Yesterday we covered Part 2 “About The Seller/Borrower” which is all the information that needs to be collected about the sellers portion of a the packet. Today we will talk about the information you must get about the property itself.
1. Preliminary Title Report. Whenever I list a home that is going to be sold as a Short Sale. I always order Title work on the home. That way I verify any outstanding liens and mortgages that are on the home. You will know if the taxes are current or unpaid. It just helps you know if you will have any surprises to deal with once you start talking with the lender. If you don’t have this information up front it could cause the sale not to work out just because you didn’t have all the facts.
2. Preliminary HUD 1. This is a closing statement that is prepared by the Title company showing the lender what the list of expenses are associate with the offer they are considering. When you do the HUD 1 it is important to have figures for the prorated taxes etc that are projected 3-4 months in the future. Because it can take that long to get a home closed you are better to be a little high on the expenses than low. If the lender ends up with more money than they expected they won’t be disappointed at all.
That is all you need to have as this part of the packet. It is important to establish a relationship with a Title Company that you can trust. That way you can get the lien searches and HUD 1 quickly when you need them. My Title Company is Title Partners of East TN. Amy Sullivan is my closer and she is just outstanding and experienced with handling my Short Sales. Terry Adams is Title Partners of East Tn Title Attorney so if I have Title issues Terry know how to get it taken care of for me.
This is Part 3 of how to achieve a successful short sale in Knoxville, TN. It takes a train professional like myself with the CDPE designation to help guide a distressed homeowner through the short sale process. As a Knoxville CDPE we are up to date on all the latest trends and changes that are going on in order to help homeowners who may be facing foreclosure.
If you are a Knoxville homeowner having problems making you mortgage payments and want to know your options. Please feel free to download my free reports
You do have options as a Knoxville homeowner who may be facing foreclosure. Don’t let your home go to foreclosure call me at 865-675-8326 or email me [email protected] let’s setup a time to talk about your situation and talk about your options. I’m here to help you as a trained Realtor with the CDPE designation I can help you…