With US banks making more money on Short Sales than REOs, they are encouraging more home owners to try Short Sales. But here’s the rub! Consumers no longer trust the banks specially after the Loan Modification disasters which proved to consumer that banks were not really interested in helping them.
To complete a Short Sale Banks require a whole lot of information from these home owners who have decided to ignore their Bank for the past 2-3 years. And that’s where the Realtors come in to rescue the banks once again. It was a strange feeling, but the presenter at a major US bank event even mentioned the word “partnership” when referring to Real Estate agents. But what the banks mean by partnership is really “Clerical” work for the reatlors to collect the required paper work including:
Financial Hardship Letter from owners
List of Assets and Liability
Pay Stubs for 30 days
Taxes for the past 2 years
Income & Expense Statement
HUD -1 Settlement Statement
Fully Executive Purchase Contract
Fully Executed Short Sale Addendum
We keep wondering if this is the kind of partnership that the banks are talking about where we share ALL the critical information that could doom the partnership. I am reminded of the recent TV Commercial I saw for a California Credit Union which was tagged as “Not a Bank”! When a bank does NOT want to be called a bank, you know there is something wrong with this 4 letter word.If you would like any help with your dysfunctional relationship with your bank or don’t want to talk to them anymore, give us
But before you agree to a Short Sale you should get a Free eBook on your home’s value in today’s Market.