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Traditional Short Salesroom Reference Guide for Real Estate Professionals Welcome to the Bank of America traditional short sale process. Our improved short sale tools, including resources at bankofamerica.com/realestateagent

How to fill out traditional short sales

How to fill out traditional short sales

1. Gather all necessary documents such as financial statements, repayment schedules, and hardship letters.
2. Prepare a complete package with all required paperwork.
3. Consult with a real estate professional or attorney experienced in short sales for guidance and advice.
4. Contact the mortgage lender or servicer and inform them about your intent to pursue a traditional short sale.
5. Submit the completed package to the lender along with a compelling case for why a short sale is the best option.
6. Stay in communication with the lender throughout the process and provide any additional information or documentation as requested.
7. Review and negotiate offers from potential buyers with the help of your real estate professional or attorney.
8. Once an acceptable offer is received, work with the lender to finalize the sale and negotiate any outstanding debts or deficiencies.
9. Close the sale and complete all necessary paperwork to transfer ownership to the buyer.
10. Seek professional tax and legal advice to ensure compliance with any applicable laws or regulations.

Who needs traditional short sales?

1. Homeowners who are facing financial hardship and struggling to make mortgage payments.
2. Individuals who owe more on their mortgage than the current market value of their property.
3. Homeowners who do not qualify for loan modification or other foreclosure avoidance options.
4. Those who are willing to work with their lender to sell their property for less than what is owed on the mortgage.
5. Real estate investors looking for potential investment opportunities.

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What is traditional short sales?

Traditional short sales involve selling an asset that you do not own in the hope that its price will decline so that it can be bought back at a lower price.

Who is required to file traditional short sales?

Investors and traders who engage in short selling are required to file traditional short sales.

How to fill out traditional short sales?

Traditional short sales are typically filled out by providing information such as the asset being shorted, the quantity being shorted, the date of the short sale, and the reason for the short sale.

What is the purpose of traditional short sales?

The purpose of traditional short sales is to profit from a decrease in the price of an asset by borrowing it and selling it, with the intention of buying it back at a lower price.

What information must be reported on traditional short sales?

Information that must be reported on traditional short sales includes the asset being shorted, the quantity being shorted, the date of the short sale, and any relevant trading strategies or reasons for the short sale.