Short Sale Information
If you decide to sell your home but your net proceeds will not be enough to cover your loan balance you may have the option to sell as a short-sale. In a short sale, the lender agrees to take a lesser amount than what’s owed on the property. A short sale is an option to avoid foreclosure on your home.
Short sales can be complicated and frustrating which is why having me help at no charge to you will benefit you. If you make a mistake by trying to handle a complex short sale transaction yourself, you may find yourself in even bigger financial trouble. Don’t wait until it’s too late!
With your authorization, I will personally handle your short sale negotiations.
Below is what I will do for you:- Help complete the short sale paperwork you receive from the bank and send those documents to the bank after completion.
- Follow up with the bank on any new requirements that are needed and send in any updated bank statements or new paycheck stubs to the bank.
- Obtain an estimated closing statement and send to the bank.
- Put home in the MLS and prepare a comparative sales analysis and coordinate with the bank for any Broker Price Opinions.
- Negotiate demands of second lender, if any.
- Check in with the lender weekly to inquire about status and whether other documents are needed.
- Coordinate the offer received and submit to the bank for approval.
- Deliver updates to the buyer's agent as they happen.
- Order the preliminary title report.
- Comply with required demands from the short sale bank.
- Watch the lender(s) activity for Notice of sale recordings on title
- Advise the seller to seek legal and tax advice when the short sale agent recognizes such advice is warranted.
- Review short sale approval letter to make sure it matches the HUD.
- Deliver the short sale approval letter to all parties involved in the short sale.
- Coordinate access to the home for the buyer's home inspection.
- Review any documents if seller has questions.
A lot of times short sales are a “hurry up and wait” situation. I make every effort to keep everything on track and close in a timely manner and manage the expectations of the parties through communication and updates.
Please call today - 661.964.1727 | 818.350.8181