TITLE SERVICES FOR REALTORS
CONVENIENCE
We’re sympathetic to the fact that both you and your client have lives to live. Because of this, we are
willing to settle the transaction anytime and anywhere. We’re able to meet you at your office, our office, or the property sold, the morning, evening, or even on weekends. Whatever works best for you? We also make our best effort to close in a timely manner by moving the process along as quickly as possible
while still ensuring that everything is done completely and correctly.
SENSITIVITY
We understand that every client is different. Some have purchased homes before and others are just now getting their feet wet. Some are comfortable dealing with large transactions and there are those that are made extremely anxious by it. We’ve dealt with all of these cases and every variation in between, so we’re prepared to effectively accommodate your needs . We’ll do our best to alleviate any concerns you or your client may have and walk you through the entire process. We want the experience to be as positive as it can be.
EXPERIENCE
BILINGUAL STAFF
SO, WHAT IS THE SHORT SALE PROCESS LIKE?
Be aware that lenders are overwhelmed, not only with the volume of short sales they are trying to process, but by the sheer volume of the paperwork required for each sale.
To assist in having your file completed in a timely manner, we strongly suggest that you have the following documents available upon submission of your contract:
Last two pay stubs
Last two bank statements
Last two years of tax returns and W2 Statements
Authorization Form (included) 4506T (included)
Signed and dated hardship letter, asking the lender to do a short sale
and outlining the reasons why you are no longer able to make
your mortgage payments
If you are self employed, you will need your most recent
Profit & Loss Statement
You will also be required to complete your Lenders financial
statement form, so this would be a good time to gather together
your financial information so that it is readily available.
You will want to hold aside your pay stubs and bank statements as you receive them. Lenders frequently ask for updated information, and having it at hand will keep the process moving along.
WHAT ARE THE STEPS IN A SHORT SALE?
Once your purchase and sale agreement has been signed, the contract and the financial information listed above are submitted to the lender.
The lender then determines what type of loan you have and how to best process the loan.
They then begin gathering additional information from you, the Seller, as well as from their own records.
The Lender will order an appraisal or BPO (Brokers Price Opinion) to determine the fair market value of the property.
They will review the terms of the contract and the ability of your Buyer to qualify for their funding or the sufficiency of the Buyers funds to pay cash.
The Lender will also review your financial ability to perhaps sign a Note for any balance forgiven or possibly pay a small amount at the time of closing.
If you have mortgage insurance on your loan, the mortgage insurance company will also review this information.
Sometimes, we are working with a servicing company during this phase of the short sale. Once they have reviewed this information they may accept the offer as is or they may present a counteroffer.
Once the servicing company and you, as the Seller, agree to the terms, the offer is presented to the Investor (who owns the loan) for final approval.
Once the offer is approved, a final Approval Letter is received and will be forwarded to you for review and acceptance of the terms therein.
What is the time frame for a short sale?
We wish there was an easy answer to this question! The short answer is that the faster we can get complete and accurate information to the lender, the faster they can review the file and come to an ultimate decision. The more parties there are involved in the decision (e.g. a Loan Servicer, an Investor and a Mortgage Insurance Company) the longer the process can take. On average, plan on the full process taking a minimum of two to six months to complete.
How do I pay for closing costs and legal fees?
You will not be asked for payment up front for these services, nor will you be expected to pay any shortfall in our fees if they are negotiated down by the lender. Should you choose to work with another attorney, simply let us know and we will coordinate the details of your closing with their office.
We hope we have addressed the basic questions you may have regarding short sales. We welcome you to contact us regarding specifics of your situation, and we look forward to assisting you with your short sale!
We are dedicated to satisfy clients
PLEASE TAKE A MOMENT TO READ CLIENT REVIEWS ABOUT US
Trusted Provider
We have over 10 years experience
Our turnaround time for title is always very fast and we can usually conduct a closing on the same day you notify us to do so.
Successfull Project
Happy Clients
Business Awards
