Diane Menard

IMBANKS,

I would love to sit down with you and go over your situation.

There are going to be lots of detailed paperwork that the bank is going to want from you and every bank is different.

When you have two loans on a short sale like an 80/20 the second loan must approve the short sale as well. The second lender is usually the one who takes the beaten, but they would rather take something rather than nothing. I would be able to tell you a little better after I see the amounts that are due on both the loans.

If you only have one loan, then things will be a lot easier.

It is also very important that your short sale be priced appropriately to make this deal work.

You actually do not have to deal with the bank, I would come in and have you sign a authorization to release information and I would immediately get that into the bank so they will speak with me directly. I will get all the infomation that is going to be required from you, like I said all banks require something different. I can tell you that you will need the last two years of your tax records, usually two months bank statements, up to four weeks pay stubs, a hardship letter, a financial statement that will be sent by the bank or we print it off their website. We will start working on this paperwork while waiting for someone to put in an offer, because we cannot send any paperwork in until we have an actual offer on the table. Once we have an offer we take the offer, the buyer's pre-approval letter, our listing agreement, copy of the earnest money check and all the above referenced materials and submit it to the bank. Once the bank receives this information they will sign a negotiater to us within 14 days. We work out the terms of the contract and get you to the closing table. If there are two loans then I will need to negotiate with both the banks.

We also need a HUD1 Statement drawn up by the buyers attorney, this is a prelim HUD that the bank wants to see, the banks are all about the numbers.

Also, you need to be behind on your payments about 32 days before a short sale can be started.

Please let me know if I can be of assistance to you. - Wed Jul 23 2008, 15:34

Alma,

You will not be responsible for paying any commission. There is a selling commission that is offered and it is listed in our FMLS or GAMLS of what that fee is going to be and whether or not that fee will be negotiated by the bank.

The banks are well known for cutting the commission; lets say that the listing agent asked for a 6% commission and put in that they are paying 3% to the selling broker and the bank decides to offer 5%. Well unless otherwise stated the selling broker will still receive 3% and the listing broker will get 2%.

When I list a short sale home, I word is so that the bank must approve the sale and commission.

Bottom line is that you are not responsible for paying the commission, it will be between the listing broker and myself to work out the terms if different from what the MLS states.

I would have no problem putting a zero in the commission amount area on the buyer brokerage agreement. - Wed Jul 23 2008, 15:16

Where are you wanting to put the pictures, this will vary depending on where you are trying to upload them to. - Tue Jul 22 2008, 10:43

Aima,

I am a certified REO Specialist, I have short sale listings and I help clients get short sale purchases. Short Sales and Foreclosures are very different as far as timelines go. A short Sale is going to happen before the house hits foreclosure, this can be a very time consuming adventure. Be prepared to wait for answers, Once you submit an offer to the bank on a short sale you will not usually hear back from them for about 14 days and it also depends on where in the short sale status they are. Has the seller already signed all the correct documents to be able to short sale his home. There are lots of documents needed, like tax records, pay stubs for the last 30 days, financial statements, a hardship letter; so you hope this has all been done to be able to proceed with submitting of the contract along with your pre-approval letter from your bank and the earnest money check. Then they send out a real estate agent to perform a BPO.

Your foreclosed properties have already gone through the process, the seller is no longer on the deed and the wait times are much less. You will usually have an acceptance within 3 -4 days. If you put in a reasonable offer on these homes, you can still ask for closing costs, warranties, and repairs.

It is not going to hurt to have someone who knows the process by your side.

Let me know if I can be of any assistance. - Tue Jul 22 2008, 04:40

You can try Kim King @ SunTrust Mortgage, She does 90% of my loans for me. Very Happy with her services.

Her number is 770-617-6694 - Sun Jul 20 2008, 10:35