Information – The Listing/Sale Process
In these uncertain economic times, never before has accurate information been more important to help families make informed decisions. Attached is information that we have compiled that we hope will help you make your decision whether to proceed with a short sale or not. There are some clear advantages to doing a short sale, but at times there can also be some consequences. We encourage you to read through all the information we have, as well as to seek out the services of other qualified specialists such as, but not limited to your accountant, tax attorney, and financial planner.
Short Sales can be an alternative to a foreclosure sale. In some cases, after completing a short sale, you can enter the marketplace and buy another home in as little as two years.
Getting Started
The Listing/Sale Process:
- Provide bank with executed listing agreement
- Provide bank with broker price opinion
- Provide bank with executed purchase agreement
- Provide evidence of buyer’s pre approval
- Provide estimated HUD 1
- Provide Preliminary Title Report
- Short Sale General Information from Innovative Financial Resources
- H.R. 3648 [110th]: Mortgage Forgiveness Debt Relief Act of 2007
- How soon can I buy a home if I short sell my house?
- Sample Hardship Letters
- Short Sale Addendum (what I will be asked to sign, read carefully)
