DSNews.com and Carrie Bay report: The Treasury Department released a new report on the government’s foreclosure prevention efforts Friday. In addition to the Home Affordable Modification Program (HAMP) numbers that are regularly recounted, new this month are details on short sales and deeds-in-lieu, as well as second lien modifications.
The Short-Sale process, if done correctly, will find the Realtor/Agent working extensively BEFORE the listing EVER hits the market. Here’s what needs to be AVOIDED to ensure a viable and successful short-sale:
1. Pricing the Short-Sale Incorrectly–either the agent or Seller waits WAY too long to bring up the Short-Sale and the agent then prices it TOO low to get an offer in to the Bank! This “give-away” pricing strategy may bring an offer but a bank appraisal and agent Broker Price Opinion will NOT validate the sales price. Same thing applies with a Seller wishing to get TOP DOLLAR but not realizing the time lines and how they extend much further than a normal sale. Price it RIGHT!
2. Incomplete Proposal or Package:Turn in a COMPLETE package with all the requested financials and items requested BY the lender and put it in a professionally packaged format! Name of Homeowner ,Loan Number, Social Security #’s on the top of EACH page! Miss an item-you could add a month to the transaction!
3. Inadequate Follow UP: You NEED to keep everyone involved in the Short-Sale as you go through each major “threshold” or step in the process. Don’t RUN out of time! Continue reading Getting your SHORT-SALE APPROVED! 10 ways to avoid being DENIED!