short sale
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short sale (by kisha lindsay [KY]) Nov 2, 2008 12:21 PM
       short sale (by LuLu [CA]) Nov 2, 2008 12:53 PM
       short sale (by Natalie [CA]) Nov 2, 2008 2:30 PM
       short sale (by Mike45 [NV]) Nov 2, 2008 5:28 PM
       short sale (by Leigh [CA]) Nov 2, 2008 10:13 PM

short sale (by kisha lindsay [KY]) Posted on: Nov 2, 2008 12:21 PM

State Specific Question About: KENTUCKY (KY)

How do I prepare a short sale package? What steps do I take first since the home isn't listed?

short sale (by LuLu [CA]) Posted on: Nov 2, 2008 12:53 PM

Is it your own house or are you an agent? In CA. we have to wait until an offer comes in to contact the Lender or Lenders. The Lender will tell you what they need. It is important though you have the comps well documented.

short sale (by Natalie [CA]) Posted on: Nov 2, 2008 2:30 PM

You should contact your lender, they will let you know what you would need.

short sale (by Mike45 [NV]) Posted on: Nov 2, 2008 5:28 PM

Lulu, having to wait until an offer comes in is NOT my experience in Cal. I had a couple in Orange County who bought something way too expensive, a purchase that I would not have participated in. Husband got laid off, right after the closing. They could not make ends meet. That's when they came to me.

I contacted their lender, got on a "approved list" for their Short Sale Departmant, sent in comps and a realistic appraisal (far more realistic than the bogus appraisal that had been sumbitted at time of loan approval), submitted documentary evidence of the owners' financial condition, and obtained permission for the listing price.

I think I also got a mortgage broker in a LOT of trouble, because the tax returns I submitted to the lender did NOT correspond to the "no documentation" income figures that the loan broker (not the prospective borrowers themselves) had provided.

But I worked with the lender from the moment the decision was made to try to short sell. I did not wait for an offer.

short sale (by Leigh [CA]) Posted on: Nov 2, 2008 10:13 PM

My two cents is to get an agent who is a pro at short sales and let them do all the work of finding the buyers.

A pro will know how to price the sale low enough that it will attract allot of buyers and how to submit the package and write the hardship letter correctly.

A pro short sale agent will also have more clout with the bank and they will gain access to the right persons who can approve the short sale.

They will also structure it so it is to the advantage of the seller.

Subject: RE: short sale
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