Short Sales - The Closing
Steps to Close
- The Agent/Title company recieves the approval/demand letter. The Agent must forward it to the Title company in most cases. Demand letters or release letters must be submitted for all loans.
- Title company works up the settlement statement exactly as stated on the approval letter. None of the numbers can be changed at this point.
- Line 603 must net ZERO woth NO money to the seller. The demand letter must be revised in order to change the figures on the HUD-1.
- The HUD-1 is faxed back to the lender(s) to review and approve. The second lien holder who has issued a release must also be sent the final HUD-1 to review and approve ( This is in BIG BOLD PRINT on every letter.
- ONLY after the lender(s) has approved the final HUD-1 are you authorized to close !
Reminder:
The foreclosure process will continue while the property is listed and even during negotiations of a short sale. Please ask for a postponement of the foreclosure sale if a legitimate offer is pending. Do not assume the negotiator is aware of the pending foreclosure sale.
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Think Clarksville * Think Fort Campbell * Think Real Estate * Think Roland
Licensed in both Tennessee & Kentucky. Please don't keep me a secret, if you know anyone looking to BUY or SELL, Please send me their contact informtion and give them my name and number.
View my website at Clarksville Home Information or Fort Campbell Housing
Roland Woodworth is a member of NAR's Short Sales & Foreclosure Resource
Roland Woodworth, REALTOR ® Exit Realty Clarksville
Call: 931-320-9411
E-Fax: 866-596-2172
Clarksville TN Homes For Sale, Clarksville TN - Roland Woodworth, REALTOR
I specialize in helping families relocate to and from the Clarksville, TN and Oak Grove, KY - Fort Campbell, KY and the surrounding areas. I have the tools to market your Home For Sale including New Construction, Short Sales, Foreclosures, Distressed Properties. I'm a US Army Verteran still serving the Clarksville, TN amd Ft Campbell, KY area. Looking to sell your home,give me a call at 931-320-9411
TN Lic # 273649 - KY Lic # 57120
Keller Williams Realty
2271 Wilma Rudolph Blvd. Clarksville, TN 37040
Each Keller Williams Office is Independently Owned & Operated
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Roland, interesting series on short sales. BTW I noticed that your will soon be #2 in the state - Congratulations...
Your building consultant for life in Nashville, TN
Roland,
Way to Go! Very good information! Sounds like things are working out great for you! Keep doing what you are doing!
Judy
Michael: Thank You... It will all be tied together soon. Lost the tie in post when saving last night at 2 AM. Maybe it will be better the 2nd time around :)
Judy: Short Sales are interesting. I will keep on going on...
Hi Roland! Forgetting to ask for the extension of the foreclosure is a BIG mistake that novices make--they don't realize that these are two, totally separate departments and the left hand does NOT always know what the right hand is doing! As a matter of fact, they RARELY do! Great series--you'll have to pull this together into one final one for even more SEO!
Have a safe and wonderful Independence Day...
Thanks Debe.. I plans to finnish the combined post this weekend. I had worked for 1 1/2 hour on it a few days ago and lost the post when I went to save it.:(
That stinks! I've had that happen before and it just makes you crazy! Nvu used to crash on me all the time and I finally got into the habit of saving after each paragraph!
Have a great Fourth!
Debe: I will be posting the combined post today..