Short Sale Information in Tracy CA
So many realtors and sellers are listing properties just based on what is owed on the property at prices that are unrealistic and will never sell. Ther is so much that a Realtor needs to know and understand about the short sale process in order to bring the transaction to a successful close.
When doing a short sale it is imperative to plan ahead and prepare from the very start by having all of the necessary documents and paperwork in order. As a seller, it is critical to gather the information as quickly as possilbe to give to your Realtor.
When I take a short sale listing, here is a basic checklist of items that I begin with:
1. Discuss the situation with the seller in terms of their hardship. I need to have this information when I am in discussion with their lender. The seller write a hardship letter at the beginning of the process.
2. Have a title company do a mortgage and judgement search in the very beginning. It is very important to know as soon as possible what other types of liens (if any) need to be dealt with besides the mortgage.
3. Authorization Letter - No bank will speak to any Realtor without authorization. The client will sign a letter of authorization when the Listing is taken.
4. Order the payoff - Often times, what is owed is more than the seller thinks due to interest and penalties.
5. Gather the info (bank statements, tax returns, W-2s, etc). What each bank requires can vary, however I ensure that the bank receives what they need from the very beginning. Banks will not deal with incomplete packages.
6. Marketing - It is important to ensure that the MLS (Multiple Listing Service) clearly states that the transaction is subject to short sale approval. This eliminates any confusion in the future and helps to generate a buyer that will stick in through the entire transaction. The best type of buyer is one who is flexible on settlement as sometimes once you get the approval, it needs to settle fast. Other times (as often is the case) there will be a delay so it is important that if need be the buyer can wait an extra 30 to 60 days before closing.
There are other items and issues that need to be addressed and planned for, however this preliminary list can increase the chances of success right from the beginning!
If you are a seller in Tracy who is unsure about what is the best option or if a Short Sale would make sense for you, please call me for an appointment. Getting all the facts so you can make an educated decision is my goal! Short Sale Information in Tracy CA.... make it easy!
Contact me at: www.TracyRealEstateToday.com
Lisa Aguilera 209-814-8256
Keller Williams Realty