Short Sale Route for Sellers 2 Grand Rapids Short Sale

By
Real Estate Agent with Five Star Real Estate

Exploring the Short Sale from Start to Finish. What sellers and buyers need to know:

So you've consulted with your lender and possibly a non-profit home counselor and decided you want to proceed with the short sale. Where do you start?

1-Meet with a certified SFR real estate agent. They can assist with all questions related to the processes of the Short Sale. Ask the agent how many Short Sale transactions they processed last year.

2. The agent should ask questions to make sure you would qualify for a possible Short Sale on your home. These types of transactions take dedication and patience from both the sellers and real estate agents. 

3 All lenders require a short sale package to be assembled that includes current financials, hardship letter, letter of authorization and W2's to name a few. Again, your agent can assist you with this process.

4.  The Letter of Authorization gives your agent permission to talk to your bank and see exactly what needs to be done to get the ball rolling. Under the HAFA program some sellers could qualify for assistance with moving expenses ect..all lenders are different, they only way to know for sure  is to communicate with the bank.

5-Depending on your banks processes they could recommend you get the house listed and bring an offer first before anything else can be done or they order and estimate of value and share with the seller and agent what price they might be willing to except for the home.

Watch for my next blog. I'll explore what happens next in the Short Sale Route for Sellers.

Posted by

Mary Kent

Five Star Real Estate

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Topic:
Home Selling
Location:
Michigan Kent County
Groups:
Advice for Sellers
Greater GRAND RAPIDS, MI Real Estate
Kent County MI Real Estate
Short Sale Specialists & Pre-Foreclosure Education
Tags:
5 star real estate
five star real estate
grand rapids michigan
mary kent
sfr
short sale
hudsonville mi
grandville mi

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Rainmaker
680,843
Patrick White
Home Driven Realty, Inc - Baldwin, NY
Put our 28 years experience and technolgy to work

Good Morning Mary

Thanks for the post and short sale information. Have a great day.

January 13, 2011 08:26 AM #1
Rainer
118,790
Bill "Waz" Wasowicz
Wizards of Waz Real Estate - Maricopa, AZ

The only issue I have with your blog is where you tell them to meet with a certified short sale expert. Though that may be a place to start, I recommend that they do their homework and find an agent in their area that is successfully closing these transactions.

A bunch of letters after a name (certifications) do not make an expert. Anyone can obtain them for the right price and time. What they do with that knowledge is the key. For instance, I do not have a single designation other than EPro and IMSD and I don't "publish either one of these. I rely on the fcat that I have been doing short sales for 3 1/2 years, have maintained between 30-40 listings and have successfully closed the same amount each year. I attend focused seminars to educate myself and, more importantly, chat with my pears and read blogs (particularly on AR).

As I said, looking for an "expert" is a great idea. Just don't trust a bunch of letters after their name. I know too many of these agents that don't have a CLUE

January 13, 2011 08:33 AM #2
Rainmaker
45,135
Mary Kent
Five Star Real Estate - Grand Rapids, MI
Grand Rapids to the Lake Shore

Thanks Patrick!

Bill-Thanks for your comments. Very valid point, it's very important to interview a few agents that have a track record with short sales such as yourself:)  

 

January 13, 2011 09:07 AM #3
Rainmaker
86,088
Troy Funk
Allison James Estates & Homes, Sarasota 941-957-3737 - Sarasota, FL
Realtor - CDPE, SFR, Sarasota Short Sales & Foreclosures

Bill, Great point ... Mary, good follow up.  A track record is important!   Mary, I look forward to your other blogs - the public needs your information.   Suggestion:  Put your "Grand Rapids Short Sale" in your Keywords (title) .. it will help your SEO and Short Sale sellers will call you that search for that in search engines. -  Troy

January 13, 2011 10:54 AM #4
Rainmaker
45,135
Mary Kent
Five Star Real Estate - Grand Rapids, MI
Grand Rapids to the Lake Shore

Thank you Troy! Enjoy sunny FL:)

January 13, 2011 04:35 PM #5
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Rainmaker
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Mary Kent

Grand Rapids to the Lake Shore
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