Short Sale Process
MARKETING YOUR HOME
Your home will be shown to both investors and traditional buyers. During this process, your home may be shown several times a day in some cases. The goal is to get the highest and best offer in the shortest time possible. Those viewing or calling to view your home have been instructed not to bother you with questions regarding the short sale so as to not put any additional stress on you.
THE FIRST OFFER
Once an offer or multiple offers are received on your property, you will need to accept the highest offer. That offer will then be submitted to the lender(s) for their review and you will not need to sign each and every offer that we receive. The lender will then determine if the offer is acceptable.
THE PROCESS
Once we have sent the offer(s) to the lender(s), the actual Short Sale process can take anywhere from 4 weeks to 4 months. This timeline varies with each lender. To keep you informed, we will provide regular updates throughout the process.
After the lender reviews the Short Sale package, a BPO (Broker Price Opinion) or appraisal will be ordered by the lender. Once the lender receives this report, they will usually make a final decision shortly thereafter.
Your property may continue to be shown until the lender accepts the offer. Please be patient throughout this process. At times you may feel things are going too slow, but remember this is not a regular transaction and can take longer to complete.
THE ACCEPTED OFFER
Once an offer has been approved by the lender, I will notify you that we are going to proceed to close the transaction.
The lender may demand to go to Act of Sale anywhere from 10-30 days, so be prepared.
ACT OF SALE
You, as the seller, will be instructed to sign seller documents at the title company office. Please bring with you your I.D., all keys, garage door openers, and a good attitude. We will celebrate your new freedom from this financial burden and stress.
YOUR FINANCIAL FREEDOM
Keep all of your copies of the documents pertaining to this sale in a safe place.
Once the sale is complete please let us know your new forwarding address so we may keep in touch with you through the year and offer you assistance in preparing yourself for future success. Try not to incur any new debt and try to keep low balances on any credit cards you may have. Maintain good consumer credit by not paying late on your currently active accounts. Pay your rent by check or some other way that can be tracked to show evidence that you are paying on time. This will help you should you choose to purchase a new property in the future.