Fort Lauderdale Real Estate Short Sale Tips, How To Do A Short Sale Tip 1

We have been getting tons of emails and calls from homeowners in the Fort Lauderdale real estate market who are in some stage of foreclosure and need to sell their home. They are finding out, much to their surprise, that they owe more than the home is worth. They are also finding out that their agent has no real clue how to correctly execute a short sale. So we have created this Short Sale Tip Series to educate those homeowners in trouble.

So let’s assume you know what a Short Sale is and how it can benefit you. If you are not sure, take a look at the short sale information provided in this article to give you a bit of background on the process.

Short sales have been a viable strategy for years but many agents never availed themselves of the educational opportunities to ensure that they were well versed in the techniques for negotiating a successful short sale. Subsequently there are a lot of agents running around the Fort Lauderdale real estate market calling themselves short sale experts without nary a clue. You need to learn how to smoke out the posers.

So let’s get right to the Short Sale Tip Series and Short Sale Information on How To Do A Short Sale.

Short Sale Tip # 1: The Cover Letter and Short Sale Request.

Although all lenders have varying requirements and may demand that a borrower submit a wide array of documentation, there are 10 Essential Elements of A Short Sale Package.Â Â

Here is a tip on the first element, The Cover Letter and Short Sale Request. The Cover Letter and Short Sale Request should be a one page, clearly defined document.

1. It should briefly state what your buyer is willing to pay for the property (no buyer=no short sale)
2. It should state the reason or “hardship” that is the cause of the seller’s request for a short sale
3.Â It should explain the other documents accompanying the proposal
4.Â It should state and define the offer as an “As-Is” All Cash Offer with no contingencies and that all inspections have been made to the buyer’s satisfaction (banks LOVE all cash deals)
5. It should request the BPO so that the bank can expedite their opinion of value (if the bank already has a BPO it should request a second one including the interior of the property)[this is how lenders determine the actual current worth of a property]
6. It should states clearly how much the bank can expect to “net” from your offer
7.Â It should state clearly as to when the closing will be.
8.Â It should also contain your contact information, the loan number, the borrower’s name and the Case Number

This is just the beginning. If a homeowner knows what to look for they can be of great assistance to a competent and experienced real estate agent who knows how to perform a short sale.

If you are in foreclosure and would like to speak to an agent who has the experience and team to successfully guide you through the short sale process, please feel free to give me a call at 954-709-7461 or fill out the contact form below and we’ll get right back to you.

Stay tuned and check back for the next Short Sale Tip Series installment.

Read this article on how to successfully complete a short sale in Fort Lauderdale.