Short Sale Packet

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Are you looking to sell your Ohio home on a short sale? You will find this embedded here along with some great short sale videos: http://iandymorris.com/the-perfect-short-sale-listing-financial-package/

Transcript of Short Sale Packet

Andrew W. MorrisLicensed Real Estate Broker Phone: (440) 427-0123 Fax: (866) 632-9006 andy@rtserve.com

SHORT SALE LISTING DOCUMENTS CHECKLISTWe need the following documents completed, initialed and signed in order to complete the sale of your home. The following is an explanation of what each document is for and the required action by each party regarding each document. You can get more detailed explanations and video walk a video walk through of these documents at HTTP://iandymorris.com/package. Miscellaneous fliers- Explanations of, Your Short Sale On Time Guarantee, Centralized Showing Service, Listhub.com upgrades and a Short Sale FAQ. These are for your information and no signatures needed. Borrower financial statement and copies of financial info- When doing a short sale your lender will want a complete short sale application filled out which is very similar to a the application you filled out to get your loan. Your lender will request the following documents which we need to submit with an offer. We ask that you give us copies of these documents with the listing package so that that are no delays in submitting an offer when we receive it and that you have the best chance of a successful short sale. If you don't have a document in this checklist please provide a separate signed and dated one or two sentence explanation letter for every missing item. Included borrower financial statement filled out Letter explaining how you got into a hardship 2 Months bank statements 2 months pay stubs or other proof of income for 2 months Last two tax returns Authorization To Release Information- The agent needs this so he/she can dialogue with your bank, request essential pay off information and if applicable negotiate a short sale. Must be signed and fully filled out. Residential Property Disclosure Form- By law you must disclose to the best of your knowledge every problem, lack of a problem or possible problem with your home. Every page must be initialed by both the buyer and seller and the last page must be signed by the buyer and seller. Lead Based Paint Disclosure- For transactions that the house is older than 1978, the seller by law must fill this form out disclosing any knowledge or lack of knowledge regarding lead based paint in the home. It must be signed and initialed by the seller and the buyer when applicable. Most sellers end up initialing a)ii) (seller has no knowledge) and b)ii) (seller has no reports). Realty Trust Services Consumer Guide to Agency Relationships- This pamphlet explains the types of ways an agent can interact with a client. It explains the Ohio laws on agency as well as Realty Trust Services policy for agency relationships. In order to work with an agent you must sign off that you have received it. Signing this pamphlet does not commit you to working with an agent. Agency Disclosure- This form protects both the buyer and seller by disclosing what type of relationship your agent has with the seller and/or buyer. Signing this form just indicates acceptance of the disclosed information and does not represent a commitment to work with an agent or firm. This form must be signed by both the selling party and when applicable the buying party involved in a transaction. Short Sale Listing Agreement- This agreement lays out the details of the agents employment by the seller. This is to protect the seller so he/she can know what to expect and feel comfortable that everything is in writing. By law this must be signed by the agent. The seller must initial page one and two and sign page three.

Your Short Sale On Time, Guarantee Sale, GuaranteedWe know you want to get situated and your life in order as soon as possible and we share your sense of urgency. We dont just say it. We put our money on it. Offer On Time Guarantee: If you follow our pricing advice and our marketing doesnt bring you a valid offer to submit to your lender for negotiation in 30 days after listing your property on the MLS, you may present this certificate to Realty Trust Services for $500 or 10% of the gross commission earned (whichever is less) after we successfully sell your home. (whichever egotiation On Time Guarantee: If you give us all of the required documents for a complete hardship package before we receive an offer (see the Short Sale Listing Package Checklist) and fulfill requests for additional documentation (i.e. deliver in requests person, by email or fax) from your lender within 2 business days or less and negotiations take longer than 60 days from offer submission to short sale offer acceptance by lender then you may present this certificate to Realty Trust Services for $500 or on lender, s 10% of the gross commission earned (whichever is less) after we successfully sell your home. Terms and Conditions: This guarantee is void where prohibited by law or by the terms of the short sale acceptance letter. We will work hard for a timely and successful short sale for all our clients however for sales under $95,000 we are not l ,000 offering this guarantee. This guarantee is only valid after your house is sold successfully by Realty Trust Services. The Offer successfully On Time Guarantee and egotiation On Time Guarantee may be combined if they both apply. These guarantees do not apply if sale not completed successfully by Realty Trust Services. No other guarantees other than specified in writing are specif expressed or implied. egotiation On Time Guarantee is not applicable if more than one lien needs to be negotiated. Theegotiation On Time Guarantee is not applicable for short sales with Bank of America, Washington Mu Mutual, Aurora or any lender that Realty Trust Services agent or broker may indicate previous to an executed listing agreement. It is also not applicable if your payments are not at least 60 days in arrears at the time of offer submission.

Our real estate company has an aggressive strategy for attracting home buyers to our listings. By distributing your listing information, along with photographs, to a wide array of premier consumer Web sites, we make sure that we maximize every opportunity to attract qualified buyers to the table.

98% of home buyers use the Internet to search for a new home.(NAR 2007 Profile of Home Buyers & Sellers)

BACKPAGE.COM CLR SEARCH.COM CYBERHOMES HOMES & LAND MAGAZINE HOMESCAPE HOTPADS.COM LOCAL.COM LYCOS MILITARY.COM MY REALTY.COM OODLE PROPBOT RELO HOME SEARCH VAST

38 million home buyers search the internet each month for real estate information.

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One in 3 buyers finds the home they ultimately purchase on the Internet.(NAR 2007 Profile of Home Buyers & Sellers)

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CLEV

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Short Sales: Common Homeowner Questions and Answers By Andrew W. MorrisWhat is a short sale?In the world of real estate, a short sale refers to the sale of real property for an amount less than the amount owed on the property. In the short sale scenario, the bank agrees to accept less than the full balance due on the debt, and usually forgives all or a large portion of the difference.

How will the short sale affect my credit?Short sales are still a relatively new concept. Banks have the option of submitting the short sale to the credit bureau as "Paid in Full" or "Settled for less than full balance". The formula for calculating credit score is a trade secret however it is generally agreed by credit experts a notation of Paid in Full will reflect positively on your score and a Settled for less than full balance will take about 150 points off your score if you have good credit and have an equivalent effect on your credit as if you had a 90 day late. Some have the idea that this is like a bankruptcy or a foreclosure. That's far from the truth! In a short sale, the lender is simply allowing you to pay less than you owe! If you are currently behind on your mortgage or facing foreclosure, the short sale will actually help your credit! How? Because once you are approved for the short sale, all collection activity will STOP and you will avoid foreclosure!

Who benefits from the short sale?Short sales are a win-win situation. Lenders, mortgagees, and real estate agents all benefit from the successful short sale. Mortgagors get the majority of their money back, Mortgagees get the relief they need and are able to sell their property and avoid foreclosure, and real estate agents can facilitate the transaction and receive compensation (commission) from the sale of the property.

Why would banks forgive the difference?To mitigate their losses, banks often accept a settlement of le