Realtors

Important Things to Note

1. The listing agreement (at least the first 8 pages) must be in wet signatures unless otherwise stated. Many mortgage companies still won’t allow electronically signed documents.
2. Any offer accepted will need to be in wet signatures (first 11 pages) unless otherwise stated. Many mortgage companies still won’t allow electronically signed documents.
3. You will receive weekly updates on your file by Friday evening. If you do not receive them, please check your spam. Once an offer is accepted, we are more than happy to add the buyer’s agent to these updates as well, upon your request.
4. The mortgage company will order an interior Appraisal or BPO (Brokers Price Opinion) to obtain a value on the property. As a courtesy, Capital Short Sale Group will have a representative present at this valuation to ensure that the value comes in as accurately as possible. I would like to be the point of contact for this, so please send the appraiser or BPO agent to us directly if they contact you first.

FAQ

• List the property at what you feel is fair market value.
• When creating the listing agreement, include the short sale addendum and as is addendum.
• Commission is 6% of the sales price.
• Our documents CAN be electronically signed. “Buyer Fee Agreement” and “amendment to Real Estate Contract” need to be uploaded in the disclosures on the MLS.
• For any contracts received, I do suggest a 60-90-day closing date. We can certainly close sooner once we have the approval letter.
• All offers must be accompanied with proof of funds or preapproval. If the Buyer is an LLC, then we need articles of incorporation along with an operating agreement.
• The approval letter comes at the end and will outline all the terms of the short sale. This is where you and your client will find any information about potential deficiency’s and whether the remaining balance on the loan will be waived or not.
• Capital Short Sale Group charges 1 % or $2,500.00, whichever is greater. This is paid at closing upon a successful short sale. This fee will most likely be on the Buyers side of the settlement statement.
• You can use whichever title company you prefer; however, we do have our favorites -Terrain Title & Escrow and Dulaney Title & Escrow.

Below is a list of items that will need to be collected from the Sellers for the short sale. We will need these items even if the Seller has filed or is currently in Bankruptcy. We are more than happy to personally meet with the sellers or mail the package to them – whatever we can do to make this transaction as easy as possible!

1. 30 days of most recent proof of income (i.e. pay stubs, disability award letter, pension award letter, etc.)
2. 60 days of most recent bank statements (all pages, even if blank)
3. Entire last two years of tax returns (2019 & 2020) Tax Returns (federal and state; all schedules), if filed.
4. Mortgage statement with account number
5. Hardship letter (simple, two sentence or paragraph letter explaining what happened and why you no longer can afford your mortgage payments)

If the Seller is deceased, please provide:

1. Copy of the death certificate(s)
2. Copy of the Letters of Administration naming the Personal Representative of the Estate
3. Mortgage statement with account number
4. Hardship letter (simple, two sentence or paragraph letter explaining what happened and why you no longer can afford your mortgage payments)

Downloads

CSSG-Seller-Package
CSSG-Service-Agreement-Buyer