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Short Sales  Part 2 Taught by: Angela Tina Short Sales  Part 2 Taught by: Angela Tina

Short Sales Part 2 Taught by: Angela Tina - PowerPoint Presentation

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Uploaded On 2020-06-24

Short Sales Part 2 Taught by: Angela Tina - PPT Presentation

angelaktinagmailcom 7025249718 Listing Process Preapproved Listings Streamline Coop and HAFA Bank sets list price Application and required paperwork can be submitted before listing paperwork ID: 785957

listing bank agreement short bank listing short agreement sale required paperwork addendum list hud submitted appraisal email comps package

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Presentation Transcript

Slide1

Short Sales

Part 2

Taught by: Angela Tina

angelaktina@gmail.com

702.524.9718

Slide2

Listing Process

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 daysVerbiage 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

Slide3

Required paperwork

Residential Listing Agreement

Short Sale Addendum to Listing Agreement

SRPD

Duties OwedAny other disclosures

Slide4

Getting an Offer

Let the seller know ahead of time what they will be responsible for:

-HOA docs, utilities, etc.

Slide5

-Repairs

-Home Warranty

-Buyer Closing Costs

Slide6

Obtaining a HUD

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.

Slide7

Submitting package to bank

Authorization Letter

Offer and Short Sale Addendum

Any Counters

HUDHardship LetterLast 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

Slide8

Ways to Submit SS Package

Equator

Scan and Email

Sending Fax through Email- EX.

18668801232@smartfax.comFax

Slide9

Closing once Approved

Buyer’s Due Diligence (Inspection and Appraisal)

Ordering Resale and Demand

Submitting HUD for approval (3-5 days prior)

Seller’s SigningClose and RecordSubmit confirmation docs to bank