As we have discussed before there are new players coming into the loan servicing business. Additionally, because of new rules and guidelines for banks, some are getting out of the loan servicing business. When one bank/servicer sells its loan servicing rights to another servicer the loan is “service released” to the new servicer. When negotiating…
- Tag: service released
What Agents Say
The Seller’s Agent has two main responsibilities in a short sale: 1) help gather the required financial and hardship documents from the Seller, and 2) be present at and prepared for the BPO/Appraisal ordered by the lender. The Buyer’s Agent’s main responsibility is to make sure that the Buyer is qualified financially and will be able to close within 30 days of the short sale approval. If the Buyer is getting a loan, the Pre-Qualification letter must be submitted in the short sale package. If the Buyer is using cash they will need a Proof of Funds.