Keller Williams Realty
To all of my past, present and new short sale clients:
Effective immediately; I am extremely pleased to offer you my new and improved short sale negotiation process. I am now able to considerably shorten the short sale process (usually receiving an approval within 60-90 days of package submission). I can also negotiate a high percentage of “liability language” off of the approval letter, preserve the realtor commission and eliminate most promissory notes.
My new process requires some additional information from the listing agent. This information is used in conjunction with software to package the transaction in an easy to understand way that ensures quicker processing. The streamlined package together with tried and true escalation techniques enables me to eliminate most of the problems with short sales and significantly shorten the approval time frame. Note: this is not escalation as we presently know it – that is asking the processor to escalate the file because nothing is happening and after escalating still nothing happens.
I am including with this letter my new short sale negotiation package. Do not hesitate to call me with any questions and/or concerns.
As always negotiation is complimentary if the purchase price is $60,000.00 of above and I close the transaction and issue title insurance. Communication is key to customer satisfaction and our system allows you 24/7 web access to your file(s) history so you can better respond to your clients concerns.
Let us process your next short sale and experience the difference!!
Karen R. Spell, Esq.
Required Items from LISTING AGENT
1. Copy of MLS printout
2. Copy of fully executed contract
3. Completed HOA Letter
4. Estimated repairs form (if applicable)
5. Residential Listing Agreement
6. Proof of Funds for a cash transaction or preapproval from a lender for financing offers.
7. 3 Comps SOLD
a. Within 1 mile of the subject property
b. Sold within the last 6 Months
c. ½ or less Bathroom Differential
d. 1 Bedroom or less Differential
e. 15% or less square foot differential
8. 2 Comps ACTIVE
a. (follow a,c,d end e as above)
b. Price History
c. Days on Market
PLEASE NOTE!!!
Submission of these documents as well as the seller(s) COMPLETED short sale package are necessary in order to submit a short sale package to the lender(s)
Required Items from the SELLER(s)
1. Client Information Sheet – completed
2. Authorization and Release Form
3. Hardship Letter
4. Financial Statement
5. Copies of last two months Pay Stubs*
6. Copies of last two months bank statements (all pages) *
7. Copies of last two years tax returns (first TWO pages) *
8. Completed DO NOT CALL Letter – if desired
Date 1st Mortgage last paid: ______________________________
Date 2nd Mortgage last paid: ______________________________
Date HOA Last Paid: ___________________________________
*If you do not have a job, or a bank account, or if you have not filed taxes let me know and I will send you an explanation form to be filled out
I will NOT submit your short sale package until all of the above has been received. Do not hesitate to call myself or Kathy in my office with any questions and/or concerns.
Sincerely,
Karen R. Spell, P.A.
Realtor Info Sheet: For Short Sale Package Submission
Property Address: __________________________________
__________________________________
Borrowers: ________________________________________________________
Commission: ____________% Split (L) __________ (S) _____________
Transaction Fee: _________ (L) ___________ (S)
Listing Agent
Company Name: ____________________________________________________
Agent Name: _______________________________________________________
Email: ___________________________________________
Direct Phone: _____________________________________
Selling Agent
Company Name: ____________________________________________________
Agent Name: _______________________________________________________
Email: ___________________________________________
Direct Phone: _____________________________________
Special Instructions:
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
HOA Letter (Information)
It is vital to the short sale negotiation process that accurate HOA information is on the original preHUD presented to the short sale lender(s).
It is the obligation of the listing agent to obtain HOA contact info from the seller and provide it to my office for us to initiate an HOA payoff request. In many cases there is an upfront charge for the HOA to release the necessary information. In the event that there is an upfront fee you will be notified and can obtain the necessary fee from the seller. There is no master list of all the HOA’s to obtain this information from.
I have seen too many times where the HOA fees are only estimated and the final figures when ascertained upset the approval letter numbers and the short sale lender will not renegotiate the deal.
It is best to order the HOA information as soon as the listing is taken as it may take some time to obtain especially if it has gone to the attorneys for the association.
Name of Association: _________________________________________________
Contact info:
Name: _____________________________________
Email: _____________________________________
Phone: ____________________________________
Fax: ______________________________________
**If there is a Sub Association
Name of Association: _________________________________________________
Contact info:
Name: _____________________________________
Email: _____________________________________
Phone: ____________________________________
Fax: ______________________________________
****The Short Sale Package Will Not Be Submitted without this Information****
Bank & Financial Information Authorization &
Release Form
I hereby authorize Kathy Gallagher, Nicole Schmidt & Carol Giddens with the Office of Karen R. Spell, P.A., Closing Agent, to request, obtain and verify any and all mortgage loan information, including but not limited to, payoff, arrearage, and reinstatement amounts as well as financial history. The information obtained is to be used for the purpose of facilitating the resolution of my foreclosure.
Property Address: ______________________________________________
______________________________________________
1st Lender: _____________________________________________________
1st Loan Number: ________________________________________________
2nd Lender: _____________________________________________________
2nd Loan Number: ________________________________________________
______________________________________________
Borrower Signature
_________________________________________ _______________________
Print Name Date
Social Security Number: _________________________________
Date of Birth: __________________________________________
______________________________________________
Co-Borrower Signature
_________________________________________ _______________________
Print Name Date
Social Security Number: _________________________________
Date of Birth: ___________________________________________
Client Information Sheet
Date: ______________________________ MLS#:_________________________
Seller: ____________________________________ SS#: _______________________
Co-Seller: _________________________________ SS#: _______________________
Property Address: ______________________________________________________
______________________________________________________
Mailing Address: _______________________________________________________
_______________________________________________________
Home #: ________________Cell: ________________Co-Seller Cell: _____________
Email: _______________________________ Co-Seller Email: ___________________
Employer: _______________________________ Phone: _______________________
Address: ______________________________________________________________
Co-Seller Employer: _______________________ Phone: _______________________
Address: ______________________________________________________________
Liens:
1st Lender: ___________________________________ Acct#: ___________________
Phone #: _____________________________ Fax#: __________________________
2nd Lender: ___________________________________ Acct#: ___________________
Phone #: ______________________________ Fax#: __________________________
Other Liens: ___________________________________________________________
Additional Comments:
______________________________________________________________________
______________________________________________________________________
Listing Agent: __________________________ Phone: _________________________
Hardship Letter Guidelines
Remember to state the following items in your HANDWRITTEN hardship letter:
1. Hardships – What are your hardships (current and past) For example – unemployed, car accident, medical problems (personal or family), etc. Go into a little detail about each hardship. The following are the most important messages to get across to the Lender:
a. Why you will not be able to be current again on your loan
b. We do not have enough income to make these payments
c. We are leaving the property
2. Your Assets – Explain that you have no assets with which to continue paying
3. Any signed exemptions of documents – If you do not have bank statements, pay stubs or tax returns, you will need to explain the reason in more details in your letter as to “why” you cannot provide those documents. (i.e. I’ve been unemployed for six months and have not been able to find work) Note – realize that if you don’t have tax returns, then the bank will ask for Extension-Fillings. So, if you don’t have Extension-Fillings either, explain why in this letter. (i.e. “ I haven’t worked in over 2 years and so I haven’t filed taxed nor extensions”, or “I haven’t filed my taxes for the past two years and I failed to file extensions as well”)
4. Bankruptcy – You could also mention “I do not want to have to file bankruptcy”.
Sample Hardship Letter
(Remember, you MUST handwrite your own Hardship Letter to the Lender(s))
To Whom It May Concern:
I have been unable to make my payments on my house, and I am now facing foreclosure. My inability to keep up with the monthly payments is the result of (loss of job, illness, accident, death or disability of a wage earner – describe in detail what your hardship is)
In spite of my current financial difficulties, I expect that it will only get (better/worse). I am not in a position to continue making my mortgage payments. This was not at all what I intended but I have to come to the conclusion that this is my only option.
Your help and consideration in this matter are very much appreciated.
(Signature) (Date)
(Printed Name)
Please Do Not Contact Me by Phone
First Lender: ______________________________ First Loan #: __________________
Second Lender: __________________________Second Loan#: __________________
Property Address: ______________________________________________
______________________________________________
According to the Fair Lending law, I have the right to request that you, my lender, not contact me by phone regarding my loan being in default. I do not wish to speak to any collection agents about this account. Please make any future communication with me in writing or if you must speak to someone regarding this account, please talk to my Real Estate Agent with _____________________________________ or Karen R. Spell, negotiator whom are assisting me in selling my home. The information obtained by my agent/negotiator is to be used for the purpose of facilitating the resolution of my foreclosure.
__________________________________________
Borrower
____________________________________ ______________________
Printed Name Date
Social Security Number: ____________________________
Date of Birth: _____________________________________
__________________________________________
Co-Borrower
____________________________________ ______________________
Printed Name Date
Social Security Number: ____________________________
Date of Birth: _____________________________________
Contact Information:
Real Estate Office: _______________________ Agent: _______________________
Phone#: _______________________________
Karen R. Spell P: 407-306-0454
FINANCIAL STATEMENT
|Date: |Your Loan Number: |
|Property Address: |
|Is your home listed for sale? YES ______________ No _________________ |
|Agent’s Name: |Agent’s Phone: |
|Borrower Name: |Social Security Number: |
|Mailing Address (#, Street, Apt) |
|Mailing Address (City, State, Zip): |
|Employer’s Name: |Length of Employment: |
|Monthly Net/take Home Pay: |Work Phone |
|Total Number of persons living at this address: |Home Phone: |
|Number of children at this address: |
|Co-Borrower’s Name: |Social Security Number: |
|Mailing Address (#, Street, Apt) |
|Mailing Address (City, State, Zip): |
|Employer’s Name: |Length of Employment: |
|Monthly Net/Take Home Pay: |Work Phone: |
| |Home Phone: |
|Have you ever contacted a credit counseling service? Yes |Reason: |
|______________ No ______________ | |
|Additional Income (not wages) $___________/mo |Please explain: |
ASSETS
|TYPE |Estimated Value |TYPE |Estimated Value |
|Home | |Checking Account(s) | |
|Other Real Estate | |Saving/Money Market | |
|Other Real Estate | |IRA/Keogh | |
|Other Investments | |Stocks/Bonds/CDs | |
|Automobile (#______) | |Other | |
Borrower Signature: ______________________________________________
Co-Borrower Signature: ___________________________________
Monthly Expenses
|CATEGORY |DESCRIPTION |MONTHLY |BALANCE |ESTIMATED |PAST |If yes, # of |
| | |PAYMENT |DUE |VALUE |DUE |months |
| | | | | |Y/N | |
| |Second Mortgage | | | | | |
|Other Properties |Other Mortgage | | | | | |
| |Rent Paid | | | | | |
|Automobile |AUTO 1 / Lease | | | | | |
| |AUTO 2 / Lease | | | | | |
| |Gasoline | | | | | |
| |Maintenance | | | | | |
| |Insurance | | | | | |
|Other Loans |Student Loan(s) | | | | | |
| |Finance Company | | | | | |
| |Installment | | | | | |
|Credit Cards |VISA | | | | | |
| |MASTERVARD | | | | | |
| |DISCOVER | | | | | |
| |Other | | | | | |
| |Other | | | | | |
|Utilities |Electrical/Heating | | | | | |
| |Wtr/Sewer/Trash | | | | | |
| |Telephone | | | | | |
| |Cable | | | | | |
|Insurance |Health/Dental | | | | | |
| |Life | | | | | |
|Medical |Doctor/Dentist | | | | | |
|(Not Covered | | | | | | |
|By Insurance) | | | | | | |
| |Medication | | | | | |
| |Hospital | | | | | |
|Entertainment | | | | | | |
|Food | | | | | | |
|Support |Alimony | | | | | |
| |Child | | | | | |
|Child Care |Day Care | | | | | |
|Other: | | | | | | |
|Specify | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
|TOTAL MONTHLY EXPENSES: | |
Borrower Signature: _______________________________________________
Co-Borrower Signature: ____________________________________________
| |
| |
|I (We) understand that the financial information provided is an accurate statement of my (our) loan financial status. I (We) understand and |
|acknowledge any action taken by the lender of my 9our) mortgage loan on my (our) behalf will be made in strict reliance on the financial |
|information provided. My (our) signature(s) below grants the holder of my (our) mortgage the authority to confirm the information I (we) have |
|disclosed in this financial statement to verify that it is accurate by ordering a credit report and to contact my (our) Real Estate Agent |
|and/or credit counseling service representative if applicable. |
| |
| |
|Submitted this _________________ day of ________________, of the year ________ |
| |
| |
|By: ________________________________________ Date: ____________ |
|Signature of Borrower |
| |
|By: ________________________________________ Date: ____________ |
|Signature of Co-Borrower |
| |
| |
| |
|Borrower’s Comments: |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Privacy Act Statement
The FDIC is authorized to request this information from you by 12 U.S.C § 1819 and Executive Order 9397. The main purpose for collecting the information is to determine the financial viability of individuals who seek to influence or resolve their personal liability for any obligation to or claim by the FDIC. Furnishing the requested information is voluntary, but failure to provide the requested information, including your social security number, may preclude any compromise or similar resolution of personal liability for any obligation to or claim by the FDIC. The information you provide may be used according to any of the routine uses described in the FDIC System of Records entitles, Insured bank Liquidation Records, 30-64-0013.
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related searches
- marketing management kotler keller pdf
- bob keller pmi
- kotler keller marketing management 15th
- kotler and keller pdf
- marketing management kotler keller 15e
- tim keller nm state auditor
- keller williams owasso real estate
- keller williams realty collinsville ok
- keller williams owasso ok
- keller williams homes for sale
- kotler and keller 2015 pdf
- kotler and keller 2012