Michael Ochoa is a San Antonio Real Estate Broker who specializes in Short Sales. Here are some great tips from him to you on how to increase the chances of a homeowner’s ability to do a short sale — and how to negotiate with the bank.
1. Prepare the necessary documentation including:
o Two years of tax returns
o Current paycheck stubs
o Unemployment benefit statement (if unemployed)
o and your Last two bank statements
2. Sign a listing agreement with the Realtor who specializes in short sales
3. List the property for sale
4. Cooperate with access, showings, offers, and the Realtor
5. Vacate the home following the close of title
6. Be responsible to maintain the home in “show” condition, and
7. The Realtor must cooperate with the lender and negotiators and provide all requested documentation.
Ochoa also states “there are basic requirements for a Short Sale to even be considered”.
They are:
· Little to no equity in the property
· Three months delinquency
· Already established pre-qualified buyer
· Proof of a financial hardship
· An appraisal showing depreciation of value
But first and foremost you need an expert who specializes with lenders and speaks the same language in order to communicate effectively and represent your best interest. Remember if you or someone you know are facing foreclosure, please call ASAP at 1-800-635-9110 in order to get help.
Duration : 0:1:30
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