Real Estate Agents & Brokers
Short Sale Simplified for Real Estate Agents
In today’s challenging market, most listings are likely properties that require short sales. Kucan & Clark Partners, LLC
is well aware of this fact and we are willing and able to help! We will be your CASH BUYER and we will negotiate with the bank (we negotiate as the buyer, and NOT as a 3rd party). We have designed a system for you that will allow you to concentrate more time on getting listings, getting more commissions and saving your precious time! This web-based system will allow you and your client (the homeowner) to download all the required documents in the short sale process. Another huge feature for your client is the fact that they can view the status of their short sale in Real-Time while you focus your efforts on getting your property sold!
When you get a short sale listing go onto ShortSale-Experts.com
, open an account, get your password protected login and immediately download your specific short sale requirements. Gather all the documents including your end buyer contract and then upload them to the site and let Kucan & Clark Partners, LLC.
handle the rest. Here is a list of typical short sale requirements:
Typical Short Sale Requirements (to be collected from the homeowner)
- Hardship letter – which states what happened to cause you to fall behind, when it happened, and what you’re doing to fix the situation
- Financial worksheet – a breakdown of all your income and expenses
- Your last month of pay stubs or a recent profit and loss statement if self-employed. If you can’t provide either of those then you’ll need a signed and dated explanation of why.
- Your last two months of bank statements
- Your last two years of tax returns (the first two pages only)
- Purchase and Sales Agreement and a listing agreement
Before we can start on the short sale, we will need to collect the necessary paperwork from the seller. This includes an authorization form, purchase and sales agreement (with one of our Managing partners as the buyer), and hardship letter, among others (required documents are listed within each lender’s short sale package). In most cases we’ll also need a listing agreement. Once we have those documents we will be able to start the short sale. Once the process has been started you’ll be able to follow up on it whenever you want by just logging into your account.
What challenges have short sales presented for REALTORS®?
The rapid increase in the number of short sales, and the short sales process itself present a number of challenges for REALTORS®. Major challenges include:
- Limited experience
Many REALTORS® are new to the short sales process; a difficulty which is compounded by many lenders' lack of sufficient and experienced staff to process short sales. Even if the REALTORS® are experienced, most servicers are under-staffed and still not adequately trained, making negotiating a short sale particularly difficult.
- Absence of a uniform process and application
Even in the days of HAFA, both short-sales documents and processes are lender-specific, making it very difficult and time-consuming for REALTORS® to become knowledgeable and efficient in facilitating these transactions. The HAFA short sale often run into its own challenges, requiring the short sale to be processed through the lender-specific program anyway.
- Multiple lenders
When more than one lender is involved, the negotiations are much more difficult. Second lien holders often hold up the transaction to exert the largest possible payment, in exchange for releasing their lien, even though in foreclosure they will get nothing.
As a result of these challenges our members have reported difficulties with: unresponsive lenders; lost documents that require multiple submissions, inaccurate or unrealistic home value assessments, and long processing delays, which cause buyers to walk away.
What is being done to address or eliminate these challenges?
Create your account today to get started!
WORK WITH KUCAN & CLARK PARTNERS, LLC.