The Short Sale Process
We have a short sale process that is unmatched in the industry. From our initial consultation with you, through and after the closing, we have a process in place that delivers results and aims to eliminate potential problems.
Here is our process:
- We will consult with you to help you know your options resulting from your hardship such as modification, short sale, deed in lieu, foreclosure. We will discuss the proceedures of most of these options and can give references of other professionals to consult with, such as attorney's or CPA's.
- Prior to taking your short sale listing, we collect the Financial Package from you, which includes all of the information your bank will request from us.
- We then list your home and the time the home goes in MLS we send the Sellers Authorization Form to the bank. This document allows us to communicate with your bank directly.
- We market your property and price the home at, or slightly below, market value until we get an offer.
- We are only looking for one contract to send to the bank. We are looking for one qualified Buyer with an appropriate offer price who has serious intentions on closing the transaction. If we have this, we will fully executeone contract to send to the bank.
- As soon as we have a binding Purchase and Sale Contract, we will send a complete short sale package to the bank to begin the approval process.- The banks are overwhelmed so we are proactive and will call the banks on average of 2 to 3 times per week just to ensure they are processing your file. At anytime you can sign into our online transaction management system to see the status of the short-sale facilitation and our most recent communications with the bank/s.
If you receive any documentation in the mail from your bank(s) outside of a standard collection letter, please email or fax us this documentation as soon as possible. Of specific interest to us is anything with a foreclosure sale date on it.
We may occassionally request your assistance in communication with the bank at critical stages in the negotiation process. If we do need your assitance, we ask that you make this contact within twenty-four hours from the time of our request.
Once the offer has been approved by the lender(s), you will receive a copy of the approval letter from us. Notice that we can now proceed with closing on the transaction. Our standard Short Sale Disclosure that is included with every fully executed contract states that the close of escrow will take placewithin 30 days from the date of lender(s) approval but could be earlier if the purchaser prefers. If you are still living in the home at this time, you must be prepared to move out before the closing.
After the issuance of the Approval Letter, the purchaser will have 30 days to close this loan. Ususally sooner if they are paying with cash, or sometimes aproximately 45 days if they are financing with a government loan. If you cannot attend closing and prefer to make other arrangements to sign the documents please let us know. Options may be to stop by and sign the morning of the closing or assign a Power of Attorney in advance. Please bring your ID, all keys, garage door openers.
Here is our process:
- We will consult with you to help you know your options resulting from your hardship such as modification, short sale, deed in lieu, foreclosure. We will discuss the proceedures of most of these options and can give references of other professionals to consult with, such as attorney's or CPA's.
- Prior to taking your short sale listing, we collect the Financial Package from you, which includes all of the information your bank will request from us.
- We then list your home and the time the home goes in MLS we send the Sellers Authorization Form to the bank. This document allows us to communicate with your bank directly.
- We market your property and price the home at, or slightly below, market value until we get an offer.
- We are only looking for one contract to send to the bank. We are looking for one qualified Buyer with an appropriate offer price who has serious intentions on closing the transaction. If we have this, we will fully executeone contract to send to the bank.
- As soon as we have a binding Purchase and Sale Contract, we will send a complete short sale package to the bank to begin the approval process.- The banks are overwhelmed so we are proactive and will call the banks on average of 2 to 3 times per week just to ensure they are processing your file. At anytime you can sign into our online transaction management system to see the status of the short-sale facilitation and our most recent communications with the bank/s.
If you receive any documentation in the mail from your bank(s) outside of a standard collection letter, please email or fax us this documentation as soon as possible. Of specific interest to us is anything with a foreclosure sale date on it.
We may occassionally request your assistance in communication with the bank at critical stages in the negotiation process. If we do need your assitance, we ask that you make this contact within twenty-four hours from the time of our request.
Once the offer has been approved by the lender(s), you will receive a copy of the approval letter from us. Notice that we can now proceed with closing on the transaction. Our standard Short Sale Disclosure that is included with every fully executed contract states that the close of escrow will take placewithin 30 days from the date of lender(s) approval but could be earlier if the purchaser prefers. If you are still living in the home at this time, you must be prepared to move out before the closing.
After the issuance of the Approval Letter, the purchaser will have 30 days to close this loan. Ususally sooner if they are paying with cash, or sometimes aproximately 45 days if they are financing with a government loan. If you cannot attend closing and prefer to make other arrangements to sign the documents please let us know. Options may be to stop by and sign the morning of the closing or assign a Power of Attorney in advance. Please bring your ID, all keys, garage door openers.
