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| Full Bath |
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Optional Search Criteria
| **Enter MLS numbers, separated by commas. Example: F12345,
F54321 |
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For those of you that
haven’t had any dealings with a Short Sale, I would like to give you a
Short explanation of the process!
Remember the bank is just the lender
and the property owner still must sign any contracts for sale. Banks will only
deal with the owner or an agent that the owner has designated in
writing.
Although an owner can represent themselves in most cases it is
a will qualified individual with short sale experience that work through the
process with the lender. |
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This is typically what
we do in addition to the sale of your property:
1. Write a
letter to the bank explaining why you are requesting a short sale. This is
referred to as the “Hardship Letter”.
2. Provide the
“Letter of Authorization” giving us permission to negotiate with the
bank on your behalf.
3. Provide the Listing Agreement, Property
Listing and History of the marketing effort to sell the
property.
4. Provide all documents relating to the Sales Contract
offer to purchase.
5. Assemble all documentation needed to verify
the availability of funds for the new buyer.
6. Provide all
documentation needed for closing the loan. Including the Hud-1 closing
statement.
7. Provide any other information the lender asks
for.
Typically the bank does the following:
1.
Collects all the information from the owner regarding the owner’s
financial position.
2. Collects all required
documentation.
3. Assigns the case to a bank
negotiator.
4. Review the borrower’s
assets.
5. Verifies the market value of the
property.
6. Reviews and decides if the offer is
acceptable.
7. Issues a letter of approval of the short
sale.
Each situation is unique and the timing for a bank approval is
usually around 90 days from submission of all documents.
Call us for a
free no obligation assessment of your situation: 954-609-7777 |
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