A short sale proceedure is administrative heavy and requires systems and experience to succeed. Read what is a short sale here
On average a short sale has a 20-40% chance of closing. An experienced team dedicated to the task will boost the chances of success to 80% or more. Short Sales FAQs
Real Estate Guy Team has never lost a short sale to foreclosure
Here are the critical aspects to a short sale.
- Seller is a good candidate for short sale
- Seller is cooperative and completes all the necessary information before the home is marketed
- Property is priced according to short sale rules
- Property is marketed well and showings access is unrestricted
- Buyer is educated about the process and is as committed to the deal as the seller.
- Seller undergoes full prequalification
- Paper sent to seller to complete proir to Listing
- Meets at office to sign listing
- Visit to property for marketing pruposes.
- Authorizations for talking are sent to lender
- Property given full marketing and showings commence.
- Title company is asked to do a title search and a mock HUD1 closing statement.
- Buyers are screened and educated.
- Offer negotiated and accepted. Now becomes the hurry up and wait period
- Buyers are asked for deposit which is non refundable for the time it takes to gain approval. This ensures buyer is committed. Also preapproval and inspection upfront. For this we will not see back up offers.
- First 30 days post offer is critical to get file submitted, assigned negotiator, confirm all documents are in and a valuation ordered.
- Keep negotiating and refusing to take no as an answer.
- Be resourceful and creative to make the deal work for all parties.
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