Fort Lauderdale Short Sale Homes
A Fort Lauderdale Short Sale homes to a Seller means a lot of paperwork and documentation requested by sellers lender. Different lender – different requirements.
In a Fort Lauderdale short sale homes, a Seller must disclose to a prospective buyer that they anticipate a short sale situation. Every short sale seller must inform the Realtor of any and all liens on their property and any changes which may occur in the future.
With almost every Fort Lauderdale short sale homes they will need to provide to the lender(s) follow documentation:
- Hardship letter explaining why they can no longer make payments
- Authorization letter for Realtor or professional negotiator to speak with lender
- Financial analysis form
- Financial updates and forms
- Tax returns, pay stubs, bank statements
- Other items may be required by your lender
Please note that the short sale process and a contract for purchase submitted for a short sale approval will not automatically stop a foreclosure sale. Many lenders will proceed with the Foreclosure procedure, so time is of the essence in a short sale procedure. A foreclosure sale may be postponed by the lender upon acceptance of a short sale agreement, but a postponement is not automatic. A foreclosure may be reinstated after a postponement without further notice to the seller.
Seller is hereby notified that Broker is not qualified to provide financial, legal or tax advice regarding a short sale transaction. Therefore, the Seller is advised to obtain professional tax advice and consult independent legal counsel immediately regarding the tax implications and advisability of entering into a short sale agreement.
Not all Sellers will qualify for a short sale approval! If you stop paying your mortgage, you could lose your home and damage your credit.