Do you do your own research and actually review the guidelines for short sales are do you just take the word of someone who benefits?
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.
FNMA Loan Adjustor Specialist
Hours: M-F 8:00-5:00 EST
Wells Fargo Home Mortgage
3476 Stateview Blvd.
Fort Mill, SC 29715
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.
It’s often a misconception that all real estate agents are the same. In fact, it’s common that at the very least all agents with the same company are grouped together. You need a great company that backs the AGENT and not the brand, and luckily I have that in Keller Williams.
However, this isn’t a recruiting pitch, it’s a message to the agents and home buyers and sellers having a tough time right now.
Short Sales are tough! They can stop a foreclosure better than a bankruptcy but not if your agent doesn’t know what they are doing!
If you want a brief run down of all that is involved in a short sale timetable check out this article on the short sale process.
In any case, not all agents are short sale agents and nor should they be. There’s a great deal of follow up involved. The Jarvis Team is uniquely positioned to handle these types of transactions since we have been working with internet leads since 2002. Most of these leads needed 8 months or more of follow up. So we have that down!
If you are an agent with a short sale, refer it to ensure you help your seller and that you get something for your effort!
If you are a seller, give us a call at 770-374-4667! We can stop foreclosure but we can’t help if you don’t call.
If you are a buyer wanting the absolute BEST deal on the market, contact us immediately at jarvisteam at gmail.com.