4-Short Sale Buyers

How We Handle Our Listings

  • Prior to taking a Seller’s short sale listing, we collect the “Seller’s Financial Package” from the Seller
    which entails all of the information their bank has asked for. At this time the Seller also agrees to
    cooperate within our system and agrees to the process you will read below.
  • The day the home goes in MLS, we send the Seller’s Authorization Form to the bank. This document allows
    us to communicate with the bank directly.
  • We market the property and price the home at, or slightly below, market value until we get an offer.
  • We are only looking for ONE contract to send to the bank. We are looking for ONE qualified Buyer with
    an appropriate offer price that has serious intentions on closing the transaction. If we have this, we will fully
    execute ONE contract to send to the bank.
  • We do not accept multiple offers—our transactions function as normal as possible.
  • We do not send multiple offers to the bank—they take long enough to review one off er, so why give them
    multiple off ers to review?
  • Once an offer is received, we present the offer to the Seller for their review. While the Seller’s bank is the
    one that approves the short sale, the Seller is still the owner of the home and the decision maker on all offers
    received. The Seller will fully execute the contract if it meets the criteria mentioned above.
  • When a contract is fully executed between Buyer and Seller, the home is changed in the MLS, per MLS
    rules.
  • Once the contract is fully executed, we submit the fully executed contract, a HUD-1, and all of the Seller’s
    financial documents to the bank to begin the 60–120 day short sale process (this is the average length of
    processing time—some are much quicker, some take up to 120 days).
  • The bank then does a valuation on what they feel the home is worth, reviews the offer and all corresponding
    documentation, and finally issues their decision.
  • We issue an Agreement Notice at the conclusion of the bank’s decision, or in rare circumstances we go back
    to the Buyer and tell them why the bank will not accept the offer and give them an opportunity to raise their
    offer.
  • Evert situation is different and may vary from this process due to unforeseeable circumstances, however we have
    every intention to completing the process with as little diversions as possible.