Short Sale Process


 

The short sale process can vary, but it will generally work as follows:

1) The lender is contacted to discuss the possibility of a short sale and to determine the lender’s process for completing the sale.

2) The seller issues a letter authorizing the release of personal information about the loan and the property to the buyer or escrow agency.

3) The lender will review a settlement statement, which will indicate the proposed selling price, remaining loan balances and itemize all expenses, including real estate commissions and other fees and expenses associated with the closing.

4) The seller will complete a “hardship letter,” which will detail and explain all financial difficulties. Lenders will usually want to validate the seller’s financial situation by looking at bank statements, investment accounts, along with examining paystubs and other financial records.

5) The lender will then look to the broker to provide a price opinion by examining the condition of the house and the market value of comparable properties.

6) The lender will then want to scrutinize the purchase agreement to determine if all amounts are reasonable and the real estate commission is acceptable.

Because of the documentation required, the short sale process can be lengthy. But if done correctly, it can work well for all parties involved. The lender avoids the uncertainty of the foreclosure process, the seller avoids a foreclosure on his or her credit report (along with potential bankruptcy), and the buyer hopefully got a good deal on a property

Please give me a call and I will be happy to go over the short sale process with you.

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RealtorRose

I am a NYS Licensed Associate Broker affiliated with Barbara Corregano Real Estate. As a full service realtor I will be with you every step of the way from our first meeting to the last, the final closing of your property! The wishes and desires of my clients are a priority to me. With 92% of buyers and sellers starting their search on the Internet, my marketing strategy is heavily focused on just that! As a native Staten Islander I know all the nooks and crannies of the Island and pass that knowledge on to everyone I am working with. A professional with expert negotiating skills and a keen knowledge of the real estate market is someone you want on your side of the real estate transaction. I pride myself in going above and beyond and giving you the customer service you deserve. Feel free to see what your Staten Island home is worth, search for homes in Staten Island or contact me for questions or assistance at 917-846-5795

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