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Short Sales

Short Sales . Part 2. Taught by: Angela Tina angelaktina@gmail.com 702.524.9718. Pre-approved Listings (Streamline, Coop, and HAFA) Bank sets list price Application and required paperwork can be submitted before listing paperwork Appraisal can take about 7-10 days

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Short Sales

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  1. Short Sales Part 2 Taught by: Angela Tina angelaktina@gmail.com 702.524.9718

  2. Pre-approved Listings (Streamline, Coop, and HAFA) • Bank sets list price • Application and required paperwork can be submitted before listing paperwork • Appraisal can take about 7-10 days • Verbiage will be added to the MLS and listing agreement • Traditional or Conventional Short Sale • You as the agent will pull comps and set list price • Comps may need to be submitted to bank Listing Process

  3. Residential Listing Agreement • Short Sale Addendum to Listing Agreement • SRPD • Duties Owed • Any other disclosures Required paperwork

  4. Let the seller know ahead of time what they will be responsible for: -HOA docs, utilities, etc. Getting an Offer

  5. -Repairs -Home Warranty -Buyer Closing Costs

  6. Title company will want to know how many liens are on the property, if the seller is current on HOA, if you would like to add transaction fee. Obtaining a HUD

  7. Authorization Letter • Offer and Short Sale Addendum • Any Counters • HUD • Hardship Letter • Last 2 months bank statements • Last 2 paycheck stubs • Last 2 year tax returns • Listing Agreement • 4506T • Financial Worksheet (List of Expenses) • RASS form (HAFA only) • BAC Addendum ( Bank of America) • Buyer’s Disclosure ( Bank of America) • Short Sale Affidavit (Wells Fargo) • Any other specific forms required by the lender Submitting package to bank

  8. Equator Scan and Email Sending Fax through Email- EX. 18668801232@smartfax.com Fax Ways to Submit SS Package

  9. Buyer’s Due Diligence (Inspection and Appraisal) • Ordering Resale and Demand • Submitting HUD for approval (3-5 days prior) • Seller’s Signing • Close and Record • Submit confirmation docs to bank Closing once Approved

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