12 Steps to a Short Sale Fresh Start
The short sale process can vary, but it will generally work as follows:
1) Meet with a us to determine if a short sale is the right decision for your families needs.
2) Execute a listing agreement and we put your property on the MLS and market your home just like any other home NOT in foreclosure or requiring a Short Sale. A client authorization is signed so we can negotiate with the lender. A lock box and real estate sign are placed on your property. We also discuss exit strategies for when the property is sold.
3) A negotiator is assigned to your file and will contact your bank/lender to determine the requirements for a short sale. Since we have built relationships with over 100 banks/lenders we often have the requirements on hand.
4) The lender requirements are given to you so you can begin to gather documentation.
5) We receive an offer from a buyer to purchase the property.
6) We put the short sale package together for the lender including all required documentation and a purchase contract.
7) Once the lender receives the full package they will order a Broker Price Opinion (BPO) or a full appraisal.
8) When the BPO or appraisal comes back the bank will either accept the short sale or begin negotiations with our team of experts to determine the best solution to get the short sale transaction accepted.
9) One of two things will happen:
a) The bank approves the short sale and we go schedule a regular closing, often times closing within 30 days from the date we get lender acceptance.
b) The bank gives us a value they would be willing to accept and we counter offer the buyer at a higher price. The buyer(s) will either accept or we will put the property back on the market at the requested price.
10) Upon lender approval, a closing date will be scheduled and before long the property is sold.
11) We then help you with the previously determined exit strategy. Most of our clients decide to rent after a short sale but we would be happy to help you no matter what your decision may be.
12) You get to move on with your life and sleep easier at night!
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