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Have you applied for a loan modification with your lender?
Have you contacted any agency in regards to a short sale?

The Art of Short Sales

Working with short sale properties has become an art. I have written offers to purchase dozens of homes, contingent upon lender approval, in other words, a short sale. Less than one out of twelve has successfully closed.

I have witnessed a lot of blame pointed at the banks, rather the agencies, who process short sales for the banks. They claim it takes a long time, or the agency never responds. These are the deals that will never be completed.

I have also listed a number of short sales. I have been in the position of supplying, what seems like a never ending stream of paperwork to bank affiliates. I know the process takes a large amount of time, patience, and attention to detail. This is why I know short sales require a highly dedicated and motivated agent.

Following is a brief list of the information required to initiate the process of a short sale.

  • Comparable Market Assessment (CMA) to estimate value
  • Search and Hold / Title Report
  • Listing Questionnaire Regarding Title Issues
  • Net Sheet to project Seller's Proceeds / Deficits
  • Mortgage terms and conditions

 

  • Forbearance agreements to temporarily suspend loan payments
  • Repayment plans with the Seller's Lender(s)
  • Loan Modification
  • Refinancing with the Seller's lender

 

  • Listing Contract and Addendum SSL
  • Seller authorization to negotiate with Seller's Lender(s)

 

  • Pay Studs and W-2 forms
  • Bank statements
  • Financial Statements
  • Cash Flow Analysis
  • Hardship Letter


As you can see by the above list, short sales require a large amount of paperwork. The main reason most short sales fail is due to incomplete or missing forms. Unless the Lender has a complete file, there is no chance of proceeding to the next level.

Be aware, entering into a short sale requires disclosure of sensitive financial documents. For this reason it is important to deal only with local, state licensed individuals with fiduciary duties. This means, they have license agreements with the state, agreeing to safeguard your personal information. Many Internet web sites will do nothing more than gather your personal information and sell it to anyone willing to pay.

Before considering a short sale, talk to a local HUD authorized agency. These agencies are experts in the field. These services are often free. More than 80% of their clients have lost money on Internet scams before contacting them.

Following is a web site containing a number of local links in the Milwaukee area. Links are also available for locations throughout Wisconsin and other states.

http://www.ez1realty.net/1039711.html

I have no problem admitting my limitations. I do not list homes for short sales. I have worked with a number of agents specializing in short sales in Milwaukee, Menomonee Falls, Brown Deer, Greenfield, West Allis, Franklin, Oak Creek, Hales Corners, Germantown and other parts of Milwaukee, Waukesha, and Washington Counties. I would be happy to talk with you about your situation, and begin the initial process. Once we have gathered all the facts, and exhausted possible options, I will make a recommendation for the agent whom I feel is best equipped to handle your particular situation.

If a short sale is the last option, a collection of individual cash investors is available to review the details of a short sales property.  This may be the quickest and easiest solution to a short sale for homes, duplexes, multi family units, and businesses in the Milwaukee, Waukesha and Germantown areas.

  • What's My Home Worth?

    Would you like to find out what your home is worth from a professional [%CITY1%] Realtor? Click here to receive a free home valuation.

  • Testimonials

    With a track record of real estate success, clients have provided some great information regarding my home selling services. Click here to learn more.

  • Free Real Estate Reports

    Click here to receive free sellers real estate reports.

  • Why Select Me to Help You Sell Real Estate

    Find out how I can help you sell your home for top dollar in as little time as possible.

  • Home Improvement

    Improving your home can be a key to selling it in a timely fashion. Click here to access links to help you improve the quality of your home.

  • Wisconsin Licensed Real Estate Agent

New Changes to the Short Sale Process

In an effort to make the process of a short sale more efficient, the government has adopted new laws and regulations, offering incentives to lenders to speed up the process of short sales.  These new laws take effect April 5, 2010.  Following is a link explaining the entire process and the goals they hope to achieve.

http://www.realtor.org/government_affairs/short_sales_hafa


Home Page | Property Search Homes, Duplexes, Condos, Multi Family, Vacant Land, Commercial and Industrial properties. | Search Properties Homes, Duplexes, Condos, Land | Listing Information for Seller's | New Home Construction | Property Listings with Flexible Commissions | Home Grants in the Milwaukee Area | Short Sale Help | Home Buyer's Information | Rent to Own Buying Option | EZ CMA Free Property Value Information | Testimonials | Free Real Estate Reports (2) | Why Select me to Help You Sell Real Estate | 10 Easy Steps to Listing Your Property | EZ Single Family Home CMA | Ez Condo CMA | Ez Multi Family CMA | Ez Duplex CMA | Real Estate Blog | Menomonee Falls Area Pictures | Top 10 Mistakes Buyers Make | Ez Home Search With Automatic E-mail Updates | Ez Condo Search With Automatic E-mail Updates | Ez Duplex Search With Automatic E-mail Updates | Ez Multi Family Apartment Search With Automatic E-mail Updates | Ez Search for Vacant Land With E-mail Updates | Ez Search for Foreclosured and Bank Owned Properties | Research Local Property Values in Menomonee Falls, Milwaukee and Waukesha Counties | Area Info Menomonee Falls and the Greater Milwaukee area | Free Property Updates Waukesha, Washington and Milwaukee Counties | Home Improvement | Free Real Estate Reports | Internet Links with Help for Foreclosures | About Dennis Herman and Ez1 Realty | 15 Reasons Why I Should be Your Real Estate Agent | Why Select me to Represent you when Buying Your Next Home | Real Estate Buyer's Counseling | Selecting your next home | Property Inspections | What's My Home Worth? | Sellers Request for Listing Information | For Sale by Owner Real Estate Info | Home Improvement | Free Real Estate Newsletter | Additional Real Estate Info | Mortgage Information | Real Estate Refinancing Information | Real Estate Mortgage Calculators | Real Estate Mortgage Programs | Different Types of Real Estate Home Loans | Real Estate and Mortgage Glossary | Real Estate Tax Info | How Much Real Estate Can You Afford | Home Moving Assistance | My Real Estate Link Partners | Community Links | School Links | Request Info | Helpful Links | Weather | Home Gardening Info | Home Improvement | General Request | Just for Kids | Tourism and Travel | Real Estate and Consumer Info | Office Listings | Real Estate and Community Bulletin Board | Property Search | Home Search w/ Check box | Link Partners Page | Real Estate Blogs | google588859cfab7f04c7.html | Milwaukee Home Buyer Programs | Buena Vista Condominiums, Menomonee Falls, WI | REALTY EXECUTIVES - Elite | REI
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Phone: (414)426-1784 • Fax: (262)255-5603