Cape Coral Short Sale Expert

Joe Kendall Associate Broker with Sandals Realty writes about foreclosure help and documents required for a bank short sale.

I just want to go over what is in a bank package of requirements. I can not speak for every bank and they all are a little bit different, but I would like to give you the most common documents that are request from the home owner by the banks.

 (1)  Hardship letter,  Explanation of the owner hardship requesting for assistance with approving the short sale.

 (2) Supporting Documentation, any letter, or form to support your current hardship.

 (3) Financial Statement, Form is sent to you from the bank to be filled out, signed and dated.

 (4) Federal Income tax returns, Copy of the last two years with W-2"s

 (5) Bank Statements Your last three months bank statements, Paycheck stubs,  copy of your last three  Disability* Unemployment * Retirement copy of any benefits applied for or receiving.

 (6) Listings agreement , copy of signed listing agreement, Purchase Contract, Copy of Accepted Offer, Net Sheet detailed Hud 1 statement of all lined expenses to closing, copy of the Marketing efforts, The bank needs copy's of the marketing done by the listing agent. I also provide the bank a report sold showing property sold by competing banks where they received less money then the sellers current offer. ( I will explain this in detail to you )

 This is the basic information the bank will request from you and your Realtor before they will give any reply on any purchase contract. I have several other forms, local real estate information documentation I use to help my clients as a Seller or a Buyer in getting the banks and mortgage companies to accept my deals.

 Call or mail me today, Lets talk, If a I can not help you?  I will tell you, you will always get straight talk from me!  Let my years of experience work for you!

I look forward to working with you !

Here is a short list of questions you should ask the listing agent prior to making a contract offer on a bank short sale. Asking the right questions to the listing agent can go a long way to greatly increasing your chances of  getting an accepted offer and saving your client a lot of hopeless time waiting on a reply from the bank. These questions will help you decide what homes are truly a waste of you and your clients time.

(1) How far behind is the Seller on the mortgage payments? Most mortgage companies will not get serious about an offer unless the seller is at least 4 months behind in the mortgage and the bank has already started the process for foreclosure proceedings. 

(2) Has the Seller submitted all the required documents to the Lender? The lender will not even give the Listing Agent a reply with out all the sellers required documents. Some banks want the seller required documents and your offer submitted or all at one time. Just knowing the listing agent has all the documents in their file ready will speed up the process.

 (3) What kind of discussions have you had with the Lender ? This question puts the listing agent on the spot and opens up discussions. You should be able to tell if the listing agent is in tune with the file and the bank. If the listing agent is without a direct line to the assigned Loss Mitigation Officer to the file would in most cases result in a longer then normal reply on your offer.

(4) Dose the Seller have a First and a Second Mortgage ? Is the second  it with the same Lender? It takes more time to close a bank short sale with two mortgages and is even more difficult if it involves two different Lenders, the the chances of the deal are greatly reduced, yet some do close but expect a longer wait.

(5) Dose the Seller have PMI ( Private  Mortgage Insurance ) on this property?  Many times this comes out in the very end of settling the short sale , So ask it up front before making the offer. More often then not, the Investor that bought the insurance, will require a promissory note for the balance on his investment, before accepting to close the deal. Most of the time they will not remove their portion of the debt on the property, if the seller can not come to so terms on a cash or a payment plan, the mortgage will not be able to be released from the mortgage regardless of the contract price.  

There are some very good deals on homes that are listed as a bank short sales. They normally do not receive as many multi contract offers like bank owned property. Which currently is happening here in Southwest Florida.

We would suggest you don't shy away from the bank short sales! Find a Realtor that has experience in purchasing and closing bank short sales. You just need to start these simply discussions with the listing agent and the answers to these questions, This will give a you a better understanding on the direction you should take with your home buyer. 

Naples and Bonita Springs Florida. The HAFA stands for the Home Affordable Foreclosure Assistance Program it's importance to you the home owner is best described as am program of helping borrowers and a great alternative for you then loosing your home to foreclosure. A short sale or deed-in-lieu is a very smart move for both the lender and the borrower because the home will maintain it's value better when occupied, and the borrower gets to reduce their debt load. If you were not able to get your loan modified, this may be the best option for you since a foreclosure or bankruptcy can affect your credit for 7-10 years

The results of a successful bank short sale only restricts you from getting a mortgage from Fannie Mae or Freddy Mac for within 3 years. This too helps you restore your credit report a lot quicker then a foreclosure.

The Banks will try and direct you to one of their bank owned property Realtors, but any Experienced Agent that has successfully closed several short sales is your best choice to help you with closing your bank short sale contract.

Remember the banks agents may have the best interest of the bank in mind first, then you the home owner, so interview a couple agents before working with one the bank suggests.

This is what one of my clients had to say about my services.

Bank Short Sale Help Naples and Bonita Springs Florida. I have successfully closed bank short sales with Bank of America, Chase Bank, Wellsfargo, Citti Bank and several others. The Foreclosure process can be avoided by working with your current mortgage holder and asking about your options? If they are unwilling to work a reasonable option for you can can avoid foreclosure by doing a Bank Short Sale. I have successfully closed several Bank Short Sales in Southwest Florida. I look forward to talking to you, but I would suggest you do these things first.

I would suggest you talk to your Tax Account, a real estate Attorney and a Realtor that is experienced in closing bank short sales.  When you have decided that a bank short sale is the direction you would like to take to avoid foreclosure and having this on your personalized credit report for several years.

You should contact your lender and suggest to them that you would like to do a Bank Short Sale to avoid foreclosure.

You should request from your lender a Bank Short Sale Package from your lender. These days many of the banks have this information you can download from their web site or they can email or fax your the guidelines of their requirements.

  The Lender will advise you to get your home listed with a Realtor, price it where  the current market value for the home and bring them an offer. I suggest to you that you use a Realtor that is experienced in doing Bank Short Sales.  I work with several title Companies that provide the services I need to get the short sales accepted and closed!

The companies provide me with a pre-title work and a HUD-1 statement to present to the Lender . These are very important in the process of getting a Bank short sale, foreclosure Property or even a bank owned property to the closing table. In real easy to understand terms, the title search provides a list of any liens on the property, the Hud-1 statement provides the lender with all the fees involved in closing the transaction. I do not charge any fees to the seller for my loss mitigation services my fees are all payed by the sellers bank at closing.

Foreclosure can be avoided by doing a Bank Approved Short Sale. It is costly for banks to foreclose on your home. They do not want to own your home. You have options, allow me to explain the complete process to you today! You should do everything in your power to avoid Foreclosure.

I look forward to talking with you and let's see if I can help!

If you are thinking about avoiding foreclosure ?

FREE bank short sale services to home owners !

We have successfully closed several Bank Short Sales. Please allow my experience team help you understand the bank shorts sale process, and provide you with information that will:

HELP YOU UNDERSTAND IF A BANK SHORTS SALE IS RIGHT FOR YOU.

WE DO NOT CHARGE YOU A FEE FOR OUR SERVICES! OUR FESS ARE PAID BY THE BANK. 

Call Joe Kendall  directly at 239-560-0726 with any of your bank short sale, loan modification and loss mitigation questions ! 

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We have successfully closed bank shorts ales with Bank of America, Countrywide Home Loans, Citi Bank, Chase , Welsfargo and many independent banks , mortgage companies and credit unions.