The Stages of a Short Sale…
1. The first stage requires the home owner to gather all the documentation
that your bank will require. This stage shouldn t take longer than a few days.
Please review the section on short sale paperwork for the required documentation. Some banks require that their unique forms be used as well.
2. Once you have all your paperwork completed, stage two is simply contacting us to schedule an appointment to see your home, complete the listing and place your home for sale.
3. The third stage involves aggressively marketing your home and producing a ready, willing, and able buyer. This stage can take as little as a few days or as long as a few months. We will closely track the activity of your sale and make the necessary pricing adjustments to attract a buyer.
4. The fourth stage is the actual presentation of the offer to your bank. This is where our expertise and experience in negotiating Short Sales takes place. The negotiation and approval process can take anywhere from 30 to 120 days. Numerous phone calls, emails, and faxes are required between the lenders and our team (on average 60-90). If we are dealing with a single lender rather than multiple lenders, it is easier (although not necessarily faster) to obtain the approval.
5. The fifth and last stage to the Short Sale process is the period of time between Short Sale approval from the bank and the buyer closing on the home. Although the Short Sale addendum states the close will occur 30 days after bank approval, be aware that the banks typically push for a 2-3 week close. When possible we encourage all parties to accommodate the bank on this issue. 
Pricing >If the Price Is Not Right A real estate agent has shown you a house that you like a lot. There is only one problem--the price seems too high. In a situation like this, you can still make an offer that you feel is appropriate.
The real estate agent cannot tell you how much to offer, but he or she can give you information about the selling prices of similar homes in the area. The agent will present your offer to the sellers. They have three choices--they can accept, reject, or counter your offer.
If the house is a new listing, or if your offer is very low, they may decide to hold out for something better. Sellers frequently build a little negotiating room into their asking price. Prices that are not negotiable at the beginning of a listing period may become flexible as time goes on. If you want to test the sellers' flexibility, make them an offer.
|
 |
| Q |
What is the highest skyscraper hotel in the world?
|
| A |
The Grand Hyatt Shanhai in Pudong, Shanhai, China occupies the top 35 floors of the 88-story Jin Mao Tower, which at 1,378 feet is the tallest building in China and the third tallest building in the world. |
 See More Real Estate Trivia > |
|
NUMBER1EXPERT®
© Homes Media Solutions™, a division of Dominion Enterprises and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.
|
