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With Troy Schuyler
Chances are, you’re reading this post because you live in or around Roseburg Oregon and you’re considering a short sale. Maybe you’re looking for a Roseburg real estate expert with distressed home and bank experience to get advice and tips.
No doubt, you’ve been warned that it’s next to impossible to complete a short sale, or short settlement (where you owe more than your home is worth). You may even have even been warned by another Roseburg agent who told you to stay away from any listings that are advertised “selling short.” The fact is, though, most banks have finally figured out how to expedite the process, and even though it’s far from perfect, it can be done…if you know all that’s involved…a qualified expert can help with that, or contact Troy Schuyler here for free help.
If you’re one of the lucky ones still have equity and are just looking for to sell, read my article: Tips For Selling a House For Top Dollar .
Before I break down the upside down home seller’s solution to foreclosure, though, I want to put out a quick caution. You see, there are companies out there who are preying on distressed home owners in Roseburg Oregon and contacting them with an offer something like:
- They (or sometimes one of their employees) will buy your home for much less than owed (short settlement).
- They will negotiate the whole deal for you so you don’t have to worry about it.
- They have their own real estate broker (or company) in their back pocket who will handle the transaction.
- They will shop for a new buyer prior to closing the sale with you, of course to turn a profit.
The are 3 problems with this approach to a home sale…
- Many of those companies, their employees, and their agents are being investigated for dishonest practices and fraud.
- Many of those companies have been shut down!
- It’s a sneaky way for investor to make money flipping houses and not let the bank see all the cards.
Not that I’m not all for getting a great deal on a house, there’s just a right way and a wrong way to go about it. Just be careful what you do if you get contacted by one of these companies, it’s easy to make decisions we regret when faced with financial difficulties and need help.
Okay, so now back to the information you’re here for. If you find yourself in the unfortunate position of needing to sell your Roseburg area home, but you know that you are not going to have enough proceeds at close of escrow to pay off your current home loan/loans, than here’s what you need to do to…
Prepare for Roseburg Short Sale:
Here are the items you will need in order to experience the shortest time frame possible. Remember, the more information we provide right up front, the more smooth the transaction will be and the more likely we’ll be to get the bank to approve our offer to settle short.
- 3rd party authorization: This gives your real estate broker the authority to contact your bank and discuss the listing, negotiate offers, get the balance, owing, etc. you will want to make sure you include your loan number and social security number on this form as well.
- Hardship Letter: You need to explain, in letter form, what is causing your hardship, such as relocating out of Roseburg, illness, death, or reduction of income.
- 2 years W-2′s or Tax Returns: Whether you’re self employed or a W-2 employee, you will need to provide your last 2 years tax returns.
- Last 2 Months of Bank Statements: You will want to make copies of all pages of all accounts. They will reject them if all pages (front and back) are not included.
- 2 Most Recent Pay-Stubs: Again, provide your most recent pay-stubs. They will usually request the last two months.
- Mortgage Statement: This is more for your agent. It will give him/her the account number and phone numbers to contact your bank.
- Call a real estate broker to list your home. Why? All banks now days will require your home to be listed for sale in order to be considered for a short settlement. I service all of Roseburg Oregon as well as Douglas county, but if you live outside the county, simply fill out your information to the right of your screen to contact me for an distressed home selling expert in your area.
Whether you are on the selling or buying end of the short sale process, whether you live in Roseburg Oregon, or you’re outside my “normal” service area, contact me today. I’d be happy to answer any questions you have and refer you to an expert in the city you live to ensure you’re home sale goes off without a hitch.
Whatever you do, good luck and God bless!
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