The Short Sale Process:
1. Initial Interview:
During our first appointment we are going to go over
your current situation to see if you qualify to short sell your home.
If you qualify, then we will explain the process and go over all of your questions.
2. Assessing your property
The second appointment will be held at your property. At this time,
we will preview your property and collect all of the required documentation.
3. Contacting your lender(s):
By submitting the “Authorization” form, (which we will go over with you) we will
be able to speak directly with your lender(s) for the purpose of completing the short sale.
4. Listing your property on for sale:
Before the lender will review the short sale package, they require that we have an offer
on your property. At this time we will price your property based on the comparable properties
in your area and will handle the entire listing process. This will include making
any recommendations to get your property ready for showings, advertising
and marketing your property for sale, conducting open houses, etc.
5. Receiving and accepting an offer:
Once a buyer presents an offer on the property, we will begin by
verifying their financing and down payment. Once all items have been confirmed, we will review
the offer with you and make any recommendations to either counter, decline or accept the offer.
The contract will be written contingent on the lien holders approval.
6. Submitting the short sale package to your lender(s):
Once an offer is accepted, we will prepare and submit the short sale package to your lender(s).
The package generally includes financial information about you, your hardship, your property, and your sales transaction. We will collect all of this documentation from you in our second appointment and assist you in writing your hardship letter.
7. Receiving and reviewing the approvals from your lender(s):
Once the short sale package has been submitted to your lender(s), the review and response period
lasts approximately 2 to 4 months. During this time, we will be communicating with your lender and will keep
you informed of the status. When your lender approves your short sale request, you will carefully review the terms and conditions of that approval. If you agree to all terms that the lender has presented, we will open escrow.
The lenders typically give 30 days to close escrow.
8. Escrow period:
The escrow period is a standard 30 day escrow. During this time, we will sit down with you
to go through all of the disclosures on the property and escrow instructions. The buyer will complete
an appraisal and appropriate home inspections on the property.
9. Close of escrow:
On the specified close of escrow, the buyers loan will have funded, the property will record and the
transaction will be completed. The close of escrow date will be the date that you need to be completely
out of the property by. As we go through the short sale process, you can live in the home up to this date.