Short Sale Process
1. The seller issues a letter authorizing the release of personal information about the loan and the property to negotiator. Once faxed to lender could take about 48 hours to be on file.
2. The lender is contacted to discuss the possibility of a short sale and to determine the lender’s process for completing the sale.
3. Once property is listed and offer is received, a complete Short Sale package will be faxed to lender which includes “hardship letter,” which will detail and explain all financial difficulties, seller’s financial form, and bank statements, investment accounts, along paystubs, tax returns, executed sales contract, HUD and other financial records.
4. Faxed Short sale package could take anywhere from 48 hrs to 2 weeks to show up in lender system depending on lender.
5. Once received by lender it could take 48 hrs to 4 weeks to be assigned to a Negotiator for review. When assigned to Negotiator they will order broker price opinion through a third party vendor or an appraisal.
6. An agent will take pictures of home; examine the condition of the house and the market value of comparable properties. This process could take 48 hrs to 2weeks for lender to receive back the value.
5. Once value is received Negotiator will then scrutinize the purchase agreement to determine if all amounts are reasonable and the real estate commission is acceptable.
6. File will then be sent to management or investor for final approval could which could take 72 hrs to 4 weeks.
