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If a lawyer will "work" for them to no to be on debt after selling, it would not be an issue to have an appoinment with a RE lawyer.
Remember, Realtors should not give legal advise.
BOA will help you on the short sale proces, do not worry about it. Go the equator, start the process of the short sale, upload the PDF documents.
Seller needs to call Customer Service / Equator Specialist and request an account on
Need to fill out Hardship and Financial. Also, bank statements.
On equator, upload photo (I am having problems with that). Listing agreement and other papers required.
Good luck! and even BoA will say do not call Customer Service, keep calling!
Jennifer B has provided you EXCELLANT guidance. Write that tele number down...better yet put it on speed dial.
Now, you or your broker MUST have an attorney review all your documents related to this transaction. If your broker understands their exposure, this oversight will already be in place. You however, must verify and if not, you should choose to protect yourself. This attorney will not be doing the negotiation but reviewing the contractual documents and highlighting the banks weasel words and where your vulnerabilities exist.
Lastly, pay attention to the details. Every i, every t and every document must be accounted for from the start.
In response to your question, "how can they afford?" Somehow they do. When the seller has real skin in the game they are more motivated to get to you the documents you need in a very timely manner. Make certain you lock buyers in the same way.
My advice is to contact the bank daily onc eyou do submit yoru packs, make sure they have everything an dif they need anything get it immediately, you can call for 30 days straight, they may not need anything, but if you dont call teh one day the do need something and you dont get it, there is delays.
As far a wif they will owe anything afterwards, that is part of the negotaitions, what to do with the shorted amount and how it is reported on their credit report.
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TIPS ON MAKING A SHORT SALE GET APPROVED
Short sales are lots of work and it is important that you know your role and stick to it. We as agents can advise what the options are, but we are not attorneys and should always direct people to obtain competent counsel. This also applies to you. As your first short sale, I would strongly encourage you to partner with an agent with recent successful experience completing them.
I don't know the number but I'm told the majority of short sale offers are never completed. This is due to a number of factors which as the agent involved you have control over. Is your package complete? Is the offer in line with reasonable comps that BPO's will use? Are the buyer and seller clear on the amount of time involved with little or no progress? Are everyoneâ€™s expectations reasonable and realistic?
I've had one BoA short sale take 18 months and others 6-9 months. An offer today may not be closed until well into 2011.
The expense of the attorney is a reasonable question, but it is beyond your scope as an agent. Focus on marketing the home, preparing the package of information, setting proper expectations and refer them to an attorney for the legal questions.
1. Good luck on your first short sale - they are very trying transaction - but somewhat rewarding in a backwards kind of way.
2. Most people can't afford a lawyer while going through a short sale - it is your job to recommend they seek competent legal counsel. Interestingly enough I have heard of agents recently including a fee for attorney review of documents when itemizing costs for the banks. Thus far I am told that the banks aren't baulking at it.
3. It will be your job to request the bank give an unconditional release of the mortgage. This is where the attorney's review is really important. I want someone other than myself reviewing the verbiage offered by the bank to know that the client won't be on the hook later.