Thinking about doing a short sale in the South Florida area there are some important facts you need to aware of. Many Realtors in South Florida have been trained as Certified Distressed Property Experts and keep up with the changes that happen with bank processes on-going. The success rate of short sales when working with an agent who has successfully completely numerous short sales over the last few years is always going to be better. Simply, experience pays off and it is becoming more and more common to find agents unwilling to take short sales. Understanding when it is not their area of expertise they are often passing on the attempt to provide a service they are not prepared for.
Just starting out, speak to an experienced real estate agent, let them refer you to an attorney and let them explain why they may become an integral part of the process, make sure you discuss with your accountant the strategy of dealing with the tax ramifications of the short sale. Being prepared and knowing the facts will help lead to a successful conclusion.
Are offers starting to show up in your mail box promising you the a “fairy tale” out come. Its simple you cannot leave your bank out of the process, you cannot just walk away, and you should not be asked to pay for services without proven results. Fairy Tales do not exist in the Short Sale arena, but when handled correctly there can be many happy endings.
Recently we have heard the promise “we can do a short sale without any documentation…”. To date we have not been able to find a bank willing to do a short sale with “zero” documentation, some require much less and others require much more. But either way the most common documentation the bank asks for may be considered a small consultation in exchange for the release of dept and hopefully any future judgements.
Below we have listed the most common items a bank will ask for when considering a Fort Lauderdale Short Sale, serious about getting this done, take the first step round up the paperwork and contact a Fort Lauderdale Short Sale expert to start the process.
- Most Recent (2) years tax returns
- Letter of explanation and the nature of your hardship ( Simply tell what happened but discuss th real estate market)
- Most recent (2) pay stubs – Profit and Loss Statement in Self Employed
- Most recent (2) bank statements
- Letter of Authorization (Permission for your professional to speak to your banks)
- Estimated HUD-1 (Your team will provide this to show the bank what they will get when they accept the offer)
- Copy of Listing Agreement
- Copy of Contract
Each individual bank may has the right to ask for additional documentation, the two most important things to remember are the bank cannot approve the process with out your cooperation and you always have the right to say no to the offer to settle.
Thinking about doing a Short Sale in South Florida – the Team at Eric Miller and Associates is always ready to answer your short sale questions.
