Knoxville TN Real Estate Blog

Diary of a Short Sale - Week 2

 Diary of a Short Sale - Week 2

After our initial submission of a nearly 100 page packet to the Wells Fargo short sale department it became a waiting game.  After several days of no contact from Wells Fargo we called them at the end of the week.  The first few times we called the short sale department we kept getting sent to a voicemailbox and had to leave a message.  After we did this a number of times we decided to select the option as a consumer instead of a real estate agent and we finally got a hold of a real person!  The conversation was very pleasant.

They had our packet, we had been assigned a short sale coordinator and the internal BPO had been ordered!  We were shocked that we didn't have to send the packet again and it appeared that this might not be so bad....

As an extra bonus we were given the "real" phone number for the short sale department (this is actually how they referred to this "special" number) - I guess only reserved for a privileged few!

 

 

 

Instantly search all properties for sale in the Knoxville TN and surrounding areas now!
www.HomesForSaleKnoxville.com

Visit Christine McInerney and Jennifer Halinkowski with Keller Williams Realty on-line at:
www.HomesForSaleKnoxville.com and www.KnoxvilleReal-Estate.com

Office: (865) 694-5904
Christine (865) 237-5289 and Jennifer (865) 621-3658
Mail to: McIn-Kowski@HomesForSaleKnoxville.com

Knoxville TN EcoBroker           Green REALTOR in Knoxville TN         Knoxville TN ePro

Instantly Search For All Knoxville, TN Homes , Condos , and land For Sale!!

 Knoxville TN Realtor

Knoxville Real Estate on FacebookKnoxville Real Estate on TwitterKeller Williams Knoxville on You TubeChristine McInerney Keller Williams KnoxvilleKnoxville Real Estate on MySpaceSubscribe to Knoxville Home ExpertKnoxville Green Team About Knoxville TNFree Knoxville Home Search

 

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 Christine McInerney and Jennifer Halinkowski - Knoxville TN Real Estate - Keller Williams Realty Knoxville Copyright © 2009

Please visit us at www.HomesForSaleKnoxville.com and www.KnoxvilleReal-Estate for additional information about the Knoxville TN area, Knoxville Relocation, and Selling and Buying Knoxville Real Estate.

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Diary of a Short Sale - Day 1

Short sales are a very common word now a days, but few people understand the actual ins and outs of what short sales are and how they work.  Therefore, we have decided to outline and blog about our experience in working a short sale.

Please check back daily for a real-time short sale negotiation as it unfolds. 

Background Information: The seller has 2 mortgages - the first lien is with Southeast Mortgage (a local Knoxville lending company and a division of Wells Fargo) for $219,000.  The second lien is with Wells Fargo for $100,000.  Our first call went out to Southeast Mortgage who promptly told us that the second lien holder (Wells Fargo) would need to release their lien before they would consider a short sale.  So our first order of business is to start negotiating with Wells Fargo.Work With Short Sales in Knoxville, TN

 

We initially had the home for sale, marketed as a short sale for $315,000.  We had it at this price for one month and some activity, but no offers.  Then on May 1, we lowered the price to $299,900 and that seemed to be the magic number.  Since then we have received 2 offers and a possible 3rd.  Wells Fargo has instructed us and the seller to prepare the following documentation:

 

Short Sale Documentation-Hardship Letter (prepared by home owner)

-Financial worksheet (prepared by home owner)

-2008 W2, unemployment stubs and bank statements (provided by home owner)

-HUD 1 for each offer

-Offer or purchase agreement signed by the seller, buyer and real estate agents

-Listing agreement

-a 3rd party authorization form (authorizing Christine and I to access the loan information and negotiate with Wells Fargo)

 Along with this documentation, the state of Tennessee has just created their first short sale addendum forms (they came out today actually) which we are having all parties sign as well.

We have all of this documentation ready and tomorrow we start the process and phone calls...

Negotiating a short sale with 2 lenders

knoxville green realtor

Instantly search all properties for sale in the Knoxville TN and surrounding areas now!
www.HomesForSaleKnoxville.com

Visit Christine McInerney and Jennifer Halinkowski with Keller Williams Realty on-line at:
www.HomesForSaleKnoxville.com and www.KnoxvilleReal-Estate.com

Office: (865) 694-5904
Christine (865) 237-5289 and Jennifer (865) 621-3658
Mail to: McIn-Kowski@HomesForSaleKnoxville.com

Knoxville TN EcoBroker           Green REALTOR in Knoxville TN         Knoxville TN ePro

Instantly Search For All Knoxville, TN Homes , Condos , and land For Sale!!

 Knoxville TN Realtor

 

 

Knoxville Real Estate on FacebookKnoxville Real Estate on TwitterKeller Williams Knoxville on You TubeChristine McInerney Keller Williams KnoxvilleKnoxville Real Estate on MySpaceSubscribe to Knoxville Home ExpertKnoxville Green Team About Knoxville TNFree Knoxville Home Search

 

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*

 Christine McInerney and Jennifer Halinkowski - Knoxville TN Real Estate - Keller Williams Realty Knoxville Copyright © 2009

Please visit us at www.HomesForSaleKnoxville.com and www.KnoxvilleReal-Estate for additional information about the Knoxville TN area, Knoxville Relocation, and Selling and Buying Knoxville Real Estate.

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