Embed Size (px)
Citation preview
How Can You Make The Bank Approve Your Weston Short Sale
Nestor Gasset &Katerina Gasset
International Properties and Investments LLC
This is the ultimate question that Weston short sale sellers have been seeking answers for, especially
because of the high number of short sales that the banks are rejecting.
When the banks receive a short sale proposal or what is called a “short sale package”, their goal is to ensure that their losses will be minimal. They’ll do the math to see if they stand to lose more in a foreclosure than
in a short sale, then they will come to a decision whether or not to approve or reject the short sale.
There are instances wherein a lender determines that they’d suffer less loss by
foreclosing on the home and selling it through an auction versus doing a short
sale.
Here are concrete steps you can take to make the bank approve your
Weston short sale:
1. Follow their instructions and
requests.
If the bank needs you to send additional documents, make sure that you comply. There’s no use with trying to raise arguments with the
bank during the process because ultimately, it is their approval that you need for the short sale
property that you’re selling.
2. Submit documents right away. Ensure that you sign and submit all documents to
your Weston short sale agent without any delays. Banks often revise forms such as the short
sale contract addendum and the arms length affidavit. Coordinate with your Weston short sale
agent to make sure that all the forms used are updated. This is important to do especially before the short sale is set to close. Outdated forms in the short sale package can cause unnecessary delays.
3. Make sure documents are complete before submitting them.
The lender needs that each page of your short sale package is complete so that they can perform a thorough evaluation. Before submitting documents, double check
that all items are complete. Don’t submit shortened versions of any documents. Sending an incomplete short sale package and requirements will not only cause your
short sale to be delayed, it may even halt the process altogether. Make sure that you also indicate your loan
number on each page of the short sale package.
4. The HUD must also state the seller’s and the buyer’s names.
There are cases when the bank will ask for the names of the junior lien holders to be stated on the HUD.
Also, your Weston short sale agent has to ensure that the buyer’s side of the HUD is correct and
complete if the HUD includes credits from the seller to the buyer.
5. Include a Comparative Market Analysis (CMA).
The CMA, which your Weston short sale agent has to prepare, will show the lender the
proposed price of your home as justified by its current market value.
6. Submit your buyer’s offer with supporting documents.
To assure the bank that your buyer is serious and is capable of purchasing the home, include copies of of the buyer’s pre-approval letter from his lender, his earnest money deposit, and also
his bank statement.
By following these 6 steps, you immediately increase the odds of your
Weston short sale getting approved by the bank ten-fold.
Call Nestor Gasset or
Katerina Gasset at 561-753-0135 today and get your
Weston short sale questions answered!
Nestor Gasset & Katerina GassetRealtors®, REOS, CIPS, SFR, GRI, ABR
1021 Cherry Lane,Wellington, Fl, 33414
www.floridaipi.com
