Northern Virginia -- Market Experts! Market Leaders!

Completed

Required Action(s):

R&R Team realtor to brief seller/ client on short sale process, the roles of negotiator versus the R&R Team and payment for services

Have seller/ client to visit this web site (http://www.makinghomeaffordable.gov/) to determine if existing primary loan is held by Fannie Mae or Freddie Mac as the investor-loan holder. Seller/ client should also generally review this web site to determine if the loan, the property and the owner meet Federal eligibility criteria for loan modification. Seller/ client should have the results of this search when meeting with the negotiator and the realtor. Likewise, the seller/ client may wish to do a free credit check at http://www.freecreditreport.com/. The credit check can be done in two easy steps and not lower the existing credit score. An excellent score is 175 or above

Provide seller/ client with copy of negotiator agreement and short sale requirements checklist – if possible, arrange for loan modification versus short sale assessment meeting or telephone conversation between negotiator and seller/ client

Meet with client and negotiator, as appropriate and when possible. If decision is to proceed with a loan modification rather than a short sale, client will work directly with negotiator and R&R Team will only assist as and when requested (negotiator has primary role going forward with client)

If a negotiator agreement is signed and a decision is made to proceed with a short sale, assist seller/ client in completing necessary forms and providing needed documentation to negotiator, as appropriate

Advise the seller/ client that from the moment the agreement with negotiator is signed for either a loan modification or short sale, any and all communications with the seller’s/ client’s lender(s) will be only and solely through the negotiator. If the seller/ client receives an inquiry from any lender(s), the seller/ client should refer that inquiry to the negotiator for a response. Any communications or actions by the seller/ client with a lender(s) can have adverse repercussions on the outcome of negotiations. NOTE: The R&R Team rep will never communicate directly with the seller’s/ client’s lender(s) – all communications involving a short sale will be handled through the negotiator

Advise the client to contact a CPA to address any tax implications or a lawyer on any legal questions or concerns that the client may have (neither the negotiator nor the realtor are a CPA or a lawyer)

If a property is a short sale candidate or if a pricing analysis is needed to confirm property meets candidacy criteria for a loan modification, the R&R Team realtor will complete the property listing questionnaire/ visit the property, provide seller/ client with a comparative market analysis (CMA) and/or proposed marketing plan

As applicable, R&R Team and seller/ client will sign a listing agreement/ other needed listing documents to sell the property

As applicable, R&R Team to provide negotiator with a Broker’s Pricing Opinion with CMA and gallery printouts attached and a copy of the signed listing agreement

Depending on lender(s) short sale application procedures and negotiator recommendations, the R&R Team will proceed with listing of the property in the MLS, showcase the property listing on the Internet and complete other marketing plan efforts when so directed by seller/ client

Upon ratifying a short sale acceptable contract (signed by seller and buyer and including a buyer loan approval letter or proof of funds for an all-cash offer), provide the ratified contract, a preliminary HUD-1 from a settlement company and supporting documents to negotiator for submission to lender(s)

Establish a contract milestone checklist when negotiator receives notice of third party/ lender approval(s) and assist the seller/ client to execute the contract to settlement/ closing. Again, any communications with the seller’s/ client’s lender(s) will be only and solely through the negotiator