At 2ShortSaleGuys we adhere to a 14 step process with our Short Sale Listings. We use this process to ensure we are systematic in processing the short sale and effectively getting a faster approval time on our listings that is currently 111 days from start to finish.
I will briefly outline the 14 steps to our process and explain what happens during that stage of the process.
STEP 0 – LEAD
We typically conduct a phone interview to determine the ability for us to short sale the property. During the call we will determine the hardship and financial situation.
STEP 1 – Package to Seller
We will send a package to be filled out by the seller and it outlines every thing we need to facilitate the short sale.
STEP 2 – Package Received
The seller has returned the package and documents needed for the short sale. The review process begins.
STEP 3 – Active Listing
We have placed the property in the listing service and are actively marketing the property awaiting an offer.
STEP 4 – Initiated / Faxed
The facilitation assistant has began the process with mortgage lender(s).
STEP 5 – Pending Bank Approval
We have received an offer, the seller has signed the offer and are processing the offer to be presented to the mortgage lender.
STEP 6 – BPO ordered
BPO (Broker Priced Opinion) has been ordered by the mortgage lender to determine the value of the property. This is done by an outside agent not associated with the transaction.
STEP 7 – BPO Complete
BPO has been returned to the mortgage lender and they are processing the short sale file to determine the amount of loss they are willing to take.
STEP 8 – Counteroffer
The mortgage lender has countered the offer of the buyer to decrease their amount of loss.
STEP 9 – Verbal Approval
The mortgage lender’s negotiator has verbally stated that the short sale meets the mortgage lender’s policies for approval and is processing the short sale approval letter.
STEP 10 – Written Approval
The facilitation assistant has received written approval of the short sale from the mortgage lender.
STEP 11 – Approved – UNDER CONTRACT
During this time the closing date is set and typically the wait on the buyer’s lender to prepare for closing.
STEP 12 – Final SS Approval
The Facilitation Assistant prepares in conjunction with the closing attorney the required documents needed by the mortgage lender and the mortgage lender has given their final approval of the short sale.
STEP 13 – CLOSING
The transaction is closed and clear title is conveyed to the buyer.
Although, this may seem like a lot of steps, it’s really not. Some stages are skipped depending on the mortgage lender’s requirements and the situation of the buyer and seller.
Amazing Short Sale listings from a Keller Williams team that has proven success of closing quickly.
Average days on market are currently 111 days
All short sales are worked in house by our team of experienced Short Sale Experts.
Contact us today for more information – 678-279-5977
