Wednesday, June 22, 2011

Short Sale Offers Should be Made Uncomplicated for Lenders

TOP REASON that Short Sale offers should be uncomplicated for lender/lienholders:
  • Lender/lienholders are decision makers on short sales and like to see uncomplicated and easy to approve contracts.

short sales 

California has rules and forms for REALTORs® and real estate professionals to use for SHORT SALE transactions, which can make it easier when presenting short sale offers. short sale offers

The California Association of Realtors® created the SHORT SALE addenda and advisory forms to help with contract issues that come up during the transaction.  This includes the CAR.org forms "Short Sale Advisory" and "Short Sale Addendum".

SHORT SALE offers sometimes have buyer demands for things that sellers and their lenders won't approve.  Buyers like to ask for home warranty to be paid for by seller, and mortgage lenders usually won't approve payment for this out of net proceeds. 

short sale contract formsSome SHORT SALE buyers ask for closing cost credits.  Certain lenders and investor note holders have policies to never approve closing cost concessions to buyers.

Some SHORT SALE buyers ask sellers and lenders to approve payment for pest control and termite treatment, but many lenders won't approve of this from net proceeds. should be easy for lenders

The best way to get a SHORT SALE purchase offer and contract approved is to prepare it as clean as possible. 

A SHORT SALE offer should be easy to read and uncomplicated for lender/landholders, including dates, time periods and simple buyer requests.

Simple and easy to understand SHORT SALE purchase offers will present a best opportunity for buyers, sellers and lender approval.

short sale success SHORT SALES in real estate are tricky.  REALTORs® and real estate professionals should plan for success and be careful about all terms and conditions of the offer and SHORT SALE purchase contract. 

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Source of some information for this article is Melissa Zavala, REALTOR® and real estate blogger @http://www.shortsaleexpeditor.com/.

Harrison K. Long - solutions for real estate and business - REALTOR® and broker associate, GRI - Coldwell Banker Residential Brokerage - 949-854-7747 (phone) - ExploreProperties@gmail.com (email) - CA DRE 01410855 - SFR short sale and foreclosure resource certified by the National Association of REALTORs® - also now serving as a director at California Association of REALTORs®.

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Contact us with your questions about short sales, listing and selling of homes and properties @ Orange County, California, real estate.   

Posted via email from Explore OC Homes

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