Speciality and Niche Guides

Shortsale or Not in A Foreclosure Transaction

Here are five things you need to know to determine if you need to do a shortsale in a foreclosure transaction.
1️⃣ Market Value
2️⃣ Realtor Commission
3️⃣ Attorney Fees
4️⃣ Transfer Fees
5️⃣ Property Tax

Process of a Shortsale

The short sale process is very document and labor-intensive. Most reason that the process is slow because of the delays in getting the necessary documents to the bank. You can speed up the process by getting all of the documents up front. In this video, I go over the documents and information we need from all parties in order to move forward with a short sale. The typical documents that are needed are:

✔️ Listing Agreement
✔️ Contract
✔️ Buyer's Proof of Fund
✔️ Short Sale Application (Form 710)
✔️ Bank Statements (Homeowner)
✔️ Paystubs (Homeowner)
✔️ Tax Returns (Homeowner)

Dealing With Title Issues in Real Estate

Before moving forward with a real estate transaction especially if it's a foreclosure short sale, it might be a good idea to conduct a title search or get a title report/binder. In this video, we go over what to look out for in a title report and how to resolve any title issues that you may encounter such as:

✳️ Multiple Mortgages
✳️ IRS Liens
✳️ HOA / Condo Liens
✳️ Municipal Liens
✳️ and more...