You definitely need to find a very experienced short sale agent. Short sales are definitely not for just any agent. I do not cover Charlotte but, I do a lot of short sales as part of my business. Bank of America uses Equator which is a web based asset management system. Actually if you are now behind in your payments Bank of America will be contacting you to ask about short sales or your options. Bank of America keeps a list of experienced RealtorsÂ® that have done short sales with Bank of America in the past. The agent has to be registered with Equator (not hard they allow any licensed agent to register). However working short sales is a time consuming process that unless the agent knows what they are getting into are likely to not follow through with the bank and the client as much as is needed.
I will end by saying if you loan is owned (the investor) by Fannie Mae, they are tightening up the amounts they are wiling to take for a short sale. The days of giving away homes are coming to a end. Fannie Mae and Freddie Mac are sticking to market values on homes.
Hope this helps,
Are you sure you cannot sell your home for what it is worth? It may be that the two offers you have are lower than the market. I would first take a look at the comparable sales and see what list price would make sense. If you have to go to a short sale because of a temporary hardship that no longer exists and you have a significant income, you might need to come to the closing with some cash. If so, it might make sense to consider leasing your home with a professional manager. We handle a lot of short sales and work with an attorney who negotiates short sales (including sellers who were current on their mortgage) with great success. If you go to short sale, I'd suggest you have an attorney take another look at your file and advise. If you appreciate an answer, please give "thumbs up". For the most helpful answer, please say thanks with a "best answer" click.
I am a CDPE (Certified Distressed Property Expert) and have a lot of short sale experience. I have worked with Bank of America on numerous occasions getting short sales closed. The most important part of the process is submitting the package. There are letters of explanation from you the borrower, from me the agent, along with all the documents that they need that allow the bank to understand the full picture.
Some banks do require the homeowner to be behind on payments, some banks do not require that. It would be my job as your agent to make sure we are clear on the process and can submit a package that can be approved.
Give me a call 704-906-6447 or shoot me an email Anise@NaberRealty.com and let me help you!
For a Short Sale to be approved, you have to have a provable financial hardship - which you do, you relocated (out of state) for employment. You DO NOT have to be delinquent to get Short Sale approval. I have had several Short Sales approved without the seller being delinquent. Hire a Realtor that has closed several Short Sales (look for CDPEs - Certified Distressed Property Experts - which you can Google).
I am sorry you are having some challenges. I would love the opportunity to speak to see how I can assist you. I am an Agent who is Certified in Short Sales. I also work with an Attorney and all he does is work to negotiate Short Sales! The Attorney is an excellent resource.
I would love to schedule a time to speak and I would love to get my Attorney on the phone too. I always believe there is a way to get things done and if there is a way, I will most certainly do everything in my power to assist.
Look forward to hearing from you!
Debra M. Buck