How do we begin the short sale process?
The first step in a short-sale involves collecting the necessary paperwork. You will need to provide the bank with certain required documentation in order for them to review and approve the short-sale. You will need to collect the following:
*Loan information including the account number, contact information for the noteholder, and the amount outstanding.
*All loans including any home equity loans.
*Any liens or back-taxes.
*Collect any repair bills or estimates of costs for repairs.
While you are collecting this information, I will proceed with a Comparable Market Analysis (CMA) to determine the market value of your property. A CMA, combined with your loan information will allow me to create a Seller-Net calculation. This calculation will tell us exactly how much negative equity you have, and exactly what is owed.
We can then approach the Bank and ask for a short-sale packet. After filling out the short-sale packet, the bank will be able to process the short-sale and we can move forward with finding a Buyer.
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Tawana Bourne, SRS, SFR, RESE
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Berkshire Hathaway HomeServices NEP
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