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CONTACT WALTER

559 S. Washington Ave., Kankakee,IL 60901

P.815.929.9258 P.815.929.9200

walter@waltersanford.com

"Thank you for another great conference. Walter Sanford was energetic and delivered some great information as well." Carla Rigsby CENTURY 21 Really Group

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Providing Stellar Service to Your Listings, Part 3 June 29th, 2016 | Posted in General Real Estate, Other Interests, Real Estate

Below is a document that helps you determine if the existing loan on the property is something you want to use as a marketing device.  During tough times, sometimes assumable loans were a better deal than new loans that could be obtained; therefore, they were an asset to the property.  Find out up front if your seller has a pre-payment penalty or any other issues on their home loan that might prevent the closing.

This document also shows the seller your outstanding attention to detail.  Please implement this letter and also add it to your listing presentation since it is one more service that you provide.  It can also help you gain information from a lender, prior to a short sale marketing campaign.

Existing Loan Questionnaire to Current Lender Requested by Owner and Sent by Sanford Systems

Date

Name

Address

City, ST  ZIP

Name:

The property at ___________________ is now on the market for sale.  To clear up any confusion in regards to the existing loan on (Property Address) loan #____________ I would appreciate your assurances on the following loan terms.  Please be advised that I will keep you informed every step of the way should a buyer wish to assume this loan.

  1. PAYMENT AMOUNT
  • What is it?_____________________________________________________________
  • How often can it change?_________________________________________________
  • Is there a limit on how much it can change (over a one year period and/or over total life of loan)?________________________________________________________________
  • Are there exceptions to that limit?___________________________________________
  1. NOTE RATE
  • What is it?____________________________________________________________
  • How often can it change?_________________________________________________
  • What index is the change based on?________________________________________
  • What is the spread (also called margin) between the note rate and the index?_________
  • Is there a limit to how high and low the note rate can go?_________________________
  • Are there exceptions to that limit?___________________________________________
  1. NEGATIVE AMORTIZATION
  • Is negative amortization possible under the terms of this loan?_____________________
  • If so, how often added to the principal balance?________________________________
  • What is done if negative amortization grows too large?___________________________
  1. ASSUMABILITY
  • Is this an assumable loan?_______________________________________________
  • Is there a “due-on-sale” clause in the note?___________________________________
  • What does someone have to do to assume this loan, and under what circumstances would it NOT be assumable?____________________________________________
  1. Current owner of the loan: ___________________________________________

__________________________________________________________________

  1. Contact representative on this loan: ___________________________________
  1. Telephone number:_______________________________________________
  1. Number of years left on the loan:___________________________________
  1. Points to assume:_______________________________________________

 

  1. All fees to assume:

1.____________________2.__________________3.___________________

4.____________________5.__________________6.___________________

  1. Estimated approval time:_________________________________________
  1. Approximate Principal Balance of Loan $____________________________

 

Thank you so much for your help.

Sincerely,

Walter S. Sanford

Sanford Systems

 

Borrowers/Owners consent to release information to Walter Sanford:                                

Borrower’s Name (printed):____________________________________________

Borrower’s Signature:_______________________                                                        

Borrower’s Name (printed):____________________________________________

Borrower’s Signature:________________________________________________

 

Be the best at obtaining and selling your listings!  Walter’s Beating the Competition Every Time is a multi-media system offering what you need to get the signature. Check out the details here – http://www.waltersanford.com/shop/beating-the-competition-every-time-book-dvds-audio-cd-and-data-cd/.  Call 800.792.5837 and ask for the $50 blog special on this system!

 

 

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