by Atlanta Short Sale Agent on February 5, 2010
This happens quite a bit. I get a call from someone about their short sale and they are frantically wanting to get the home on the market. In some cases, they want to get their home on the market but they can’t make time to meet with our team or make the home available for photos, etc.
Selling your home as a short sale is more than just putting it on the market. ANYONE CAN LIST A HOME (as long as they have a real estate license). Not everyone can navigate through a short sale and have it completed successfully.
When you are interviewing agents, ask them how many short sale SELLERs have they represented. There’s nothing more disheartening to find out that a seller got anxious and decided to list with whoever would show up first without any due diligence on either parts.
If you haven’t seen this video on selecting a Short Sale Agent, head over to the About us page.
Here’s a few questions to eliminate the wheat from the chaffe:
- How do you handle a Mortgage Insurance company’s involvement in the short sale?
- How much to 2nd Lien holders typically get?
- How many sellers have you successfully represented in a short sale?
- Who does the negotiation with the bank? Are they local?
- Will I receive a 1099 for the difference? (I’m going to post the answer in another post, but the short version is ALWAYS yes, the difference is that if the home is your primary residence – that is you bought the home to live in – then you will not be liable)
by Atlanta Short Sale Agent on December 17, 2009
The short answer is finally yes.
You must be at least 30 days delinquent for a short sale.
In over a year with shorts sales, we noticed a trend in the last 60 days to get more agressive with borrowers who have the financial ability to pay.
Previously, if you moved out of the home and could “barely” afford the home and had some sort of hardship, you could do a short sale, no problemo. Now however, you must be at least 30 days behind to be considered, see below:
Wells Fargo Short Sale
(from a secure e-mail) I am the new negotiator that has just been assigned to the Short Sale. Please be advised that per the investor guidelines, we are unable to do a short sale while the mortgage is current. At this time, I have to close the short sale file. Should [client] become at least 30 days late on the mortgage payments and is in the need of a short sale, please contact the short sale set up team at 866-903-1053. I am unable to set up a short sale file, so you will have to go thru the short sale set up team should you need to do a short sale in the future.
Thank you!
Alex
FNMA Loan Adjustor Specialist
Hours: M-F 8:00-5:00 EST
Wells Fargo Home Mortgage
3476 Stateview Blvd.
Fort Mill, SC 29715
MAC#X7801-01K
(P) 803-396-7001
(F) 866-738-8566
CITI Short Sale
(e-mail from negotiator) I have attached the HUD closing worksheet, Sales contract review and the Approval letter good through 01/08/10. Please make sure all documents are signed by mortgagor and returned with final HUD and closing check. Closing worksheet must also be signed by both realtors and title company. The loan must be at least 30 days delinquent in order to be able to close. Also, please submit a letter of authorization for the title company working on the closing of the sale, if applicable. If you have any questions, Please feel free to contact me at anytime. Thank you.
