camilleandbella wrote:
You mentioned that you helped someone in Hernando County. Do you fly out to Florida prepare the documents?
Another Question.......
I was on realtor.com looking at houses in my zip code and came across this.
ORLANDO, FL 32822
MLS ID# S4625954
What exactly is a short sale?
I actually don't prepare any of the closing documents. I am a loan officer, so my job is to help people get qualified for a loan program and give them advice on which is the best to fit their situation/needs. I go through the initial approval process with them, gather up documents, complete a loan application together, and then when I have all of the documents I need I submit it to an underwriter to confirm that you are approved. After you are approved you get a "formal approval", which lists conditions (think requirements) for the underwriter to complete the approval and then enable the doc drawer to draw up the final loan documents. Those conditions are usually an appraisal on the home, a title report from a title company, evidence of homeowners insurance from an insurance company (which you select), and anything else unique to your individual situation. After those items are gathered and submitted to underwriting, they issue the final approval (called the 'clear to close') and then the docs are drawn up by the doc drawer, sent to the closing agent (usually chosen by the seller in Florida) who is local to you, and you'd go into the closing agent's office (like First American Title, etc.) to sign documents. In Florida the day you sign the final documents is usually the day you own the home, in states west of the Rocky Mountains it's usually a couple days after you sign.
A short sale is where the homeowner is selling their home for less than what is owed on the property... so the lender who has the mortgage against the home has to approve it. These transactions take quite awhile to get your offer approved, I was helping someone out in California who was waiting over a month for the mortgage lender on a short sale to approve the contract. The rest of the process can move pretty slowly too, since not only is there the homeowner and their agent involved, there is representation from the lender that has to approve items as well. If the short sale price isn't lower than other listings in the area that aren't short sales, I usually recommend avoiding them... you want to make sure you get a deal if you are going to have to go through all of that extra trouble.
Message Edited by ShanetheMortgageMan on
01-06-2008 02:34 PM
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