Initial Phone Consolation
To determine if your best option is a Short Sale, we will first conduct a phone consultation. This will help us to understand your situation and provide the most effective guidance. We would like to ensure that your home is a good candidate for doing a Short Sale. We will also answer any questions that you may have at this time.
Preliminary Information Is Collected
Before your home can be listed for sale, you must first gather the data your lender will require (bank statements, tax returns, hardship letter, etc). Having successfully helped numerous clients, we are aware of what lenders typically request. By reviewing the documents first, it gives us the opportunity to ensure you meet the guidelines and qualifications of the Short Sale process.
The more information we have and the better we know your situation will help increase the success of your Short Sale.
Discuss Options And To Answer Questions
If you decide to move forward we will meet at this point to discuss in more detail how the short sale process works, the timelines, and the expectations. This also gives you an opportunity to meet us and learn how we work. We will need to work together towards a successful relationship. After all, a short sale is not a quick transaction.
Property Is Listed And Marketed
Our short sale listings are currently displayed on 15 different websites with a minimum of 20 photos and a catchy description to attract the most attention. The most important component of a short sale is the initial price. We must price it correctly from the beginning to ensure a high success rate.
Buyer Submits An Offer
Not all buyers are quality buyers. In order to keep the processing moving we screen potential buyers to make sure that they are qualified to purchase, have all of their financing in order or can provide a proof of funds if buying with cash. We want to make sure that they buyer submitting an offer is truly interested in the home and will stay throughout the process.
Our team will set the necessary expectations in place with the buyers and their agents to ensure everyone is aware of the duration of the process. We also encourage back-up offers. This will keep in process moving along just in case the first buyer decides they are no longer interested.
Buyers And Seller Negotiate
until contract acceptance
Once all the relevant terms of the offer are discussed and agreed upon, the buyer and seller enter into a contract of sale and we move on to the next phase of our short sale process.
Short Sale Package Is Submitted To Bank
by our short sale team
Submitting an all-encompassing short sale package to the seller’s lender(s) is a critical step in the progression of a short sale. Most short sale packages are at least 100 pages long and include the contract of sale, preliminary HUD-1, property CMA, sellers’ financial information, and many other supporting documents. This critical step influences how quick the lenders will review the file.
If a short sale agent fails to provide the right information in the package, the file can be rejected or worse – sit on a processor’s desk for a month before anyone is notified that needed documents are missing.
Negotiations Are Conducted With Your Lender(s)
For our clients, this is most likely the most important and financially influential part of our short sale process. We will gather the options provided by the lenders and will present them to our clients. Our team of short sale experts will assist you with making the right decision.
Short Sale Approval Letter
A sigh of relief can be sounded once we have a short sale approval in hand. Although, the short sale process is not done just yet, we are close and the light can be seen at the end of the tunnel.
Buyer’s Financing
Now it is time for the short sale buyers to fulfill their obligations. We will now oversee the buyer’s financing process and make sure that an inspection, appraisals, and other activities are completed in a timely fashion in order to ensure a smooth conclusion to the process.
Closing
Although the short sale is completed, our job as expert short sale realtors does not stop. We are here for our clients to support them with any post-closing matters.
Our team of short sale specialists is here for you when you need us, with answers to any short sale and real estate related questions, the day after the settlement and beyond!
The Future
Believe it or not you are miles ahead of 90% of "ex-homeowners" out there that just walked away from their homes. When you short sale your home you put yourself in a position to be able to enjoy homeownership again in just 24 months. We will keep in contact with you and after 2 years if you are in a position to purchase a home again we will be there once again to assist you.
