Re: urgent advice needed on a short sale - Posted by Carmen_FL
Posted by Carmen_FL on July 18, 2002 at 14:02:27:
-
Send them pictures. Usually these are not high-tech people. They have too many files to look at to take time to look at your CD (and many workstations don’t have CD players)
-
Deposit - do NOT give the deposit to the seller, and do NOT give it to the bank!!! I don’t often have banks questions how much/little is given as deposit; they’re looking at their bottom line. But give whatever deposit it is to the TITLE COMPANY who will be closing the deal and let them hold it in escrow!
-
Net Sheet: Here is a net sheet I use often for the banks. This shows that the seller is not getting anything (the last line, CASH TO SELLER, should always be $0 or negative) and you can figure out exactly how much the bank is going to be making (their only concern) based on what you are offering.
Closing costs may differ by state/area, so figure out what your “normal” costs are. I always add 1 year’s worth of back taxes, just in case; I also add as many other fees as I can think of, because a lot of the times they will come back and “disallow” certain ones for whatever reason. I always add a realtor commission (i’m a realtor, so I get it, but if you’re not, maybe one of your friends is). In certain counties, the seller usually pays the Title Insurance fees, so add those as well. State doc stamps vary by state, so find out what yours are. All these numbers are for South Florida. I’ve had good results with this Net Sheet, so here it is. Mine is in Excel so it calculates automatically.
APPROXIMATE NET SHEET
Property Address:
Loan Number:
Mortgagor:
OFFERED BY:
PROPOSED CLOSING DATE:
SUMMARY OF SELLER’S TRANSACTIONS
Contract Sale Price…$
Reductions in Amounts Due to Seller:
CLOSING COSTS:
Real Estate Commissions - Listing Agent 3.00%…$
Real Estate Commissions - Selling Agent 3.00%…$
State Documentary Taxes (0.70%)…$
City/County Tax/Stamps…$150.00
Recording Fees (Deed, Mortgage, Release)…$110.10
Closing Costs (to Buyer)…0.00%…$
Settlement or Closing Fee…$250.00
Abstract or Title Search…$135.00
Document Preparation Fee…$
Utility Search…$45.00
Lien Search…$45.00
Escrow Holdback for Water…$200.00
Courier Fees…$42.50
Release of Mortgage…$25.00
Other Fees (Describe):…$
Other Fees (Describe):…$
PALM BEACH COUNTY ONLY (Seller Paid Title Ins.):
Title Insurance (Palm Beach County)…$
Endorsements…$
Release of Mortgage…$
OTHER COSTS
Prorated City/Town Taxes (incl. Delinquencies)…$
TOTAL REDUCTIONS TO AMOUNT DUE SELLER:…$
PAYOFF OF FIRST MORTGAGE…$
PAYOFF OF SECOND MORTGAGE…$
HOMEOWNERS ASSOCIATION DUES…$
LIEN (DESCRIBE):…$
OTHER (DESCRIBE):…$
OTHER (DESCRIBE):…$
TOTAL SELLER DEDUCTION:…$
CASH TO/FROM SELLER:…$