One important factor in successful short sale negotiations is having your paperwork in order.  From the very beginning I use checklists and systems to make sure we are in a strong negotiation position.

As the file is created I use a “Short Sale Info Sheet” to record necessary information and check off the documents as they are collected from the seller. 

__   Lender #1 Short Sale Package List: ______________________________

__   Lender #2 Short Sale Package List: ______________________________

__  1. Most recent mortgage statement or coupon
__  2. Copy of any letters you have received from your lender regarding delinquency
__  3. Current proof of income (two recent pay stubs from each person on the mortgage)
__  4. Two most recent tax returns (1040 Form, only first two pages)
__  5. Two most recent bank statements (all accounts: checking, savings, etc.)
__  6. Freddie Mac Borrower Financial Information form or one provided by your lender.
__  7. Handwritten Hardship Letter
__  8. Listing Agreement

__  9. Signed Sales Contract

__  10. Estimated HUD -1

Here’s the form: Short Sale Info SheetIf you are fearful of foreclosure, a short sale may be your solution.

Please contact me, Dan Forbes, or call if you have questions about our Bradenton, Florida real estate market at 941-746-0505; toll free 877-646-8326.  Visit my web site BradentonFloridaRealEstate.com  

A local real estate company in our Bradenton, Florida real estate market recently ran a special Open House promotion. They enlisted 100 listing clients to agree to lower their asking price by 10 percent for a BIG one day Open House event. 

They ran huge newspaper ads promoting the Red Tag Open House event. Every listing was featured in the paper as offering a special, one day only, 10 percent discount. Our market was abuzz with the hype!

The event was held, and the results are in. 

Ta, Da…..

Visitors: 250 visitors attended the 100 Open Houses.
That’s an average of 2.5 visitors per Open House.  Those of you who hold Open Houses know that usually it’s the neighbors who always show up. I don’t think 2.5 visitors is quite what I call a success.

Sales: Zero, zip, nada, not a one.
I can’t think of a better demonstration of the uselessness of Open Houses.  In my opinion, the buyers have spoken loud and clear, “We don’t need no stinkin’ open houses.” Nail driven. Coffin closed. Let’s move on.

(Copyright © 2007 By Dan Forbes, All Rights Reserved.)

Please contact me, Dan Forbes, or call if you have questions about or our Bradenton, Florida real estate market at 941-746-0505; toll free 877-646-8326.  Visit my web site BradentonFloridaRealEstate.com  

I am working on a short sale for one of my listing clients.  One of the first steps I take is to send in an Authorization to Release Information Form which allows the lender to speak with me about my customers account.

That process may take up to a week. 

Today I called to verify they have me authorized and requested a copy of their short sale documentation checklist.  They immediately faxed me two forms.

Form One is the documents they will require:

1. Financial Worksheet
2. Current proof of income report (2 recent pay stubs from all mortgagors)
3. A letter explaining the borrowers hardship
4. A copy of the borrowers most recent tax returns (1040 form, first 2 pages)
5. Listing agreement
6. Signed purchase agreement or sales contract
7. Seller net sheet or Hud-1 Statement
8. Buyers Pre-qualification letter from the lender or if cash purchase, proof of funds from the bank.

Form Two is the Financial Worksheet.  You can see both forms in this Adobe PDF attachment.   Wells Fargo Short Sales Package

Now, my job is to find a buyer for the property.  When we have an executed contract all of this info will be sent to the lender and the negotiations will begin.

(Copyright © 2007 By Dan Forbes, All Rights Reserved.)

Please contact me, Dan Forbes, or call if you have questions about or our Bradenton, Florida real estate market at 941-746-0505; toll free 877-646-8326.  Visit my web site BradentonFloridaRealEstate.com  

When Mark Twain once heard reports about his own death is famously said, ”The reports of my death have been greatly exaggerated.” Well, recently a number of news articles have given the impression that more people were leaving the state of Florida than arriving. That just isn’t so.

A new study just released by the University of Florida show that Florida’s population growth has slowed, but the state stands to add more than 300,000 people a year for the next few years. The report shows that Florida’s population grew by 331,000 between 2006 and 2007.

Stan Smith who led the research said, “What is considered a slow year for population growth in Florida would be considered a fast year for most states.”

I can tell you this about our Bradenton, Florida area.  Our winter residents are arriving as usual.  I see them everywhere already on the roads, in the stores, at the beach.  And, it seems that they have brought their checkbooks with them this year. They are looking at Bradenton real estate and seeing great value. They are buying homes and fulfilling their dream of becoming Floridians.

To all of them we say, Welcome.

(Copyright © 2007 By Dan Forbes, All Rights Reserved.)

Please contact me, Dan Forbes, or call if you have questions about or our Bradenton, Florida real estate market at 941-746-0505; toll free 877-646-8326.  Visit my web site BradentonFloridaRealEstate.com 

This week I am making calls to many of my past clients and friends to wish them a Happy Thanksgiving! If I wasn’t able to reach you by phone please accept my wish by means of this post.

This time of the year I enjoy expressing my gratitude to God and those who are special to me.  I count you among those special people.

Thanks for your business, your friendship, and your referrals.  May you and your family have a blessed Thanksgiving!

“As we express our gratitude, we must never forget that the highest appreciation is not to utter words, but to live by them.” John F. Kennedy

“The Pilgrims made seven times more graves than huts. No Americans have been more impoverished than these who, nevertheless, set aside a day of thanksgiving.” H. U. Westermayer