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Short Sales in Charleston, SC – Pull It Together First.
Aug 05, 2008 • By Places Real Estate • 2 Comment
Interested in Selling your Home in Charleston but owe the bank more than it’s worth? Interested in Buying a Home that’s in distress? It’s time to get your ducks in a row first. Here’s some of the information, in addition to your attorney’s and accountant’s advice, that you need to pull together:
· Contact the Lender – it will take time but find the right supervisor and who makes the decision regarding your mortgage.
· Submit Letter of Authorization– allows for your Realtor to gather the information required to facilitate the transaction.
· Preliminary Net Sheet – an estimated closing statement, which can be prepared by your Realtor or your attorney.
· Hardship Letter – detailing how you got into this financial bind and makes a plea to the lender to accept less than full payment.
· Proof of Income and Assets – don’t leave anything out…savings accounts, money market accounts, stocks or bonds, negotiable instruments, cash or other real estate or anything of tangible value.
· Copies of Bank Statements – your lender may ask for verification of all deposits and withdrawals.
· Copies of Two Years of Tax Returns
· Comparative Market Analysis – which can be prepared by you or your Realtor.
· Copy of your Listing Agreement with the Realtor’s Agency
· Purchase Agreement – the lender may not agree to all the items requested by the potential Buyer. Be prepared.
Easy? No. Get advice early and stay diligent in your pursuit of the short sale. Obtain advice from your lawyer, accountant, and Real Estate agent. Need help in Charleston? Need a report on short sale opportunities in Charleston, Mount Pleasant, Isle of Palms, Sullivan’s Island, West Ashley, and Kiawah? Contact me at Places Real Estate today and I’ll email you a report based on your criteria.
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