If you are considering listing your home as a short-sale or considering buying a short-sale property, it is important to first consider the qualifications of the listing agent. In order to avoid foreclosure and get the property to successfully close, the listing agent must be proactive throughout the entire process as time is of the essence.
Upon receipt of a buyer’s offer is not the time to begin gathering the necessary documents required for the short-sale package, nor to qualify the seller. Here is just some of the important information a listing agent must have to successfully process a short-sale.
1. Determined the seller’s hardship. Has the seller written the hardship letter for the lender?
2. Is the seller insolvent, meaning that he owes more than he has or does not have sufficient cash or assets?
3. Have the necessary financial documents been gathered such as:
a. 2 months of recent mortgage statements
b. 2 months of all checking , savings, and other account statements
c. Last 2 paycheck stubs for all borrowers
d. 2 years tax returns
e. Other financial supporting documents
An agent that has not been proactive in gathering this information ahead of time puts their client at risk of foreclosure. Short-sales require an extra level of vigilance, and it is important to work with an agent who specializes in distressed properties.
If you or someone you know is behind on their mortgage payments in the Melbourne, Suntree, or Viera area in Brevard County, Florida, contact me at http://www.BrevardHomeHelp.com. I am a Certified Distressed Property Expert (CDPE), and I am here to help.