New Short Sale forms for Realtors!

By
Real Estate Agent with St. Charles County, Missouri - Prudential Alliance Realtors
http://actvra.in/hKq

I went to a meeting about SHORT SALES this morning.  It was very interesting. 

We now have a SHORT SALE Supplement to Listing Contract and a SHORT SALE Rider to the Sale Contract.  The St. Louis Association of Realtors has also provided us with an Authorization to Release Information form to go along with these.

These forms were just approved in February 2008.  We already know that some modifications are in the works.  Many have done SHORT SALES without them.

I have to admit, I've never sold a SHORT SALE - or listed one for that matter.  So, this information was very helpful to me. I'm seeing more and more SHORT SALES out there, so I know I'm bound to come across one sooner or later.

I'm just thankful that the forms will be waiting for me when I do...  :)

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Rainmaker
390,636
Associate Broker Falmouth MA Cape Cod Heath Coker
http://www.CapeGroup.com & http://www.REindex.com - Falmouth, MA
Heath Coker Robert Paul Properties
They're never short on forms.
Apr 28, 2008 08:48 PM #1
Rainer
31,244
Tony Fantis
Fantis Group Real Estate - Salt Lake City, UT
Realtor,Principal Broker - Salt Lake City
It's always helpful to have short sale forms.  To us, they can be quite easy to understand...but not so to our clients.
Apr 28, 2008 08:49 PM #2
Ambassador
1,823,192
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News
We have both a short sale form for sellers to sign when we take the listing and a short sale form for buyers when they right an offer.  A good case for making sure that everyone understands what they are doing.
Apr 28, 2008 08:51 PM #3
Rainer
7,613
Chris Compton
RE/MAX Greater Atlanta - Dacula, GA
The short sale arena is the next big niche. I don't think you can do too much to educate yourself in this area. There is no telling how many homes will be sold at short sales in the next five years.
Apr 28, 2008 08:52 PM #4
Rainer
256,188
Debi Ernst
St. Charles County, Missouri - Prudential Alliance Realtors - O'Fallon, MO
GRI, e-PRO, Broker/Sales Associate

Heath - Isn't that the truth!   :)

Tony - Yes, clients can get overwhelmed with all of the forms...

Cindy - Yes, I think they're a  great idea!

Apr 28, 2008 08:54 PM #5
Rainer
256,188
Debi Ernst
St. Charles County, Missouri - Prudential Alliance Realtors - O'Fallon, MO
GRI, e-PRO, Broker/Sales Associate
Chris -  I agree.  I think we'll be surprised how many short sales there will be.
Apr 28, 2008 08:56 PM #6
Rainmaker
240,155
Palm Coast Homes
100 Plus Realty LLC - Palm Coast, FL
Palm Coast/Flagler County Real Estate, The Ross/Co
We have had forms put out by FAR for a while here in Florida on both the listing and buying side of short sales.  Basically covers the but of the banks and maybe the agents.  Some bobo REALTORs in my area do not even know they exist or do not have thier customers sign them...eeeks!!!  Playing with fire.  Disclose, Disclose, Disclose on these things.
Apr 28, 2008 09:03 PM #7
Rainer
256,188
Debi Ernst
St. Charles County, Missouri - Prudential Alliance Realtors - O'Fallon, MO
GRI, e-PRO, Broker/Sales Associate

Kristi - Exactly.  That's why I'm so glad we have them...  :)

Apr 28, 2008 09:07 PM #8
Ambassador
2,035,449
Todd Clark
Keller Williams Realty - Beaverton, OR
Broker - Beaverton, Oregon Real Estate Expert - (503) 524-9494

We just had the same thing happen here as of February we have to fill out a form for buyers, sellers and just a general one that we have to bring up at a listing appointment. Very frustrating!

Apr 29, 2008 01:41 PM #9
Rainer
256,188
Debi Ernst
St. Charles County, Missouri - Prudential Alliance Realtors - O'Fallon, MO
GRI, e-PRO, Broker/Sales Associate
Todd - It does give us more work to do, that's for sure.  But, I'm glad we have the forms, instead of having to write it all in...  :)
Apr 30, 2008 10:49 AM #10
Rainer
30,519
Tim Grossglauser
HomeSmart Scottsdale Real Estate - Fountain Hills, AZ
Personalized VIP Service

There are also short sale forms found - Includes a letter to Prospect for Leads and get short sale listings - 11 total forms all together.  http://www.REOAgentSource.com

I got my from there for our team in Arizona and have been using them to market for Short Sales and also use the Entire Checklist and Packet to submit a full file to the banks.  They really seem to help out a lot more when you submit a full packet in the order they want with everything needed the first time!

Jun 09, 2008 10:31 PM #11
Anonymous
Anonymous
DID YOU BY A SHORT SALE FORMS KIT – FOR $24.99? WE WILL PAY Y

We currently have litigation PENDING AGAINST http://reoagentsource.com/Short Sale_Forms_Kit

We will pay you $250 to turn over the forms package you purchased and supporting documents from this site to CMS's attorneys

 

Contact us at cms@cmsps.com

Oct 03, 2008 05:28 PM #12
Anonymous
Anonymous
DID YOU BY THIS SHORT SALE FORMS KIT – FOR $24.99

 

Did you by a Short sale forms kit - for $24.99?  We will pay you $250 to turn over the forms package

 

We currently have litigation PENDING AGAINST http://reoagentsource.com/Short Sale_Forms_Kit

We will pay you $250 to turn over the forms package you purchased and supporting documents from this site to CMS's attorneys

 

Contact us at cms@cmsps.com

 

10/03/2008 05:38 PM by


 

Dear Tim Grossglauser,

   

It has come to my attention that you have made an unauthorized use of my copyrighted work entitled SSF-010, CMS Property Services, Inc., 11 Short Sale Forms (the "Work") in the preparation of a work derived therefrom. I have reserved all rights in the Work, which was first published in 2005 on http://www.cmsps.com/shortsaleforms and http://www.bestshortsaleforms.com, and I have registered the copyright. 

Your work entitled SSF-008, Short Sale Forms and which appears on your web site at http://reoagentsource.com/realtystore/index.php?main_page=product_info&products_id=2:e69cb0dec6e16778f4c83cdbac368f23 is essentially identical to the Work and clearly used the Work as its basis.

 You neither asked for nor received permission to use the Work as the basis for SSF-008, Short Sale Forms nor to make or distribute copies of it. Therefore, I believe you have willfully infringed my rights under 17 USC Section 101, et seq. and violated federal copyright law.  Suit will be filed to which you will be liable for statutory damages as high as $100,000.

Copy of his web text:

Short Sale Forms Kit

$24.95

Editable Short Sale Forms

Designed in collaberation by a group of Banking Professionals, Investors, and Realtors for your use.

This Short Sale Form Packet is a digital download file, packed with all the Short Sale Forms, letters, and instructions

you will need to complete a short sale. These E-Z forms will help you to personalize your own documents with your

name and company information.

Get started today in the pre-foreclosure market. Become the expert in your area.

Short Sale Forms and Documents Included (All Editable in MS Word or Text)

􀁺 Professional Lead Building Letter

􀁻 Professionally Designed letter to help develop short sale leads. To be sent to Homeowners that just

received a NOD.

􀁺 Initial Contact Form & Checklist

􀁻 All the important info needed from the homeowner to qualify them for a Short Sale.

􀁺 Authorization to Realease

􀁻 This is needed to act on behalf of the homeowner to start negotiating the short sale. This is a Very

Important Short Sale Form.

􀁺 Howeowner Acknowledgement

􀁻 Important form that notifies the homeowner about the short sale process.

􀁺 Required Homeowner Info

􀁻 Saves valuable time and provides you with all the info to make a deal work.

􀁺 Cover Letter

􀁻 Shows the Lender you are the professional and organizes all the forms in the correct manner that the

banks wants to review them in.

􀁺 Offer Summary Statement

􀁻 Another Important Short Sale Form that the bank will review before all other documents. If you do not

have the correct info here, the bank usually rejects the package.

􀁺 Hardship overview letter

􀁻 A very important form that helps the homeowner create their hardship letter to the lender.

􀁺 Homeowner Financial Statement

􀁺 Repair Estimate Form

􀁺 HUD-1 Form

􀁻 One of the most important short sale forms - this will show the lender an entire financial overview. The

HUD-1 Forms are usually 199.00 for a title company. It is included Free in your Real Estate Short Sale

Forms Kit.

Please Choose:

larger image

Add to Cart: 1

Model: SSF-08

10000 Units in Stock

Download Zip File

Short Sale Forms Kit Complete Short Sale Forms Kit - Every Short Sale Form Needed [S... Page 1 of 2

http://reoagentsource.com/realtystore/index.php?main_page=product_info&cPath=1&prod... 10/2/2008

 

 

And now CMS:

Our $39.99, downloadable package includes everything you need to submit a complete short sale package to the lender and greatly improve the acceptance rate. We are confident these forms will be an integral part of your short sale transactions. From cultivating the lead, to submitting the offer, to closing the deal, all the pertinent documents are included in this package and are fully editable. 

 

 

Documents and Forms Included
(Editable in MS Word)

 

 

Professional Lead Letter

Professionally formatted letter designed to develop short sale leads. This should be sent to homeowners that have just received a notice of default, which is recorded on public records.

 

 

Initial Contact Form / Forms Checklist

This two-part form is designed to assist in qualifying the residence and homeowner. Notes regarding the property, liens and homeowners financial situation can be recorded in one place. The bottom of the form serves as a checklist to ensure a complete short sale package is submitted.

 

Authorization to Release Information

This is required by the lender or lien holder for you to act as an intermediary for the homeowner.

 

Homeowner Acknowledgement

Numerous parties need to come to an agreement for a short sale to work. This form is designed to ensure the homeowner is aware that not all situations qualify for short sales and/or not all lenders will approve them.

 

Information Required From the Homeowner

This details the responsibilities and information the homeowner is required to provide for short sale consideration. This form saves a considerable amount of time by eliminating indecisive leads early in the process. If they don't want to provide the information included in the form, they are not serious short sale candidates.

 

Cover Letter/Checklist

This form provides a summary of the documents being submitted to the lender for approval and can serve as your fax coversheet.

 

Summary Offer Statement

Complete short sale packages require a summary of the homeowner's financial hardships that lead to their default. It should also summarize the terms of the offer and provide justification for the offer price.

 

Hardship Letter Overview

This form is designed to assist the homeowner in writing their financial hardship letter. Lenders require a detailed letter provided by the homeowner to qualify their financial situation for short sale approval. The homeowner needs to demonstrate they no longer can meet their financial obligations.

Documents and Forms Included
(Editable in MS Excel)

 

Homeowner Financial Statement

This is form lists the homeowners income and expenditures in a balance sheet format.

 

Repair Estimate

This provides an organized presentation of any needed property repairs. Includes a space for photographs, description of repair and estimated cost.

 

HUD-1

Why pay $50 for this one form? The HUD-1 is required by the lender to estimate the total amount due to the lender after all costs. The form is completely editable and the columns total automatically.

 

 

Invoice # 0000001308

 

Email: * Created: Tue, May 20, 2008 13:52:34

Source Code: Not Available  Last Modified: Tue, May 20, 2008 13:55:18

Status: Shipped

Invoiced

Payment Information

 

Payment Type: PayPal

Payment Status: Completed

 

 Download Information

 

Download Access ID: ftw8fumm2nh3  

 

 

 Address Information

 

Billing Address

Tim Grossglauser

Qty Item # Description Price Each Total Price

   1 Mfg #SSF-010 Best Short Sale Forms $39.99 $39.99

 

His blog posting the day he bought the forms

Complete Realtor and Investor Short Sale Forms Kit

May 20, 2008 - Note the date of the post

(eFinanceWire.Org) - After fielding 1000's of phone calls a group of Nationwide Realtors have got together with banking Professionals and Investors to put together a Short Sale Form Kit.

Full Details of the Short Sale Forms kit can be seen at http://www.reoagentsource.com/

Many agents get listings and never understand the entire process or how to correctly submit a short sale form to a bank.

On the other hand, many investors are eager to get in touch with homeowners who just received a Notice of Default and would like to negotiate to purchase their home in a short sale situation, but do not have the required short sale form documents to start the negotiation.

After a group of professionals got together they have put together a Professional Short Sale Forms Kit that contains fully editable documents to Personalize to each deal they are working on. The Real Estate Short Sale Forms kit has 11+ very important documents and step by step checklist to make a short sale successful.

Many Investors and Agents go about Short Sales the wrong way and end up being rejected by the lenders because of simple issues that could be avoided. Issues such as incorrect forms, incorrect data, missing info, or as simple as submitting Short Sale Forms in the incorrect order in the package sent to the lender.

As Many Lenders have strict requirements on short sales, short sale forms are a huge advantage to Realtors and Investors. As Resent spikes in short sales for some lenders have just started to happen - hot topics such as citimortgage short sale forms and countrywide short sale forms are popping up all over the internet and little to no information or incorrect info is being read by investors and agents.

Serious Agents and Investors should look into this Short Sale Kit if they want to structure short sales in a correct and professional manner.

Full details at http://www.REOAgentSource.com/realtor/short-sale-forms.html

 

Oct 03, 2008 06:24 PM #13
Rainer
73,665
Sabrina Kelley
ERA The Herman Group - Woodland Park, CO
Pikes Peak Region Realtor, Teller, Park and El Paso County Colorado

I am going into my 1st short sale here soon so I appreciate the insight.

Oct 08, 2008 05:51 PM #14
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Rainer
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Debi Ernst

GRI, e-PRO, Broker/Sales Associate
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