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What to expect during the Short Sale Process The Short Sale Process Explained
Preparation
1. Homeowner completes and returns the documents that we will email or provide to you.
2. The Holt Group visits property for initial appointment that will include:
a. Document Review – any questions you have on any documents will be addressed.
b. Photos – we will shoot still photos to be used in marketing. Please think about the areas of the property you think will work best for marketing.
c. Damage and Repairs Review – please make note of any issues with the property, these may help us in negotiating with your lender.
Marketing
3. Property is listed on MLS for sale.
4. The Holt Group comprehensive marketing strategy is launched.
5. We will contact your lender in order to open a line of communication.
6. The property will be shown as often as possible, you will be notified of all feedback we receive on the showings.
7. The asking price on your property will be lowered every 15 day son the 1st and 15th of each month until we receive a viable offer.
8. Offers are received.
9. All offers are presented to you to give you the opportunity to review them. We will help you decide which should be signed and submitted to your lender(s).
Lender Negotiation
10.Offer is signed and becomes a contract.
11.We will need the most recent copies of your bank statements and paycheck stubs (event though you already provided them awhile back).
12.Any additional documentation that is needed will be requested from you at this time, it is critical that this documentation is returned as quickly as possible as not to delay the short sale process.
13.We submit a Short Sale Package including the executed contact and all the required documentation to your lender. Any additional documentation that is needed from you will be requested at this time.
Offer is Accepted by Lender (if not accepted, skip to ‘Offer not Accepted’)
14.Once an offer is accepted by your mortgage company, we will inform the buyer or buyers’ agent that we are prepared to close.
15.A closing will be scheduled with a title company and you will be informed of the date. You will also be contacted by title to sign your closing docs.
16.The buyer will make final inspections if necessary.
17.You will need to vacate the property prior to the closing date. At least 48 hours prior is preferable to allow for a final walk through.
18.Property should be broom swept and completely empty unless otherwise agreed to prior to walk through.
Closing
19.You will go to the designated title company to sign final paperwork. We will arrange to receive all keys, garage door openers and gate remotes if applicable.
20.Title to the property is transferred and the new owner legally owns the property after it ‘records.’
21.Your lender(s) issues a satisfaction of mortgage and the title company records this document in public record.
Offer not Accepted
22.If lender(s) counter, we negotiate with current buyer for acceptance of counter, if buyer agrees to new terms or agreement can be reached closing is scheduled see ‘Offer Accepted by Lender.’
23.If agreement cannot be reached with current buyer, we offer the banks’ approval amount and terms to the each of the buyers in backup position. If there are no buyers in backup or if none accept, the property is placed back on the market until suitable buyer can be found. We now know what the bank will accept & will reflect this in the listing to obtain another offer.
While an agreement cannot always be reached with a lender, this process provides you, the homeowner, with every opportunity to successfully complete a short sale and avoid foreclosure. We look forward to discussing this process in detail with you.
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