, lenders won’t allow a client to enter in to a short sale without the presence of a realtor. There are specific deficiency laws, tax ramifications and foreclosure processes in each state which an educated Broker can at least steer their clients in the right direction. Of course I always recommend reaching out to a licensed Attorney with any legal questions. . Contacting a Florida short sale realtor ensures that no stone is left unturned that could create a liability later on in the
short sale process.
Marketing a home that will hit the market as a short sale is a major undertaking, and involves a certain level of strategy to ensure the right contacts are made and nourished. Failing to adequately market and prepare a home for a short sale can increase the amount of time the market. Short sales can be impacted by a number of collateral factors, all of which are sure to consume plenty of time outside of marketing and promotion. Ultimately, clients looking to procure or sell a property as a short sale face a much different road than those selling as an owner or buying on their own terms. Failing to work with a short sale specialist can result in an agreement that is skewed towards one party or the other. Additionally, circumstances beyond the buyer’s or seller’s control can change the direction of a short sale transaction instantaneously.
There was a moment in time that Realtors would not touch the
short sale processing and dumped it on the Title company. Now Title companies realize there is no novena and seemed to have lost interest in short sale processing as well. Take it from a guy that’s done hundreds of these (it’s all we do), it takes a complete organization built around doing short sales to be effective.
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Posted by admin - January 1, 2011 - Homepage
Short Sale Realtor
Another Benefit of working with Florida Short Sales Realty is our network of investors that are always on the look out for well priced Short Sales. Many Realtors make the same mistake over and over by waiting for a buyer to come along and then submit the clients package to the lender. When you work with Florida Short Sale Reality we will submit your package within fourteen days of you engaging our brokerage company. The first steps we take is to gather the needed information for the lender such as;
- The lenders short sale package
- An Authorization to work with the lender on you behalf
- Two months of bank statements
- One month of pay stubs (assuming you are a W-2 employee)
- A profit and loss statement (assuming you are self employed)
Once we have an entire package including;
- The contract to purchase from one of our investors
- MLS Listing Agreement
Now we are ready to start the process of submitting the package to the lender. We will then follow up with the lender in two business days to ensure their timely receipt of the package. If you qualify for the HAFA programs we will then follow the protocols as directed, if not we general expect to receive an answer from the lender sixty days after the package was received by the lender. If the offer to purchase by the investor was approved we generally close within thirty days.
Call today to see if your house qualifies to be purchased by one of our investors. Unlike most other Realtors who sit and wait for a buyer and then submit the package to the lender, Florida Short Sales Realty submits an offer on your property within 14 days of receiving your file.
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