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Short Sales - What the Realtor Does

PostDateIconWednesday, 07 April 2010 07:21 | PDF | Print | E-mail
What will my Realtor do for a Short Sale?

1. Purchase Agreement & Listing Agreement; when you reach an agreement to sell with a prospective buyer, the lender(s) will want a copy of your listing agreement. Be prepared for the lender to renegotiate commissions and to refuse to pay for certain items such as home protection plans or termite inspections www.shortsales.mypbchomes.com

2. Preliminary Settlement Statement; this is an estimated closing statement that shows the sales price you expect to receive and all the costs of sale, unpaid loan balances, outstanding payments due and late fees, including real estate commissions. There should be no cash to the seller or the seller can bring funds to the closing is necessary. www.shortsales.mypbchomes.com

3. Comparative Market Analysis, sometimes markets decline and property values fall. If this is part of the reason that you cannot sell your home for enough to pay off the lender, this fact should be substantiated for the lender through a comparative market analysis (CMA). Your real estate agent can prepare a CMA for you, which will show prices of similar homes that are Active on the market, Pending Sales and those Sold for the last 8 months or so. www.shortsales.mypbchomes.com

Now, if everything goes well, the lender will approve your short sale. As part of the negotiation, you might ask that the lender not report adverse credit to the credit reporting agencies, but realize that the lender is under no obligation to do this. www.shortsales.mypbchomes.com


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