The Short Sale Process
8 Steps to Selling Your Home
List the Short Sale Property
When listing a short sale property it is important to educate the sellers about the short sale process. No one can guarantee what a bank will do in any given situation. Although it may be possinle for the seller to walk free and clear from the short sale we cannot guarantee this because not all lenders will react the same. During the short sale process it is important to set realistic expectations. It is often better to over estimate time frames and deliver early. After the short sale property is listed our office will reach out to the seller and begin the collection of the necessary documentation for the short sale.
Market the Short Sale Property
When marketing a short sale property it is important to inform the buyer and buyer's agent that a short sale can be a lengthy process. Florida Short Sale Solutions has an excellent track record of closing short sales. The fact that you have partnered with an expert short sale negotiation company separates you from agents who negotiate their own short sales, often with little or no success.
Seller Accepts an Offer
After a Purchase Agreement is executed by both buyer and seller the short sale process can be initiated with the lender. Our short sale negotiator will not submit an incomplete short sale package to the lender because this may cause unnecessary delays. All paperwork is reviewed for completeness and accuracy before submission to the lender by our short sale negotiator.
Submit the Offer
Upon receipt of a complete short sale package our short sale negotiator will submit the completed short sale package to the lender. The confirmation time frame of receipt can vary from lender to lender. Once receipt is confirmed our negotiators request that an appraisal or BPO (Broker Price Opinion) be completed. We advise that you, the listing agent, meet the BPO agent or appraiser at the property to ensure an accurate evaluation. This is important because this evaluation will determine the banks position during negotiation. The bank will assign a negotiator after evaluation of the short sale property is complete.
Negotiate the Offer
We know follow up is important to everyone involved. At a minimum our short sale negotiator will contact lenders once every 5 business days.
Status Updates via Short Sale Commander
Florida Short Sale Solutions understands from experience that communication is the key to keeping all parties of a short sale informed and committed. Due to this fact Florida Short Sale Solutions has invested in Short Sale Commander; a web based short sale negotiation software system. All parties will be provided with password protected access to the secure website. Here all parties can find the most up to date status of short sale files at anytime. Of course should you have any immediate concerns you can easily contact us by phone.
Short Sale Approval
Upon lender approval, a written letter is granted containing terms for final closing. In this stage the buyer's lender will order their appraisal, title is ordered, inspections are done, work orders are completed, and buyer's approval is received from their lender. All conditions for closing must be met and cleared by the lender's approval deadline.
Florida Short Sale Solutions has a partnership with Omega Title LLC who will close all short sale transactions that we negotiate. After a title search is completed Omega will issue a finalized HUD-1 closing statement to both listing and selling agents for review. After review is complete the finalized HUD-1 must be submitted to the lender for final approval at least 48 hours prior to scheduled closing. After signing, lenders review paperwork, funds are released, title is changed to reflect the new owner and the short sale process is complete. Omega will disburse commission checks at closing.