Orlando Short Sale Specialist – Leading Edge Title
GETTING APPROVED
1. CREATE A FILE: Gather all required documentation from your client in order to start the Short Sale Package.
2. VALUATION OF PROPERTY: An accurate and realistic estimate of the property value today.
3. HOMEOWNER EXPECTATIONS: Set the right expectations with the homeowner; Short Sales usually take 60 to 120 days to get approved. Nevertheless, we have approved Short Sales in 10 days and others in 8 months. Setting
the right expectations with buyers and sellers is crucial for the transaction to successfully close.
4. LISTING THE PROPERTY: Once a listing agreement is signed, a licensed real estate agent will list the property. If the listing is priced too high, the listing agent will have to reduce it until an offer is received and accepted by the seller.
5. COMMUNICATION WITH ALL THE PARTIES INVOLVED: It is crucial to keep an open communication with all the parties involved in the transaction. Leading Edge Title’s Short Sale department will send weekly updates with the Short Sale status.
6. FORECLOSURE: Often, during a Short Sale, negotiation lenders move forward with foreclosure proceedings. This is standard practice by lenders; make sure your client is aware of this. Most often if a foreclosure notice has not been served, a Short Sale process would postpone any bank’s action to start a foreclosure.
7. CONDO ASSOCIATION: Make sure your client remains current with all payments to the homeowners association (HOA) throughout the process. Most lenders agree to pay only 12 months of association dues or 1% of the mortgage balance, whichever is less.
BEFORE BEGINNING THE SHORT SALE PROCESS WE WILL NEED TO PREPARE THE SHORT SALE PACKAGE WHICH WILL BE USED BY THE LENDING INSTITUTION TO PROCESS OUR FILE. THE SHORT SALE PACKAGE INCLUDES:
SHORT SALE PACKAGE CHECKLIST:
• Offer to Sell (Contract)
• Listing Agreement
• Financial Statement from Borrower (Monthly Budget)
• 2 most recent bank statements
• 2 most recent pay stubs
• Copy of most recent mortgage statement(s) (1st and 2nd Loan if applicable)
• Comparative Market Analysis (CMA)
• Copy of most recent Federal Tax Returns (Last two years)
• Financial Hardship Letter
• Short Sale Authorization to Release Information
• Short Sale Addendum
• Information Sheet
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Leading Edge Title is an Orlando Short Sale Specialist and is a member of the American Land Title Association
Leading Edge Title is an Orlando Short Sale Specialist and is a member of the Florida Land Title Association