What a short sale agents can do for you?
Short sale refers to a mutual agreement between lender and borrower that the lender will accept less than the full payoff for mortgage. Do you owe more than the current market value of your home and unable to pay the mortgage payment? If you want to keep your home, then you should immediately contact a housing counselor to explore your options for refinancing or home loan modification. If the refinancing or home loan modification has already failed and lender has started a foreclosure process, you should contact an experienced short sale agents on immediate bases.
Short sale agents are the skilled persons who take of short sale process, deal with short sale bank and lender. They have a great experience of the real estate industry and dealing with all kinds of lender and bank. Short sale is not an easy task to do rather it is complicated and time taking process. You need to hire the services of a short sale commander if you are going to have a short sale. They can help you buying short sale, selling home as short sale, investing in short sale homes and negotiating with lender or short sale bank on your behalf. The key to success is to work with someone who understands each bank, lenders and their expectations. Your short sale representative must know exactly what kind of package to put together for each bank involved in the short sale transaction. Bank of America is going to expect something different from Chase or Wells Fargo. It is a really bad idea to process a short sale without the help of experienced short sale commander or agents due to the complication and frustration attached with the short sale process.
Why You Need a Short Sale Agents?
Process of short sale is really complicated and some lenders are difficult to deal with them. You don’t have knowledge of the real estate industry and deal with bank and want to process your short sale? You are inviting problems to knock your door. Short sale success and failure hugely depends on the short sale commander. It recommended hiring and experiencing short sale commander to precede short sale process. Many home owners wish and precede their home by their own and end up losing money and time. Short sale is not cup of tea for everyone, be careful proceeding with short sale. Main reasons to hire a short sale agents are;
- Experience of dealing with short sale bank and lender.
- Experience of processing a short sale.
- Expert lever of negotiation
- Experience at selling homes in your town.
- Know the essential documents and other requirements.
- Have expert knowledge of preparing and submitting short sale package.
- Have the knowledge of dealing with a short sale complication.
Role of Short Sale Agents:-
Short sale agents plays a remarkable role in the process of short sale. An experienced short sale agents or commander will be taking care of all the required documentation, negotiation with bank and creating hardship letter. Hardship letter is the most critical document to make a short sale successful. A perfectly crafted short sale letter by an experienced agents can make your short sale close. On the other hand low quality and week short sale will just waste your time and create more complications.
What to look for Short sale Agents?
Hiring a short sale agents is the first step towards success or failure of short sale process. When hiring a short sale agents, you need to be super cautious. Here are the thing you need to look for when hiring a short sale agent or a short sale commander.
1- Is the short sale agent experience?
2- How many short sales he has been closed?
3- Is he/she got some short sale certification?
4- What are reviews about the agents?
5- Is he/she neighborhood specialist?
Why Hire MyShortSalesAgent?
MyShortSalesAgent is one of the most experienced short sale agents companies in the California. It has an excellent team of short sale agents that are 24/7 ready to serve you. Short agents in this company are fully equipped with the required knowledge and experience. This company has been serving in the real estate industry for a long time and has learnt all the stuff required to make a short sale successful. This company is back with a group of attorneys that can have critical analysis of seller’s documents. They can suggest sellers in better way if they lack something on their documentation.
Here are the typical duties and responsibilities of a short sale agents;
- Packages the documents required by the seller’s bank and send those documents to the bank.
- Requests updated bank statements and payroll stubs from the sellers and sends those documents to the bank.
- Orders the HUD and sends it to the bank.
- Coordinates the bank’s efforts to obtain a BPO.
- Prepares and delivers a CMA to the bank.
- Negotiates offer price and second-lien payoffs with the first lender.
- Negotiates demands of second lender, if any.
- Checks in with the lender weekly to inquire about status and whether other documents are needed.
- Delivers updates to the buyer’s agent as they happen.
- Orders the preliminary title report.
- Complies with demands from the short sale bank that may appear ridiculous but nonetheless are required.
- Advises the seller to seek legal and tax advice when the short sale agent recognizes such advice is warranted.
- Reviews short sale approval letter to make sure it matches the HUD.
- Obtains a release of liability for the seller, if such a release is possible.
- Delivers the short sale approval letter to all parties involved in the short sale.
- Coordinates access to the home for the buyer’s home inspection.
- Reviews closing documents and / or attends the closing.