Saturday, May 19, 2012

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Getting Started > The Short Sale Process

Short Sale Help Florida Short Sale Process South Florida

The First Step in the Short Sale Process

The first step in the short sale process is to get educated and then contact a REALTOR® who has successfully processed many short sales, preferably someone who has a full-time, in-house negotiator, as it can take a lot of time to successfully negotiate a short sale. A REALTOR® cannot give your legal or financial advice; if you need that, you should contact an accountant or lawyer. An experienced Realtor ® can give you more information about the short sale process and answer any questions you have. You should also determine if you will qualify for a short sale by undergoing an analysis of your financial situation.

The Second Step in the Short Sale Process

After you find a Realtor®, make sure that you sign the approved Florida disclosures that you understand what you are doing and what the Realtor® can and cannot do. The Realtor® will also need to send a Letter of Authorization to the bank. You will need to be committed to working with your Realtor® and providing any thing they need for the short sale process to be successful.

Letter of Authorization - Your authorization enables the Realtor ® or their negotiator to contact the bank and get the current figures on your mortgage(s). The authorization letter will include the address of the property, the loan reference number, your contact information, the date, and your real estate agent's name and contact information.

The Third Step in the Short Sale Process

Before the Realtor® can move ahead any further in the short sale process, you will need to provide the following documents:

A Financial Statement showing your income and expenses, liabilities and assets. The bank will want to see evidence that you cannot afford to pay your mortgage.
Proof of Income - Bank statements, pay stubs and tax returns for the last two years.
A Hardship Letter – In addition to showing the bank that you cannot afford to pay the mortgage, they want to know what happened that caused you to be in this situation. Did you lose your job, couldn’t work because of sickness, have your pay cut, get divorced, talked into an adjustable rate mortgage that you really couldn’t afford? Whatever your situation, put it in writing for the bank and ask them to accept a short sale. Include your loan number and property address. For more information, click here.

The Fourth Step in the Short Sale Process

Now you will need a buyer. If you have a Realtor® who has a buyer lined up this will speed up the short sale process, save you having to keep your home perfect for every would be bargain hunter to traipse through your home, and help you complete the short sale. An investor is even better because they are more patient and less fickle than your typical home buyer.

Your Realtor® will need to send the Sales and Purchase contract to the bank along with the following documents:

Comparative Market Analysis (CMA) – Because house prices have fallen 40 to 60 percent in South Florida, a huge percentage of homeowners owe more than their house is now worth. This is why there are so many short sales taking place now. Proving this to a lender through a CMA report prepared by your real estate agent, will show the price of homes similar to yours that are currently on the market, are pending sale, or have been sold in the last six months. Your Realtor ® will do this research for you.
Preliminary Net Sheet – This tells the bank how much they will net after the house is sold and all expenses paid associated with the sale of your property, including unpaid loan balances and fees. Your Realtor ® will calculate this and submit it to the bank for you.
A History of Your Property’s Listing Before accepting a short sale, the bank will want to see that you have attempted to sell your home by having it listed with a Realtor ®.

The Fifth Step in the Short Sale Process

Once you have a solid buyer for your home, you are way ahead of others. Now you need an expert negotiator who knows how to negotiate with the bank to get your sale approved, deal with any other liens, and know how to deal with second and third mortgagees who would otherwise kill the deal. This takes more time and skill than anyone would think except for someone who has tried it.

The Final Step in the Short Sale Process

Once you have the approval of all the banks and lienholders, it is time to close. The great thing about a short sale is that if it is your primary residence or Homestead property, you will rarely have to pay any closing costs or Realtor® commissions. Also, if you have an expert Realtor® negotiating your short sale, you will likely get a full release from your lender, which means that you can walk away owing nothing!

If you still have any questions about whether it is worth doing a short sale, see Short sale v foreclosure

If you need any help with the short sale process , please feel free to contact us at any time!

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Testimonials

Jasha O Testimonial
Suane L Testimonial
Loretta S Testimonial
Scott P Testimonial
Frantz C Testimonial
Chelsie A Testimonial
Carl B Testimonial
Jose E Testimonial
Erica F Testimonial
Carlos M Testimonial
Michael N Testimonial
Craig C Testimonial

To whom it may concern:

When my husband and I came to realization that we could not afford to keep our home, we knew that it would not be easy to find an honest and hard working Realtor to help us avoid foreclosure. With the unstable economy, many agents left the real estate industry to find secure employment and those that stayed in the game were most likely overwhelmed with trying to figure out how to handle a short sale. So on top of losing our home, we needed an agent who was honest, experienced and most importantly, could get the job done!

To Whom It May Concern:

Shirley Wise and the girls at Belrose Properties did a great job for me with the short sale of my house. I was confused and did not know what to do. I was always very stressed and could not afford my house.

Shirley came and explained my options. I know the house was not worth what I paid so I decided to do a short sale. Shirley and her negotiators did not make any false promises to me. They did exactly what they said they would do...

To whom it may concern:

Shirley Wise and her team handled my short sale with the utmost professionalism. She was always willing to speak with me and answer any questions I had. She handled the sale very well and all sides were extremely happy. I have already recommended Shirley and her team to my family, friends, and coworkers.

Sincerely,
Loretta S

The realization of losing my house was devastating. I did not want a foreclosure so my friend/Realtor, Chelsie Antenor, helped me with the short sale. Belrose Properties did it all; from assisting the tenants on moving so the property can get sold to negotiating the short sale and getting me an approval from my mortgage company. Communication was frequent and effective. They held my hand every step of the way and made this a smooth and stress free process.

I can only say good things about Shirley Wise and her staff at Florida Properties and I will continue to refer them to anyone interested in selling their property.

Warm Regards,
Scott P

Knowledgeable, personable and upfront. There is no challenge to big or too small for these professionals, they go the extra mile.
I can honestly say that my experience with Shirley Wise at Belrose Properties is excellent. They know ALL T HE INS AND OUTS OF SHORT SALES. They are forever keeping themselves ahead of the curve. In my opinion, they are short sale "gurus" of South Florida. I have learned a lot from them. They have successfully negotiated one of my properties and are currently working on my others which, unfortunately, have gone "upside down."

I cannot begin to adequately express my deep appreciation and gratitude for all that Shirley Wise and her team did to help me through this grueling house-selling process.

Due to the downturn of the housing market, I found myself in foreclosure. With spikes in my homeowners insurance and property taxes, I knew I could not afford to keep my home any longer. I was devastated to know that the home I purchased for $475,000 significantly decreased in value within 2 years and was now worth $210,000...

To whom it may concern,

I am a very pleased client of Shirley Wise.

I am a retired Businessman, who due to a recent upheaval in the economy, found myself facing the devastating possibility of a foreclosure of my home. As the market values continued to erode, I found myself significantly underwater with my home formerly valued at $1.4 million and currently reduced to $800 thousand. My mortgage balance was for $840 thousand...

To Whom It May Concern:

I am writing this letter to share with everyone that Shirley Wise from Belrose Properties, LLC and her staff our the best in providing outstanding customer service. Their execution for timely short sales, professionalism and organization is truly amazing.

I would surely recommend Shirley Wise and her staff to anyone.

Sincerely,
Jose E
Sr. Loan officer
JPM Chase

Shirley Wise and the professional staff at Belrose Properties continue to set the standard for excellence in the residential real estate industry. They have mastered the art of negotiating short sales for their clients and have kept us really busy throughout the years.

I am fortunate and grateful that they have rendered Creative Title to handle their title insurance and closing needs. I give Shirley and the Belrose Properties team my strongest possible recommendation.

Sincerely,
Erica F
Creative Title Services

To whom it may concern,

I am writing this endorsement for my friend and colleague Shirley Wise as a token of my appreciation and esteem.

Shirley has proven to be a very ethical professional in the field of Real Estate and especially in Short Sales. Although this has been a difficult time for the industry, Shirley has managed to continue to thrive and provide her clients with the excellent short sale services they deserve.

After funding close to $1 million dollars in short sale and arm's length transactions with Shirley Wise, the thing that stands out about her remarkable skill set is her unique dedication to her work & her clients. Shirley provides unparalleled knowledge of the short sale market and her preparation is second to none. Her communication with her clients and the bank is exceptional. The short sale market is a very challenging endeavor for any Realtor. She has managed to streamline the process and educate her clients to the ins & outs of the entire transaction.

Having successfully closed several short sale deals as both a Realtor and investor, I'm familiar with all the nuances in the business. It's truly rare that I meet people with the knowledge and experience that Shirley Wise possesses. I have 100% confidence in her abilities to close short sales quickly, which is why I've been sending all of my referrals to her and will continue to do so.

Craig C
Social Media Edge, Inc

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