The Home Dream Team Specializes In Short Sale & Foreclosure Transactions!
We have been working closely with many lenders to help our clients through this difficult time. Each lender has a different short sale process & we would like to give you the 'inside advantage'!
If You Are A SELLER Thinking About A Short Sale, Let The Home Dream Team Help You!
We Have Worked Many Deals With The Following Lenders: Countrywide, Bank of America, Wells Fargo, AIG, First Horizon, IndyMac, Freddie Mac, & More!
Our Team Has Closed Over 20 Short Sale Transactions In The Last Year & A Half!
We Have Even STOPPED Foreclosures!
To Begin A Short Sale:
Sellers Will Need To Gather The Following Information:
- Current 3 Month's Bank Balances (Checking & Savings For Each Borrower), Medical Bills, Utility Bills, Child Care Invoices, Alimony/Child Support Bills, School Invoices, Car Payments, Insurance Payments, Etc.
- A Monthly Budget Of All Income & Expenses.
- Last Two Years Of W-2's & tax information.
- Hardship Letter Explaining The Reason(s) For Requesting A Short Sale.
- A Signed Authorization Form For Each Loan Account (also includes Home Equity Line of Credit).
The Home Dream Team Can Provide You With A Short Sale Preparation Package To Help You Gather All The Necessary Documents.
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If You Are A BUYER Looking To Purchase A Short Sale Home, Let The Home Dream Team Help You!
We Will Keep You Up To Date On Each Phase Of The Process & Keep You Informed Throughout The Buying Experience.
Each Short Sale Has A 3 Phase Process:
Phase 1: An offer has been made on a property. The listing agent has to send the following to the bank: the listing agreement, the full listing, authorization to speak on the client's behalf, a hardship letter, financial statements from the past three months, full contract, buyer lender letter, & a preliminary HUD. Times vary by lenders, but most have a 30-45 day update time.
Phase 2: An appraisal of a property is ordered. Once into the bank, a bank negotiator is assigned. Once the negotiator is assigned, they will look over the short sale package from phase 1 & request any missing documents or to update any financial documents. Once they have everything in, they will complete the short sale package & send it to the investor. Times vary by lender, but the negotiator has approximately 30-60 days to complete this phase.
Phase 3: The investor is sent the complete short sale package & reviews all the information. They have 30 days to either accept or reject the offer & sale.
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