SHORT SALE NEGOTIATING PROCESS
GET THE LISTING AGREEMENT
Meet with the Homeowner, explain what the expectations of them are, complete our documentation checklist. Check, double check & triple check you have every piece of information requested or we will not accept the package.
FIND A BUYER
The lender will not accept a Short Sale Package unless there is a Buyer in place. Think of it this way; would you waste your time going through the hassle of accepting a Short Sale to than find out there is no Buyer and have to let the property go into Foreclosure?
EXPERT SHORT SALE NEGOTIATORS SUBMIT THE OFFER
When we receive a complete package-
0-2 Days: We submit the Third Party Authorization
2-4 Days: Confirm receipt that we are on the case and submit complete package to Lender. We call daily until we are confirmed on the Acct.
4-8 Days: Confirm Lender has received complete Short Sale Package
5-28 Days: Wait for Acct to be assigned a Negotiator
19-48 Days: Negotiator assigns a BPO (Brokers Price Opinion) or Appraisal.
33-62 Days: Wait for BPO or Appraisal to come back
35-49 Days: Lender will approve or counter offer
45-80 Days: Close of Escrow
*This information is deemed reliable but not factual. Process can be as short as 2 weeks and as long as 8 months.
RECEIVE APPROVAL LETTER
We have closed transactions as soon as 1 month and as long as over 6 months. Depends on the Lender and how busy they are. Typical results on average is 2-4 months from inception to close of escrow. Lender typically give 30 days to close of escrow or they also will close the transaction. We have needed extensions and usually get extension when the circumstances call for it. Generally, if Buyer has an FHA, FHA usually takes over 30 days to fund.
AT THE CLOSING TABLE
Lender requires Title to submit final Hud-1 within 72 hours of receiving approval letter or they will close the file. Accurate information and good communications calls for a smooth and quick close.
