Click on the photo of the graphical image showing today’s Santa Clarita market activity to view the brand new SCV listing inventory.
With the lending requirements getting tougher – make sure you are keeping your lender updated with your most current information.
Regarding Short Sales– Here is one for those Short Sale Sellers experiencing the process or about to embark on a Short Sale.
Make sure you understand that you may be asked for paperwork that seems unreasonable and repetitious.
It is not uncommon for banks to ask for the same paperwork, with new dates and new signatures. Your agent may be able to run a bit of interference with the providing of the same paperwork you had filled out before, but some banks have started to take measures to ensure the hand writing is consistent.
Letters of Hardship, pay check stubs and utility bills are very commonly needed to be updated and sent into the Short Sale department of your bank. If you notice, one of the things in the above “most frequently requested” items would probably not change much. That is the “letter of hardship”.
However, banks ask for “updated” letters of hardship quite often. In the beginning of our dealing with Short Sales, I would explain to the bank’s assigned negotiator that nothing had changed. The bank would respond they need a new one. I would counter, again, with nothing had changed. The Negotiator at the bank, who was handling the short sale file, would respond, Just change the date and send it back to us.
Today, I don’t argue. I just press forward giving the bank what they ask for. I also make sure our clients keep everything consistent during the short sale process. Nobody knows what “future reveiws” will take place when this Short Sale market is over.
Liken that previous statement to the all of the lenders that are now being reviewed – several years after the “height of the real estate” market and when the loans were given out when a person only needed breath in their lungs to get a loan.
The Same may hold true for the home you sold short in today’s market. Therefore, make sure you are providing accurate information, to the best of your remembrance, and you will be able to sleep in peace and stop looking in your rear view mirror.
Foreclosures are able to be viewed within our Santa Clarita foreclosure system.