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  • What is a short sale?

    A short sale is when a lender agrees to accept less money than what the borrowers owe.

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  • Where can I get a list of short sale properties currently on the market?

    If you are looking for short sales in Northern Idaho (Bonner county, Kootenai county, or Boundary County) Please please email Rain Silverhawk of Sandpoint Realty and ask for the list of short sales

    If you are in another state find a real estate agent who specializes in short sales. If you need help locating an agent in another state, please let me know. I network with short sale agents all across the United States.

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  • I have purchased home in the past and want to know if making an offer on a short sale is the same

    Much of the process is the same. Some of the main differences will vary depending on the bank you are dealing with. In many areas you will be required to submit proof of funds with your offer. (A preapproval letter from a lender.) Some may dictate the amount of earnest money that will accompany the offer and some may specify things such as what title company you will be using. Every short sale case is different. The main difference is that you must have patience. A short sale is contingent on bank approval. You may put in an offer and not hear if it is accepted for 30-45 days. Once accepted things usually move very quickly. While I have been able to get banks to correct certain issues with a house, more often the banks will not fix things, and chances are good you are buying the house as is. I always suggest people get a home inspection, just so they know ahead of time what they are getting into.

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  • I found a company that will charge me a small fee to short sale my home. How do I know if this is the company to deal with.

    It is illegal in many states to ask for up front fees to handle a short sale. If they ask for money, look elsewhere. Real Estate agents trained in Sales and Short Sales will be able to help you for free.

    If you are having problems making your mortgage payment each month and need help, please contact me I can refer you to a Short Sales and Foreclosure specialist in your area.

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  • What type of paperwork is required to ask for a short sale on my home.

    When I list your home for a short sale, I will have you fill out an Authorization to release information letter. This authorization lets me talk to your bank and negotiate your short sale. Every bank is different. Some banks will order a Broker Price Opinion and then set a list price. Some banks do not set a price but will order a BPO to determine if the offer we bring in is acceptable Every short sale will have a short sale package. Some banks want us to turn in all of the package except for the offer when we first list the property, some want to wait until the offer comes in. Sample Short Sale Package (items may vary depending upon the lender): * Cover Letter (I prepare) * Authorization to Release Information (I have you fill out) * Sellers Hardship Letter (I can help you prepare this) * Seller's Financial information * 2 years w2's * 2 months pay stubs (some banks require 1 year) * 2 months bank statements (some banks require 2 years) * Supporting Hardship Info - HOA liens, medical/disability statements etc. * Repair Estimate for the property * Comparable sales for the property (I prepare) * BPO (Broker Price Opinion) * Real Estate sales and marketing history and absorption rate (I prepare) * Contract * HUD 1 Net Sheet (Title Company prepares) * First mortgage holder may ask for a payoff amount from the 2nd * Second mortgage holder may ask for a payoff amount from the 1st * Lender may ask for an Initial Title Report (Title Company Prepares) * FHA and VA may have their own forms and special requirements as well When we get the offer, we present it to you. If it is acceptable to you then we send in the short sale package. The bank will then approve or disapprove the short sale.

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  • What is a third party authorization?

    The bank requires you to fill out an authorization form allowing them to talk to your real estate agent and escrow officer. Without the identifying information and the authorization on file at the bank, the agent can not talk to the bank on your behalf. Here is a sample of what an authorization might look like. From: ____________________ Email of Seller __________________ To: Short Sales Team Date: ______________________________ Subject: Letter of Authorization for Realtor To: Short Sale Representatives I, _____Sellers Names__________, do hereby give my Realtor __________ of _______ Realty and the escrow officer ____________ of _________ Title and Escrow permission to discuss my mortgage and any information regarding my property at __________________________________. This may include foreclosure, marketing, offers and closing details. Please work with my Realtor and title company on the short sale of my property. Property Address ____________________________________ Loan Reference Number: ____________________________ 2nd Mortgage Loan Reference Number: ____________________________ Name _______________________ Primary Social Security Number _______________________ Date Property Listed: _________________ Listing Expires on: ____________________ Listing Price: __________________________ Agents Name: _____________________________ Agent Office Information _________________________________ Agent Cell: __________________________ Agent Fax Number ______________________ Agent Email: ____________________________ Today's Date ______________________ Sincerely, _____________________________

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  • Where can I find more information on Home Affordable Modification Program (HAMP)

    You can read all about the alternatives to foreclosures here Short Sale and Deed In Lieu HAMP guidelines

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  • I am a real estate agent, can you give me some help and information about negotiating a short sale with Bank of America?

    I am always happy to help. Here is some information on Short Sales from the agents prospective. BofA 1st Mortgage Help for agents

    BofA 2nd Mortgage Help for agents

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  • I have a short sale offer and Bank of America is asking that I upload my short sale package. What are they talking about.

    Bank of America now processes short sales through a company called equator. At the moment they will only accept your documentation via uploading to the website. You can ask your agent to help you with this, but here is a guideline explaining what you will need to do. Bank Of America Short Sale Process For Home Owners

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