A short sale is an agreement with your lender to accept less than the total amount you owe on your home. For example, if you purchased your home for $200,000 but now it is only worth $150,000 and you must move, you can negotiate with your bank to accept the current market value as payment in full.
The short sale process can sometimes be lengthy but once an offer is received on your property we can usually get bank approval within 30-45 days. Here are the steps involved in a short sale:
| • | Initial Meeting – Someone from our team will meet with you and discuss your financial situation, view your home, review comparatives with you, agree on a listing price, gather all required paperwork and financial information and prepare for marketing your home. | • | Offer Received - Once an offer on your property is received we re-submit a full short sale package to your lender and aggressively follow up. We will negotiate on your behalf to make sure that the bank accepts any fair and reasonable offer and we back up all offers with extensive comps. |
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| • | Marketing your Home -- We will aggressively market your home for sale and produce a ready, willing, and able buyer. This stage can take as little as a few days or as long as a few months. We will closely track the activity of your sale and make the necessary pricing adjustments to attract your buyer(s) | • | Bank Approval – Once we receive bank approval we are ready to close on your home! This generally takes 30-45 days but can take up to 90 depending on your lender and availability of all financial information. | |
| • | Begin Negotiations with Bank – We contact your bank and submit a full short sale package to them as soon as we list the property. Some banks will begin researching the property before even receiving a contract which allows us to receive approval faster! | |||
We recommend you review our website for additional information about short sales such as the Common Myths surrounding them. |
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