This Is A Brief Explanation Of

The Short Sale Department's Requirements

In order to better serve you, we have created the Short Sale Department for the busy agent who wants to spend time making money by taking more listings, and spend less time on the phone with the banks. This service is not free, but is well worth the small fee of $300 when the property closes (this fee is deducted directly from your commission). You will need to download two sets of documents. The first is just below. It contains the contract and disclosures which are required for the Short Sale Department to process the file (as well as other documments that will help you manage the short sale). The second is the short sale package from the bank, which you will find after you login to the website. If you do not have a login, please contact the broker to obtain one.

The Short Sale Department will not be processing short sales with a purchase price below $60,000.

Description and Explanation of Documents

Short Sale Documents:

This explains all the documents to the Seller that they will need to provide to the REALTOR^®to complete the short sale. They can refer back to this as they collect the information and documentation. It also states where some of the documents come from, like "Provided by Your REALTOR^®."

Disclosure About Dificiencies In a Short Sale:

This form is manditory for all short sale listings taken by a Premier Real Estate Agent. Spend time explaining this form and refer the seller to the lawyer with further questions. Help them understand that they may not be released from the deficiency. Be certain that they will still want to continue with the short sale.

Disclosure and Agreement:

This disclosure tells the Seller and Buyer what role the Premier Real Estate Short Sale Department will plays in the short sale process. It lets them know how we get paid, and that Premier Real Estate does not give advice. It also puts the listing agent under contract to pay $300 at closing from their commission to Premier Real Estate for processing the short sale. Both the Seller and the Real Estate Agent need to sign this disclosure.

Lien Information:

This form lets the processor know about the Home Owner's Association and what liens might be on the property, so that they can be included on the HUD-1 settlement statement at the very beginning of this process. If the seller has stopped making a payment on something that should be paid but there is no lien yet, include this information so that we can estimate what the fee will be.

Lawyer Engagement Agreement:

We have a working relationship with a lawyer who will read over the Seller's documents and give advice to the Seller. This will relieve you from giving advice, and give the Seller peace of mind about short selling their property. The lawyer's fee is included on the HUD-1 and is not paid by the Seller. We recommend that the seller speak with the lawyer before you list the property.

Client Information:

This form is provided to the REALTOR^®to help him/her to gather the necessary information that is needed for the processor. Keep it as a reference guide in your own file.

Short Sale Check List:

This form is provided to the REALTOR^® to help him/her to keep track of the paperwork that he/she has collected. Check the first box when you receive it from the Seller, and the second box after you have uploaded it into Premier Real Estate's website. Before you upload, make sure your pay stubs and bank statements are the most current ones available, and you will let your Seller know that you will probably need current ones every month.

Repair Estimates:

This form is provided to you so that you, as the agent, can make any notes about repairs that are needed on the property. This form helps in the negotiation process when the BPO/Appraisal comes in too high and the bank wants more money. We can give them a dollar amount that shows the BPO/Appraisal may be wrong. Only use this if there is over $10,000 in repairs.

Authorization and Release Form: (Contained with your Short Sale Package)

This form gives authorization for a Premier Real Estate representative to contact the Seller's lender and work on their behalf. The Short Sale Department will fill in the middle portion of the form with the processor's contact information. REALTOR^®and Seller should leave this portion of the form blank. If there is a second lien on the property, you will need two authorizations (one for each loan).

Financial Statement: (Short Sale Package)

All banks require some sort of financial statement in order to complete a short sale. Some banks have their own forms or websites; others will use whatever is provided. Through its website, Premier Real Estate has provided the information that the banks are requesting. We update these packages as needed on the website so that you are using the most up-to-date forms.

7035 W Ann Rd., #120, Las Vegas, NV 89130

2020 W. Craig Rd., #306, North Las Vegas, NV 89032

702-656-8600