Short Sale & Foreclosures
What is a Short Sale?
A “Short Sale” is simply a sale of a property where more is owed on the property than the market can get for it. It is a complicated and long process that requires a skilled Real Estate agent who is well versed in the ins and outs of completing a short sale. There maybe some short term and long term benefits to doing a short sale versus a foreclosure. I suggest contacting a CPA, Attorney, or a HUD Certified Credit Counselor for credit implications.
SHORT SALE PROCESS
Document collection (Tax returns, financials, bank statements, Hardship letter etc.)
- List Home for market value on MLS and market home
- Receive offer
- Submit Short Sale package to bank
- Wait and Wait until an negotiator is assigned
- BPO/Appraisal is completed
- Wait and Wait for investor approval
- Short Sale Approval Letter
- Timelines in Contract start (Inspections, Earnest Money Deposit, etc)
- Fulfill contract
- Close Escrow