Short Trac Short Sale Packet

Click here to load reader

download Short Trac Short Sale Packet

of 16

  • date post

    09-Apr-2018
  • Category

    Documents

  • view

    222
  • download

    0

Embed Size (px)

Transcript of Short Trac Short Sale Packet

  • 8/8/2019 Short Trac Short Sale Packet

    1/16

    Short TraShort Sale Coordination Program

    Short Sale

    Package

    start@shorttrac.com

    (888) 485-3432

    Fax: (303) 876-1311

    Why Take the Long Road

    When You Can

    Take the Short Tra

  • 8/8/2019 Short Trac Short Sale Packet

    2/16

    SHORT TRAC SHORT SALE COORDINATION PROGRAM

    What is it?The Short Trac Short Sale Coordination Program is designed to help the seller coordinate and facilitate communicationsbetween the listing associate (associate), the lender and the closing/title agent (closing agent) through the short saleprocess. It is a program offered by Short Trac, a TRG affiliated business. This Program is offered in an effort to assistyour clients through what can be a difficult process.

    How do we use it?

    Your local Short Trac representative has the Short Trac Short Sale Packet, which includes the following documents:

    Realtor Submission Checklist

    Borrower / Seller Short Sale Information and Document Checklist

    Short Trac Short Sale Agreement (Agreement) Authorization to Obtain Information

    Short Sale Coordination Form

    TRGs Affiliated Business Arrangement Disclosure Statement

    Affidavit of Arms Length Transaction

    Sample Hardship Letter

    Sample Personal Financial Statement

    Associates are encouraged to bring the short sale packet with them on listing appointments that the associate knows, orbelieves may be, a short sale listing. A sample packet is attached. Associates are not expected to explain the programbut simply to deliver the materials and direct the seller to contact Short Trac with any questions. Upon receipt of anexecuted Short Trac Short Sale Agreement, Short Trac will open a short sale file. Short Trac will begin coordinatingthe necessary documents and compiling a completed short sale packet to submit to the lender.

    Once the short sale file is opened, the associate should provide Short Trac with a copy of the fully executed ListingAgreement and Short Sale Listing Addendum. Upon receipt of a fully executed sales contract, the associate must

    provide Short Trac with a copy, including the Short Sale Contract Addendum, the most recent CMA, BPO or appraisalfor the subject property, and the escrow deposit.

    Who is responsible?

    Short Trac will be responsible for (a) the process of coordinating the short sale transaction; (b) reviewing the completedshort sale packet; (c) delivering the sellers authorization to short sale lender; (d) reviewing all preliminary HUD-1sbefore being sent to short sale lender; (e) submitting the short sale packet to short sale lender; (f) delivering weekly filestatus updates to the Associate; (g) reviewing all approval letters (h) forwarding all approval letters to the associate and(i) forwarding the approval letters to the closing agent to complete the closing.

    Short Trac will not negotiate or attempt to negotiate anything associated with the short sale transaction.

    What does it cost?

    The seller will pay Short Trac a fee of $800 at closing. If closing doesnt occur, no fee will be due. This fee is verycompetitive with, if not less than, other third party companies providing a similar service.

    Contact Information for Short Trac Team is as follows:Direct Line: (888) 485-3432Fax: (303) 876-1311Email: start@shorttrac.com

    mailto:start@shorttrac.commailto:start@shorttrac.com
  • 8/8/2019 Short Trac Short Sale Packet

    3/16

    REALTORS SUBMISSION CHECKLIST

    Please submit the following documentation to Short Trac:

    1. Copy of the fully executed Sales Contract with all Addenda including, but notlimited to, any Short Sale Addendum to Purchase and Sale Contract.

    2. Copy of the fully executed Listing Agreement and Short Sale ListingAddendum.

    3. Proof of Escrow deposit.

    4. Most recent CMA or BPO for the subject property or recent appraisal.

    5. Fully completed and executed Short Trac Short Sale Packet which contains:

    a. Short Trac Agreement;b. Authorization to Obtain Information (completed for each

    loan/mortgage);c. Short Sale Coordination Form (Info Sheet);d. TRG Affiliated Business Arrangement Disclosure Statement;e. Arms Length Transaction Affidavit;f. Sellers financial information (tax returns, W-2s, most recent pay

    stubs);g. Latest correspondence received by the homeowner from the existing

    lender(s) showing who holds the mortgage and the loan number orlatest mortgage statement and any correspondence from thehomeowners association (if any) or their attorneys;

    h. Any communications from first mortgagee/lien holder;i. Any communications from second, third or other subordinate

    mortgagee lien holder; andj. Any communications from Homeowner/Condo Associations.

  • 8/8/2019 Short Trac Short Sale Packet

    4/16

    SHORT TRAC SHORT SALE PROGRAM

    SELLER INFORMATION SHEET

    What is it?

    The Short Trac Short Sale Program is designed to help you coordinate and facilitate communications between you, yourlisting associate (associate), the lender and your closing/title agent (closing agent) through the short sale process.It is a Program offered by Short Trac, a TRG affiliated business. This Program is offered in addition to the closing/titleservices offered by TRG in connection with the transaction.

    How do we use it?

    The Short Trac Short Sale Packet contains the following documents: Borrower / Seller Short Sale Information and Document Checklist

    Short Trac Short Sale Agreement

    Authorization to Obtain Information

    Short Sale Coordination Form

    TRGs Affiliated Business Arrangement Disclosure Statement Affidavit of Arms Length Transaction (to be executed once a fully executed contract is received)

    Sample Hardship Letter

    Sample Personal Financial Statement

    Once you receive and review the packet and are satisfied you understand the program, you will need to execute theShort Trac Short Sale Agreement (Agreement) and return it to Short Trac. If you have any questions concerning theprogram you should contact Short Trac. Upon receipt of an executed Agreement, Short Trac will open a short sale file.In addition to the Agreement, you will need to complete the Authorization to Obtain Information, Short SaleCoordination Form, and TRG Business Arrangement Disclosure Statement. You will also need to gather theinformation listed on the Borrower/Seller Short Sale Information and Document Checklist. Upon receipt of these items,Short Trac will begin coordinating the necessary documents and compiling a completed short sale packet to submit toyour lender.

    Once all necessary documentation is received, including a fully executed sales contract, Short Trac will submit thecompleted short sale packet to your lender. Your closing agent will be responsible for ordering the necessary titledocuments to close the transaction and clear any title issues. Any additional information needed by Short Trac will becoordinated with you and your listing associate. It is not unusual for the lender to request a recent CMA, BPO orappraisal for the subject property or other documents to support your short sale request. Your cooperation in supplyingthis information is crucial in the process. Failure to timely provide this information may result in a delay in the processand Short Trac cancelling the Agreement. Short Trac will work with you and your associate to coordinate and submitthis information on your behalf.

    Who is responsible?

    Short Trac will be responsible for (a) the process of coordinating the short sale transaction; (b) reviewing the completedshort sale packet; (c) delivering the sellers authorization to short sale lender; (d) reviewing all preliminary HUD-1sbefore being sent to short sale lender; (e) submitting the short sale packet to short sale lender; (f) delivering weekly file

    status updates to the associate; (g) reviewing all approval letters (h) forwarding all approval letters to you and your theassociate and (i) forwarding the approval letters to your closing agent to complete the closing.

    Short Trac will not negotiate or attempt to negotiate anything associated with your short sale transaction.

    What does it cost?

    You will pay Short Trac a fee of $800 at closing. If closing doesnt occur, no fee will be due. This fee is verycompetitive with, if not less than, other third party companies providing a similar service.

    Contact Information for Short Trac Team is as follows:Direct Line: (888) 485-3432Fax: (303) 876-1311Email: start@shorttrac.com

    mailto:start@shorttrac.commailto:start@shorttrac.com
  • 8/8/2019 Short Trac Short Sale Packet

    5/16

    BORROWER/SELLER SHORT SALE

    INFORMATION AND DOCUMENT CHECKLIST

    NAME(S): ______________________________________________________________

    PROPERTY ADDRESS: __________________________________________________

    Thank you for selecting Short Trac to assist you in connection with the short sale of your property.As you are aware, certain information and documentation will be required by your lender(s) in orderto begin considering your short sale approval request. Although your lender will provide youwith a list, the following will help you to prepare your submittal:

    a. Handwritten or typed hardship letter (sample form attached) explaining yourcircumstances and the reasons you are requesting a short sale, include any supportingdocuments (i.e., Medical bills, judgments, etc.);

    b. Completed Financial Statement (sample form attached). The required form will mostlikely come from your lender;

    c. Last two months pay stubs;

    d. Last two years W-2s/1099s;

    e. Last two years tax returns;

    f. Last two months bank statements;

    g. Supporting documents as evidence of hardship