The "Long" Short Sale

A short sale can be easily defined as the process of selling your property for less than the amount of debt you owe.  If you are falling behind on mortgage payments, this might become an option to help avoid foreclosure.  The process can be lengthy and includes two separate negotiations in order to complete.

The first part of this transaction is similar to a traditional sale.  It involves finding a buyer interested in purchasing your property at a particular price and agreed circumstances.  I would suggest hiring a licensed REALTOR, like myself, to list your home immediately to help jump-start this part of the process.

Once we receive a reasonable offer that we BELIEVE we can accept, it can be sent in for part two of the process - THE BANK ACCEPTANCE...

This is where things really SLOW down!  Banks are overloaded with paperwork from the mass amounts of foreclosures, RE-FIs, other short sale requests, etc.  Basically, it's a "take a number and have a seat" situation.  A bank negotiator will be assigned to the file and if the numbers work, the bank will accept the price offered.

This process does not happen quickly.  If you're a "short" seller, have your paperwork ready (financial records, bank statements, tax returns, pay stubs, hardship letters, etc). 

If you're a buyer submitting an offer on a short sale property, be prepared to WAIT...WAIT...WAIT.  It takes time to even get an initial response from the banks.  However, it may be worth the wait.  You stand a good chance of purchasing the property under value!

So don't be scared, be prepared!  Let me help.

www.AgentRandall.com

...I was listening to the Beatles when I wrote this...