Tuesday, March 27, 2012

Five reasons I like doing GMAC short sales...

I love doing Sacramento short sales with GMAC for a couple reasons...the first reason is that they generally use the online system Equator to facilitate their short sales, which makes transmitting documentation and information to the short sale negotiator pretty simple and (relatively) painless. The second reason is that I usually receive the direct contact info for the short sale negotiator employed by GMAC. The third reason is that they are usually pretty fast to respond to the initiation of the short sale process with a few proprietary documents -- for example they usually send an "Affidavit of Arm's Length Transaction" document with buyer and seller names within a week or so of receiving all of the info. The fourth reason is that GMAC is generally pretty quick to order their BPO's (Broker Price Opinion -- essentially a type of appraisal / valuation of the property used to validate the price that has been offered by a buyer)....AND the fifth reason I like to work with GMAC short sales is that they generally overall seem to approve their short sales in less than 60-days. I even once received one GMAC short sale approval within 2 weeks! So, if you are going to be selling a short sale in Sacramento with GMAC, here is what you need to gather;

Loss Mitigation / Short Sale Tel: 214-874-2500
Seller's Documents Generally Required for a Short Sale:
-3rd Party Authorization Letter
-Hardship Letter
-Last 2 months of bank statements
-Last 2 months of pay stubs
-Last year's federal tax return
-Most recent quarterly Profit & Loss Statement (ONLY if self-employed)

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