What can a Real Estate Professional do to make the Short Sale Process go More Smoothly?

A Real Estate Professional can understand the process and what requirements must be met for a short sale process to go more smoothly.
By: shakans
 
Jan. 12, 2011 - PRLog -- What can a Real Estate Professional do to make the Short Sale Process go More Smoothly?

They can understand the process and what requirements must be met before a home can be sold. According to one of our partner lenders, there are really two steps in the short sale process – the customer evaluation phase and the property evaluation phase.

•Customer evaluation process: The Investor will want proof of a number of things – including the customer’s hardship, their financial situation and what other alternatives have been considered. The first thing to do is make sure all the customer’s documentation is in order – things like W2s, pay stubs, tax returns, a hardship letter and other financial documents.

•Property evaluation phase: The servicer will need an appraisal on the property as quickly as possible, so it’s important that they have access to the property so they can complete it.

If all of the paperwork and the approval process is done up front, it will make things go much more smoothly and once an offer is in place, lenders can respond more quickly because they are in the position to know exactly what can be accepted.

A short sale must be an arms length transaction, which means a personal friend, family member or business partner cannot purchase the home.

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The Hakans Group real estate team specializes in Las Vegas Short Sales, Foreclosures, Equity or Negative Equity Listings, Investment Properties, and Home Buyers in Nevada.
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