Dealing With Short Sales, Part 2: Navigating the Short Sale Process
Navigating the Short Sale Process With TRC
TRC Global Mobility has worked with many companies and organizations to facilitate short sales. If a short sale is indicated, a transferee whose company is working with TRC should follow this process:
1. Contact the lender. The transferee must identify and reach the person who is responsible for handling short sales and who has the authority to make decisions regarding short sales. The transferee should try to determine whether the deficit will be forgiven by the lender. This part of the process can be time-consuming.
2. Submit a letter of authorization to the lender. To permit the lender to disclose personal information, the transferee must submit a letter with his or her name, the date, the property address, the loan reference number and the real estate agent’s name and contact information. This letter should introduce TRC Global Mobility as the third-party relocation company that will provide the transferee with a guaranteed buyout offer. The letter should give the lender permission to talk with interested parties about the sale of the home. Read More
With the continued decline of real estate market values, many homeowners are finding themselves locked into mortgages with outstanding loan balances greater than the property’s present value. This puts these homeowners in a precarious situation, with several unattractive options: