Each Bank has a similar, yet different, process. It is Critical for your agent to KNOW the process. All the i's must be dotted and the t's crossed.
If anything is missing or incorrect - the bank is not going to call and ask for the documents - they have too many files on their desk - they will just move on to the next file.
Before you List your property - Your agent will provide you with the specific bank documents you need to complete. Along with those documents, gather the following documents for your agent:
- Most recent mortgage statement for all lien holders
- 2 most recent pay stubs
- 2 most recent bank statements
- 2010 and 2011 Federal Tax Returns - signed - with all the schedules
- 2010 and 2011 W2's --- or 1099's
- Recent gas or electric bill that has your name on it
Be prepared to provide updated pay stubs & bank statements every month throughout the process.
When you have everything ready - then your agent needs to go over all the docs to make sure EVERYTHING is there - signed in the appropriate places.
You can then list the property on the Open Market - Hopefully in the appropriate MLS system. Not all agents are members of the primary systems - MI Real Source and RealComp. Ask to see ALL listing tickets.
IF you qualify for HAFA - the bank will order the appraisal and come back with a value for your property.
You will KNOW what amount the bank is looking for.
If your current mortgage is an FHA loan - there are offer guidelines to be aware of. The buyer will NOT get any seller concessions, unless they are getting an FHA loan - in which case, they will still only get 1% in concessions to help with their closing costs.
Again - it is CRITICAL that your agent KNOWS what (s)he is doing. They have to be committed to seeing the process through from A to Z.
Call us for more Info or if you would like a Confidential Consultation