Orlando Realtors- What’s a short sale package? Video Transcript https://orlandorealtyconsultants.com
Hello Everyone, my name is John Conde with Orlando Realty Consultants Y, Yo Hablo Espanol. Today I’m here to explain exactly what goes into a short sale package.
First question…The young man with the Puerto Rican Flag
Audience – “What makes up a complete short sale package?”
“Great question,… there are many different components that make up a complete short sale package and it’s crucial that your agent gets it right the first time around…. Now before we get into the details of a short sale package it’s important to know why your bank is asking you for all of this documentation.”
“You see, you’re trying to prove to your lender that you can no longer afford to keep the property and you’re asking them to “pretty please” let me sell it for what it’s currently worth so that I can get out from under this huge debt that I owe you.”
“Next question…. Older Gentleman with the headphones”
Audience – “What’s a hardship letter?”
“OK a hardship letter is a letter explaining to the lender the story of why you’re in the situation that you’re in…. Now when you write a hardship letter,.. remember… this letter will be read by another human being so you really want them to feel compassionate about you and your situation…so keep that in mind when you’re writing it and the more details, the better.
Now there are some negotiators that have a very robotic approach to their job and it won’t make a difference at all, but it’s worth a try.”
Some other items that they will ask you for are things like
– 2 years of tax returns…bank statements…-financial worksheet …-paystubs, etc.
Audience -“What if you don’t want to give them your personal financial information?”
John Conde- “Well if you don’t want to give them you’re financial information then your short sale file will be closed and foreclosure proceedings will continue…and that holds true for all lenders. In my 8 years of doing short sales I’ve never had one where the lender doesn’t require the homeowners financial information. So that’s just the nature of the beast.”
OK folks, I have to go…if you have any more questions about what goes into a short sale package just contact our office… feel free to take a card, visit our website or just call us at the number at the bottom of your screen…. Thank you
