Mary Kent | Grand Rapids to the Lake Shore

Completion of the Short Sale Package:

The agent and the seller work close to assemble the proper paper work (short sale package) these documents must be filled out truthfully and complete. If the banks receive anything that's not complete they could ignore or move the file to the bottom of the Short Sale pile. I cannot stress enough the importance of concise and complete information when filling out the Short Sale package.

Occupying the home:

While your house is listed as a Short Sale your bank will send someone out to check the occupancy of the home. If they find the house is vacant they can Accelerate a foreclosure on the property. I suggest to remain in the home until the sale is complete.

Utilities and HOA Dues:

When selling a home via the Short Sale process it's important keep utilities in place. It's always better to show a home that has heat, electricity and water. The home owners responsibility is to pay all bills associated with the property. As an example, if the water bill or home owner association dues are not paid the home WILL NOT CLOSE. Banks will not pay these bills.

Deficiency Judgments, 1099s, and Short Sales:

If the lender moves forward and forecloses or allows a short sale you only have a few options, they will write off the dept or issue a 1099-C (cancellation of Dept) OR they will choose to pursue a Deficiency Judgement. It's important the seller/s always consult their own attorney and/or accountant to review the possible ramifications of a short sale. Check out the Mortgage Forgiveness Dept Relief Act aka, HR 3648

Behind the scenes:

• Your agent should set the best price to get the home sold. It's important not to come in to high or low and attempt to hit the sweet spot with the listing price.
• Contact your bank and obtain an overview of their processes, correct contact numbers ect. Complete all the paperwork, take photos and implement the marketing plan.
• Receive and process all inquiries on the house. Set up showings, communicate with bank and seller all activity with listing. Review the pricing each month and implement a reduction if the home is getting no activity.

So you've consulted with your lender and possibly a non-profit home counselor and decided you want to proceed with the short sale. Where do you start?

1-Meet with a certified SFR real estate agent. They can assist with all questions related to the processes of the Short Sale. Ask the agent how many Short Sale transactions they processed last year.

2. The agent should ask questions to make sure you would qualify for a possible Short Sale on your home. These types of transactions take dedication and patience from both the sellers and real estate agents.

3 All lenders require a short sale package to be assembled that includes current financials, hardship letter, letter of authorization and W2's to name a few. Again, your agent can assist you with this process.

4. The Letter of Authorization gives your agent permission to talk to your bank and see exactly what needs to be done to get the ball rolling. Under the HAFA program some sellers could qualify for assistance with moving expenses ect..all lenders are different, they only way to know for sure is to communicate with the bank.

5-Depending on your banks processes they could recommend you get the house listed and bring an offer first before anything else can be done or they order and estimate of value and share with the seller and agent what price they might be willing to except for the home.

Watch for my next blog. I'll explore what happens next in the Short Sale Route for Sellers.

Considering a short sale and not sure where to start? You should speak to a non profit home counselor or a trusted real estate professional that has earned the National Association of REALTORS SFR Certification.

Look out for the following:

• Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent loan. Do not pay - walk away!
• Beware of anyone who says they can "save" your home if you sign or transfer over the deed to your house. Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage company to forgive your debt.
• Never submit your mortgage payments to anyone other than your mortgage company without their approval

You would only want to consider a short sale if you know for certain you cannot afford your home and you see that foreclosure could happen if you don't do something. It's much better to have a short sale on your credit than a full blown foreclosure.

I find myself glancing at the cities you all are from and thinking... uhhmmm... what's your neck of the woods like? (sorry Mr. Al Roker!)

So hey...I'll go first!

My favorite place....drum roll.....GRAND HAVEN, MICHIGAN is a wonderfully inviting beach town known as Coast Guard City, USA. It includes a host of beautiful classic cottages up the winding hills with majestic views of Lake Michigan. My Mom tells story's about the fun she had at party's on the hill in the mid 1950's.

You will find tranquil beaches, trolleys, shops, restaurants, boardwalk, boats and fun galore! So come visit and enjoy the history and sites of my Grand Haven!

If your like me you're wondering how to keep your school age children busy this summer! My family and I love the Grand Haven area and spend a good part of our spring and summer in our own little piece of paradise! In the upcoming months I'll be blogging about all things Grand Haven!

Mary's May pick for family fun~

Visit Grand Haven State Park for the GREAT LAKES KITE FESTIVAL the weekend of May 15th-17th 2009. This is a spectacular cause to benefit the Children's Leukemia Foundation of Michigan. This event is also sponsored by Mackinaw Kite and Toys in Grand Haven, Michigan.

Check out the SCHEDULE OF EVENTS for the Kite Festival, it's full of fun for the whole family! For walkers out there The Children's Leukemia Foundation has a walk scheduled for May 15 that will wind its way from Grand Haven State Park through the downtown business district and back to the park for lunch and the Great Lakes Kite Festival. SIGN UP FOR THE WALK HERE!

If you're looking for a dedicated professional real estate agent in Grand Haven or Ottawa County call Mary Kent, agent with Five Star Real Estate @ 616-915-3987 or visit http://ottawacountyhome.com