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Here
are some representative items that will be needed as we move forward in a transaction. We have separate forms forms that
will require signatures, accounts, account numbers, etc. These will be fully explained to you as we become involved in a
transaction.
We will also need copies of the last two years of your Federal Income Tax Returns, and two months of your
current banks statements, and pay stubs when we meet to start the Short Sale Process.
Bank & Financial Institution
Authorization & Release Form
I hereby authorize George Snyder, Russell Loop, or Joanie Cowan of Lyon Real Estate in
Roseville, CA and
______________________________ escrow/closing officer, representing
______________________________
Escrow Company/Closing Agency, to request, obtain and verify any and all mortgage loan information, including but not limited
to, payoff, arrearage, and reinstatement amounts as well as financial history. The information obtained is to be used for
the purpose of facilitating the resolution of my foreclosure.
Property Address: _____________________________________________________
Loan
Number: ________________________
Loan Number: ________________________
________________________________
Borrower
Signature
________________________________ _________________
Print Name
Date
Social Security Number: _________________________________
Date of Birth: _____________________
________________________________
Co-Borrower
Signature
________________________________ _________________
Print Name
Date
Social Security Number: _________________________________
Date of Birth: _____________________
******************************************************
Lyon
Real Estate
851 Pleasant Grove Blvd.
Roseville, CA 95678
George Snyder Cell Phone 916-257-0398 and FAX
916-746-7579
Russell Loop Cell Phone 916 276-3201 and FAX 916 746-7540
FORECLOSURE DISCLAIMER
I,
the undersigned, acknowledge that it has been disclosed to me that every attempt will be made to successfully market my property
in order to save my home from foreclosure. In the event of a short sale on my property, I understand there is no guarantee
that the lender beneficiary on my property will approve a payment for less than the full amount due on the loan.
Furthermore,
I understand that I am unlikely to receive any cash compensation from this transaction.
I further have been advised
that there may be tax ramifications associated with saving my home from foreclosure auction, including, but not limited to,
the issuance of an IRS tax form 1099-C for any shortfall of the mortgage debt.
Lyon Real Estate is a licensed real
estate brokerage and has disclosed that they are not attorneys or certified public accountants. I understand that I have
been advised to consult with any of these professionals with regard to any specific questions I may have relative to these
areas of expertise.
And, although every effort will be made to obtain full release/payoff status of my loan, the listing
agent cannot guarantee that there will be no possibility of lender-instigated judgment against me for any loan deficiency.
I
also understand that the listing agent and/or their associates may be a bidder in the eventuality that my property does go
to foreclosure sale and, if successful, may ultimately resell the property for a profit.
I further understand that
the listing agent and/or their associates may become the listing agent for the beneficiary/investor or other new owner, if
the property goes to foreclosure sale and is sold.
_________________________________________
_________________
Name Date
_________________________________________
_________________
Name Date
Property
Address ___________________________
City State Zip ______________________________
*********************************************************
Lyon
Real Estate
851 Pleasant Grove Blvd.
Roseville, CA 95678
Expectations and Timeline
Marketing
your home:
Your home will be shown to both investors and traditional buyers. During this process, your process may
be shown several times a day in some cases.
The goal is to get the highest and best offer in the shortest time possible.
Those viewing or calling to view your home have been instructed not to bother you with questions regarding the short sale
so as to not put any additional stress on you.
The First Offer:
Once an offer is received on your property,
I will schedule an appointment for you to come in and sign the Purchase Agreement (this should only take 5 minutes).
Although
you do need to sign one offer, your property can attract multiple offers. All offers will be submitted to the lender(s) for
their review and you will not need to sign each and every offer that we receive. Towards the end of the process, when the
lender accepts an offer, you will need to sign that offer in order for us to open escrow.
The Process:
Once
we have sent the offer(s) to the lender(s), the actual Short Sale process can take anywhere from 4 weeks to 4 months. This
timeline varies with each lender.
Due to the high volume of calls from prospects, clients, agents, escrow offices and
lenders, it is almost impossible for me to respond to any calls on the same day. In many cases I am not able to return calls
personally, since I’m spending most of my time negotiating a successful transaction with your lender(s).
Please understand
that I am not intentionally waiting to return phone calls and I am not ignoring your messages, it is simply not humanly possible
for me to return all my own calls in a timely manner and still move forward to a successful transaction.
After the
lender reviews the Short Sale package, a BPO (Broker Price Opinion) will be ordered by the lender. This is similar to an
appraisal and once the lender receives their report, they will usually make a final decision shortly thereafter.
The
lender orders the BPO/Home Valuation so they can figure out what their net proceeds will be (how much of a loss they will
be writing off). Your property will remain ‘Active’ on the MLS until the lender accepts the offer.
Please be patient
throughout this process. At times you may feel things are going too slow, but remember this is not a regular transaction
and can take longer to complete.
The Accepted Offer:
Once an offer has been approved by the lender, I will
notify you that we are going to proceed to close the transaction.
The lender may demand to close escrow anywhere from
10-30 days, so be prepared. If the buyer does not close by the lender’s deadline, the next highest bidder in line may be
accepted.
** If the buyer(s) can not perform and close on time, the lender may decide to proceed with foreclosure thus
severing the opportunity for all parties involved to complete a successful transaction. **
The Close of Escrow:
You,
as the seller, will be instructed to sign seller documents at the escrow office. Please bring with you your I.D., all keys,
garage door openers, and a good attitude. We will celebrate your new freedom from this financial burden and stress.
Your
Financial Freedom:
Keep all of your copies of the documents pertaining to this sale in a safe place.
Call
me with your new forwarding address so I can keep in touch with you through the year and offer you assistance in preparing
yourself for future success.
Try not to incur any new debt and try to keep low balances on any credit cards you may
have. Maintain good consumer credit by not paying late on your currently active accounts.
Pay your rent by check or
some other way that can be tracked to show evidence that you are paying on time. This will help you should you choose to
purchase a new property in the future.
I hope this information helps you to keep stress at a minimum during this process
and as you prepare for the future.
I understand that this decision may have been very difficult to come to. With that
in mind, I just want to remind you that the whole purpose of this transaction is to position you, or you and your family,
for a healthier financial future; one which allows security and freedom.
Looking forward to working with you toward
a successful transaction!
Best Regards,
George Snyder
Lyon Real Estate
Broker License # 00328554
851
Pleasant Grove Blvd.
Roseville, CA 95678
Email: gsnyder@golyon.com
Phone: 916-257-0398 Cell
Fax: 916-746-7579
********************************************************************
CLIENT
INFORMATION
DATE: ________________________ MLS#:_________________________
SELLER:
______________________________SELLER SS#: _______________________________
CO-SELLER:____________________________
CO-SELLER SS#: ____________________________
PROPERTY ADDRESS: ___________________________________________________________________________
___________________________________________________________________________
MAILING
ADDRESS: _____________________________________________________________
___________________________________________________________________________
HOME
# ____________________ CELL # _____________________
CO-SELLER CELL# ______________________
EMAIL: __________________________________
CO-SELLER EMAIL: ____________________________________
EMPLOYER: _______________________________________
PHONE# ______________________
ADDRESS: _____________________________________________________________________________
CO-SELLER
EMPLOYER:_______________________________ PHONE# _______________________
ADDRESS: _____________________________________________________________________________
LIENS:
1ST
LENDER:____________________________________ACCT:_____________________________
PHONE#____________________________________
FAX# ______________________________
2ND LENDER:_____________________________________ACCT:______________________________
PHONE#____________________________________
FAX#_______________________________
OTHER LIENS: _____________________________________________________________________________
_____________________________________________________________________________
ADDITIONAL
COMMENTS: ______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
LISTING
AGENT: George Snyder 916 257-0398 or Russell Loop 916 276-3201
AGENT’S COMPANY: Lyon Real Estate 851 Pleasant Grove
Blvd Roseville,CA 95678
***********************************************
Please Do Not Contact Me by Phone
First
Loan #: ______________________ Second Loan #: ______________________
First Lender: ______________________
Second Lender: ______________________
Property Address: _______________________________________________________
____
According to the Fair Lending law, I have the right to request that you, my lender, not contact me by phone regarding
my loan being in default. I do not wish to speak to any collection agents about this account. Please make any future communication
with me in writing or if you must speak to someone regarding this account, please talk to my Real Estate Agent, George Snyder
or Russell Loop, with Lyon Real Estate who is assisting me in selling my home. The information obtained by my agent is to
be used for the purpose of facilitating the resolution of my foreclosure.
________________________________
Borrower
________________________________ _________________
Printed Name
Date
Social Security Number: _________________________________
Date of Birth:
_____________________
________________________________
Co-Borrower
________________________________
_________________
Printed Name Date
Social
Security Number: _________________________________
Date of Birth: _____________________
CONTACT
INFO: Lyon Real Estate George Snyder Cell 916-257-0398
Russell Loop Cell 916 276-3201
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