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Short sales are easier when you have the answers. Are you asking your seller lender the right questions?
Posted on 16. Oct, 2016 by ssc in Short Sale Connection Blog
Avoid common mistakes that kill short sales. Asking the right questions helps you build a foundation for a successful short sale transaction. Here's a link to questions you need to ask your seller's lender.
Ask your seller's lender:
1. Loan Type (FHA, VA, USDA, Conventional, HELOC) – This can tell you how they'll process the file including time frame, required documents, and if they'll want all docs (seller financial & offer docs) at the same time or if they'll review financials prior to reviewing the offer.
2. Is the loan current, delinquent, or in active foreclosure? This tells you how much time you have to get an offer, and help determine eligibility and other approval terms. If the loan's in active foreclosure they've filed the foreclosure and you should ask if a sale date has been scheduled. If it's within 40 days and you don't have an offer, they may not review one.
3. What's the mortgage balance? (or principal) – To verify that it'll be a short sale.
4. Who's on the mortgage? You'll need this so you know who's financials will be needed and who needs to sign documents.
5. Do they accept electronic signatures? Wet signatures are normally required but there are exceptions.
6. Do you have a short sale packet? Some lenders have there own forms. They are often referred to as a welcome packets, UBAF or RMA forms. These are financial work sheets and include eligibility qualifying questions.
These are the basic questions you should ask if you're working on a short sale.
Do you have questions? Call anytime you need help with a short sale listing.
Ross Gahagan, Realtor
Managing Member, Short Sale Connection LLC
Cell Phone – 717-648-0675
MyShortSaleLink.com
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