A. DOCUMENTATION NEEDED
1. Addendum to Listing Agreement
2. Authorization to Release Information/Negotiate Short Sales
3. Authorization to Conduct Appraisal 4. Waiver of Liability/Hold Harmless Agreement
5. Seller’s Financial Statement
6. Seller’s Questionnaire
7. Seller’s Hardship Letter explaining reasons for delinquency
8. Addendum to Contract for Sale and Purchase
9. As-Is Disclosure
10. Realtor Questionnaire
B. DOCUMENTATION FROM SELLER:
11. Copy of all mortgage information relating to the property
12. Copy of seller’s drivers license
13. Copy of seller’s social security card
14. Copy of seller’s last two-month's pay stubs
15. Copy of seller’s last two months bank statements covering all accounts
16. Copy of seller’s last two year’s tax returns with schedules and W2 forms
17. Proof of seller’s hardship (divorce decree, layoff letter, unemployment request, medical bills, etc.).
C. DOCUMENTATION FROM REALTOR:
18. Copy of contract to purchase
19. Preapproval letter for buyer
20. Escrow letter (if any)
21. Copy of listing agreement
22. Listing History of Property
23. Comparative Market Analysis of the property area
Una Venta Corta
es cuando un prestamista acepta un descuento en una hipoteca para evitar una subasta o una bancarrota posible de la ejecución de una hipoteca. Mientras la propiedad está en transmite de compra, la aprobación del prestamista del contrato y de los términos llega a ser necesaria como deben aprobar la propiedad descontada. Por ejemplo...un dueño de una casa tiene una hipoteca existente de $300.000. El comprador escribe una oferta de $220.000, esta oferta es aceptada como pago completo del préstamo. Esto es una Venta Corta
.
Es mejor hacer una Venta Corta
cuando la propiedad está en el estado de la PRE-ejecución de una hipoteca porque a los bancos no les conviene tener exceso de inventario de préstamos y menos cuando son, préstamos negativos en sus libros.
Lo qué sucede típicamente es que en el informe de crédito el préstamo demostrará haber sido “pagado”. Sin embargo, habrá una notación que indique “préstamo pagado a menos del valor original” o algo por estas líneas. Es más favorable que un dueño de una casa entre a Venta Corta
que tener una ejecución de una hipoteca en su informe de crédito.
El vendedor no puede beneficiarse (con dinero) de una Venta Corta
de la PRE-ejecución de una hipoteca.
La mayoría de prestamistas de hipotecas no considerarán una Venta Corta
si el dueño de una casa está en bancarrota porque negociar una rentabilidad de Venta Corta
es considera una actividad de colección. Las actividades de colección se prohíben durante una bancarrota.
Estando en el proceso de PRE-ejecución permita por lo menos 90 días para que se efectúe una hipoteca aprobada y pueda poner la propiedad en Venta Corta
.
| 1935 NE 85 Avenue - SHORT SALE Homestead, FL | |
   
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Located in Sonara and part of Malibu Bay, one of the finest gated communities in Homestead. Huge corner lot houses this 3 bedroom 2 bath, 2 story home. Oversize Master Bedroom with huge walk in closets. Very spacious home in a very well designed master planned community. Streets are well lit and lined with oak trees and the gardens are very well manicured. This community Homeowners Association covers a beautiful clubhouse with oversize swimming pool. It also provides a cocktail room and a state of the art fitness center. Young families also have a playground and a smaller swimming pool for their young children. Take advantage of today?s reduced market values and invest in what will become a very prestigious community of tomorrow.
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In today's real estate market FORECLOSED HOMES are a great investment opportunity, and there are many of them on the market right now. While the rise in foreclosures has a negative impact for many, foreclosures have definitely spurred the real estate investment community. Our Miami Foreclosure Team will guide you through the process of purchasing foreclosed property as a path to profit.
A foreclosure is usually a home that is owned by the bank due to the previous owners defaulting on their mortgage. Typically, the bank will try to sell the home as quickly as possible, sometimes through a public auction. To secure a quick sale of the foreclosure, the bank will often sell at a low starting price as well ... and this is what gets investors excited about buying foreclosure properties in the first place.
Banks want to make sure that when they get an offer on a property that it is coming from a qualified buyer. They want to go straight to closing and not have to wait and see if the buyer qualifies. They need to sell and move on to the next headache. Pre-Qualification letters are now required by all banks along with any offers. Many also require proof of funds on cash offers. Securing a Pre-Qualification letter is rather simple. Your loan officer or Mortgage Broker will need to confirm your income and run a credit report analyze your debt to income ratio and will provide you with loan amount that you Pre-Qualify for.
Before you can buy a foreclosed property, you have to find a Licensed Realtor who has a continuous stream of foreclosures available. You need to start filtering through the inventory and identify the price ranges being offered in the different communities. Good deals go quickly....sometimes in just a couple of days. You need to work closely with a knowledgeable Realtor or develop the skill to quickly identify a great value when you see one.
Like any other type of investment, buying foreclosure properties carries a certain level of risk. If you buy a foreclosed property that later proves hard to sell, you will be stuck with a mortgage payment longer than you want. If renting the property generates a stream of income that covers your mortgage payment, property taxes and all other costs involved in maintaining the home, you then can hold on to the property for a longer period awaiting a recovery of the real estate market.
Working with a knowledgeable Realtor is crucial while making your offer. You want to make sure that you are protected with inspection periods and plenty of outs on the deal if the home doesn’t seem to be what it appeared to be. You also want to make sure that you negotiate any fees, Title Policies or seller contributions wherever possible. Remember that hiring a Realtor to represent you during your purchase doe not cost you the buyer anything. The Realtor fee is paid by the Seller.
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I am a Short Sale Specialist with Exit Prime Realty in Coral Gables. Visit www.SergioRebollo.com for SELLER info on Short Sales. Buyers view my listing videos at www.YouTube.com/SergioTheRealtor
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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