Compared to the task list of a Wellington Florida short sale specialist when working with a homebuyer, his or her duties are usually double or even triple in number if the agent is working with a home seller instead.
To give you a fair idea of how helpful a short sale agent can be, here are just a few examples of the services they can and will perform on your behalf.
Short sale packages – If allowed to do so, your agent will speak with your creditor on your behalf and find out what documents the creditor requires from short sale applicants. Your agent will also make sure that you gather all such documents and be able to submit them on time.
Financial situation – A good Wellington Florida short sale specialist will also take the time to evaluate your financial situation. He or she may also have several recommendations that are meant to make you a more viable short sale candidate in a financial sense. Certainly, your agent will also double check that you have all the necessary financial statements – including pay stubs, tax returns, and bank statements – to serve as further proof that your financial situation is what you said it is.
HUD-1 Settlement Statement – Anyone who thinks of buying or selling a house usually needs to submit this statement. It can look quite intimidating and complex at first glance, but you don’t need to worry about it as long as you have a competent short sale specialist on your side.
BPOs and CMAs – BPO stands for broker price opinion and CMA stands for competitive market analysis. Although these two documents are distinct from each other, they are similar in the sense that they provide information on how “sellable” your property is. Your agent usually has to submit his or her own CMA to a bank and coordinate with the latter when it comes to obtaining a BPO. If you have a great Wellington Florida short sale specialist representing you, then you can be sure that your creditor will receive a valid, authentic and accurate CMA and BPO that at the same time speak of positive thing about your home.
Negotiations – This is extremely important if you have two or even three existing mortgages out. Your agent would have to negotiate with all your creditors as you need everyone’s approval before a short sale can be completed.
Closing – And finally, a good short sale agent in Wellington FL will do his or her utmost to do everything else that has to be done so that you and the other can finally close the deal.
Wellington Florida short sale specialists can help individuals like you qualify to purchase a short sale home. Short sale houses are very much different from regular homes for sale when it comes to its approval process. More often than not, a greater amount of cooperation and collaboration is required between homebuyers and homeowners in order for a short sale to push through. Certainly, there is a higher chance for you to buy your dream house at the right price if you have a Wellington Florida short
sale specialist representing you.
Here are just a few examples of what a short sale Realtor can do for homebuyers.
Review purchase contracts
If you have been provided with a purchase contract by the homeowner or listing agent, you can ask your own agent to review it on your behalf. Of course, your agent’s expertise only extends to real estate concerns. If you have concerns regarding the legal nature of the contract, your short sale Realtor in Wellington FL will likely be able to recommend a lawyer who can evaluate the contract for you.
Submit and process purchase contract
If necessary, your agent can take the appropriate steps for the transaction to push through even when you are not physically present to seal the deal. Purchase contracts may, for instance, be signed electronically and emailed or faxed to the other party. Your short sale specialist will make sure that you’ve done everything needed for the contract to be valid and legal.
Obtain preapproval for loan
Wellington Florida short sale specialists more often than not have the contacts to help you apply for loan preapproval. Once your loan has been preapproved, your agent will also make sure that you will have a preapproval letter to submit to the homeowner and his or her agent. Your Realtor will ascertain as well that the validity period will be long enough to cover the time needed for you to close the sale.
Take immediate care of addendum
An addendum to a short sale contract is basically an additional clause that one of the parties has deemed necessary to include. If your creditor has an extra condition for you to comply with, a good Wellington Florida short sale specialist will be sure to notify you immediately of such changes. If you approve of the changes, your agent will also make sure to secure your signature for the added clauses and have the modified contract submitted, signed, and sealed before your creditor changes his mind
about the whole thing.