|
There are various documents and official formalities are required to initiate the short sale process for your housing property. Before going into details, we should give you a brief overview of what actually mean by short sale. A short sale is a process of agreement in which your mortgage lenders used to accept a payoff of a certain sum of money on the loan less than the actual balances. Many lenders used to agree to a short sale as they receive more of the loan balances compared to the amount they would have gained from the selling of the said property due to a foreclosure. So here in this article we will try to highlight the list of documentation that is required to initiate a short sale process successfully through a short sale agent. The first and the most important step that you should initiate is contacting your lender that will help you in future communication and will reveal your good intention to resolve issues honestly. Therefore, to successfully initiate the short sale process we are highlighting some of the mandatory and most important document that you must forfeit. The following documentation can be well apprehended. a) Authorization Letter: - The first and the foremost important documentation is the letter of authorization. A lender will not reveal any of your personal information without your authorization and as multiple parties are usually involved in the short sale process the authorization letter will act as an aid in cooperation and information sharing. b) Income Prove: - Your lender should be provided with detailed information regarding your bank statement, saving accounts , any investment related information and information regarding any additional real estate property if you have so. c) Primary Net Sheet: - It is the estimate of the sale price you are expecting along with the expenses related to your sale of property. It also includes your unpaid loan balances and fees. In this regard, qualified realtors will definitely help you to forward with the process which is an essential documentation sheet required to initiate a short sale process. d) Comparative Market Analysis: - when the market used to decline and the property value tends to decrease it have a direct effect on your capacity to sell the house at a price that will satisfy or make up your loan amount. In order to send and prove this particular information to your lender you are required to prepare a professional CMA report from your real estate agent. This very report will show and highlight the price of a home that is similar to yours that are presently on the market are in pending sale or already have have been sold in the last six months. Again, in this regard a professional short sale realtor will be the best person to guide you in details to prepare a complete CMA report on behalf of you. Therefore, from the above discussion you have a clear idea regarding the documentation required for the process of short sale. So if at any time you need to take a short sale service then you should follow up the above-mentioned documentation to initiate the process smoothly. Contact here for more RE/MAX® Plus
3280 Urbana Pike - Suite 105
Urbana, MD 21754 Office: (301) 874-5050
Cell: (410) 591-4360
Fax: (888) 627-3632
Email: Info@AvoidForeclosureMD.com
Web: www.AvoidForeclosureMD.com
Related Articles -
short sale, short sale realtor, short sale agent, short sale agent maryland, short sale maryland, short sale process, short sale help, how to short sa,
| 
