Florida Short Sales Specialists

9425 Sunset Drive, Suite 142 Miami, FL. 33173

Tel: 305-275-9646

fax : 786-999-0711

Email : flshortsale01@aol.com

Contact Jenine or Mona

 

 What is a Short Sale?

Here is a very brief description of how it works. This is just enough so that you can have an idea if it is time to talk to someone from our short sale department about your listing.

If your listing or someone’s house (it does not have to be listed at the time, but it will have to be listed once the short sale procedure starts) is heading for foreclosure or they have missed the last 2 payments, it is time to start talking to our short sale people.

This part of the real estate market is booming! There are a lot of homes that are going into foreclosure. This will create opportunities for realtors and for buyers.

Not everyone is a good candidate for a short sale. If a person wants to do a short sale on his property because he is coming out of pocket every month to pay for the mortgage and he has 3 other properties or $40,000 in the bank, then this is NOT a good candidate for a short sale because the bank is going to want that person to use up all his resources before they forgive a large part of the mortgage.What will it cost?

The Seller will pay a $299.00 Processing fee in advance to Florida Short Sales.

The realtor will get $100.00 of the processing fee if the deal closes. If it does not close it is used to pay the processor for working on the file.

The realtor will pay ZERO from their commission!!! You will actually make $100 from the processing fee.

We charge the bank a Loss mitigation fee (which is almost never approved) and a legal fee for our services (which is almost always approved). This is what we make. Closings MUST be at Southern Title Group.

In the unlike event that both the Loss Mitigation Fee & the Legal fees are not approved, then the realtor would have to pay $1000.00 from the Listing Commission. This is only if the bank does not pay us anything. This is highly unlikely. Honestly I have not seen a bank not approve a legal fee before. But I want to cover this now and not after it happens.

The only thing that the realtor will have to do is collect signatures on the packages. That is it.

We take care of the rest and the Realtor can concentrate on Real Estate and not the tedious process of a short sale.

HOW TO GET STARTED:

Step by Step Process: 

  1. Pick up a short sale listing package along with the package for the specific bank/s.
  2. Have customer sign all documents.
  3. Provide all documents referred in the Documents Needed List:
  4. Turn into the short sale department along with the $299 check made out to Florida Short Sales.
  5. Once you have an executed contract the short sale process can begin, turn in all contracts offers ASAP.
  6. Our department will send you emails with the status on short sale packages.

DO NOT CALL THE OFFICE TO FIND OUT THE STATUS OF YOUR FILE.

 

If you would like the status of your file please send an email to the flshortsale01@aol.com and they will email you the status of your file

 

List of Documents Required: (all the following documents can be found on floridarealtyofmiami.com

  1. Listing Agreement
  2. Status Change Form
  3. Short Sale Addendum
  4. Short Sale disclosure
  5. Financial Form
  6. Short Sale Service Agreement
  7. Bank Package

List of Documents Required From Realtor:

  1. CMA
  2. MLS

List of Documents Required From The Customer:

  1. Last 2 years income tax returns include W2’s. (if no returns have been filed a short letter stating so, date and sign)
  2. 4 months of most recent bank statement (if no bank accounts letter stating so).
  3. Brief letter with status of 401K, CD’s or any other assets. (If none letter stating so).
  4. All documents must be signed on listing agreement package as well as per bank package.
  5. Last month pay stub.
  6. A copy of all bank coupons.
  7. Hardship Letter 
  8. PLEASE INCLUDE ALL LIEN HOLDERS INCLUDING 1ST MORTGAGE HOLDER, ANY 2ND MORTGAGE HOLDER, AND OR ANY LINES OF CREDIT.

If you are aware of any liens, violations, etc. Please disclose as the earlier I have the information the better this will be for you. It is imperative that you disclose any material facts that may affect the process.

SHORT SALE SERVICE AGREEMENT

Bank Packages:

GMAC

Washington Mutual

Home Equity

Ocwen Bank

All Other Banks

Florida Realty of Miami 9415 S.W. 72 ST. Suite 236 Miami, FL 33173
Phone: Cell: Fax:

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