Expectations and Timeline of Short Sale
First Consultation:
Sam or his team will have the first phone consultation and decide if you are qualified for the short sale. When we have the meeting, we will ask you to bring the required documents. You will fill out financial statements from the banks and sign the listing agreement. We start to prepare for the short sale package while we put your house on the market.
Marketing your home:
Your home will be shown to both investors and traditional buyers. During this process, your house may be shown several times a day.
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 not to put any additional stress on you.
The First Offer:
Once an offer is received on your property, I will schedule an appointment for you to come in and sign the Purchase Agreement (this should only take 5 minutes) or send the offer to you by email.
Although you do need to sign one offer, your property can attract multiple offers. All offers will be strictly reviewed and the best one will be chosen and submitted to the lender(s) for their approval. The lender will send an appraiser or a BPO(broker’s price opinion) agent to get a value for the house. The banks tend to send several appraisers or BPO agents.
The Process:
Once we have sent the offer(s) to the lender(s), the actual Short Sale process can take anywhere from 3 weeks to 4 months. This timeline varies with each lender.
After the lender reviews the Short Sale package, a BPO (Broker Price Opinion) and appraisal report will be ordered by the lender. Once the lender receives their report, they will usually make a final decision shortly thereafter.
The lender orders the BPO and appraisal report so they can figure out what their net proceeds will be (how much of a loss they will be writing off). After the banks check the value of the house, they will set a reasonable price. The banks will either make a counter offer or they will accept the offer.
Your property will remain ‘Active’ on the MLS until the lender accepts the offer.
Please be patient throughout this process. At times you may feel like things are going too slowly, 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, we will notify you that we are going to proceed and close the transaction.
The lender may demand to close escrow anywhere from 20-45 days, so be prepared. If the buyer does not close by the lender’s deadline, the next highest bidder in line may be accepted.
The Close of Escrow:
You, as the seller, will be instructed to sign seller documents at the escrow office. Please bring your I.D., all keys, garage door openers, and a good attitude with you. 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. Call me with your new forwarding address so I can keep in touch with you throughout 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.
I hope this information helps you keep your stress at a minimum during this process and as you prepare for the future.
I understand that this decision may have been very difficult to come to. With that in mind, I just want to remind you that the whole purpose of this transaction is to position you and your family for a healthier financial future; one which allows security and freedom.
Looking forward to working with you toward a successful transaction!
Call Sam's Realty and Investment
You will be satisfied with their honesty and expertism.
Tel: 818-249-5550
samsrealtysam@gmail.com
First Consultation:
Sam or his team will have the first phone consultation and decide if you are qualified for the short sale. When we have the meeting, we will ask you to bring the required documents. You will fill out financial statements from the banks and sign the listing agreement. We start to prepare for the short sale package while we put your house on the market.
Marketing your home:
Your home will be shown to both investors and traditional buyers. During this process, your house may be shown several times a day.
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 not to put any additional stress on you.
The First Offer:
Once an offer is received on your property, I will schedule an appointment for you to come in and sign the Purchase Agreement (this should only take 5 minutes) or send the offer to you by email.
Although you do need to sign one offer, your property can attract multiple offers. All offers will be strictly reviewed and the best one will be chosen and submitted to the lender(s) for their approval. The lender will send an appraiser or a BPO(broker’s price opinion) agent to get a value for the house. The banks tend to send several appraisers or BPO agents.
The Process:
Once we have sent the offer(s) to the lender(s), the actual Short Sale process can take anywhere from 3 weeks to 4 months. This timeline varies with each lender.
After the lender reviews the Short Sale package, a BPO (Broker Price Opinion) and appraisal report will be ordered by the lender. Once the lender receives their report, they will usually make a final decision shortly thereafter.
The lender orders the BPO and appraisal report so they can figure out what their net proceeds will be (how much of a loss they will be writing off). After the banks check the value of the house, they will set a reasonable price. The banks will either make a counter offer or they will accept the offer.
Your property will remain ‘Active’ on the MLS until the lender accepts the offer.
Please be patient throughout this process. At times you may feel like things are going too slowly, 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, we will notify you that we are going to proceed and close the transaction.
The lender may demand to close escrow anywhere from 20-45 days, so be prepared. If the buyer does not close by the lender’s deadline, the next highest bidder in line may be accepted.
The Close of Escrow:
You, as the seller, will be instructed to sign seller documents at the escrow office. Please bring your I.D., all keys, garage door openers, and a good attitude with you. 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. Call me with your new forwarding address so I can keep in touch with you throughout 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.
I hope this information helps you keep your stress at a minimum during this process and as you prepare for the future.
I understand that this decision may have been very difficult to come to. With that in mind, I just want to remind you that the whole purpose of this transaction is to position you and your family for a healthier financial future; one which allows security and freedom.
Looking forward to working with you toward a successful transaction!
Call Sam's Realty and Investment
You will be satisfied with their honesty and expertism.
Tel: 818-249-5550
samsrealtysam@gmail.com