Real Estate Information - What to expect in Short Sale Process - www.cjharrington.com

Posted By:
CJ Harrington
cjharrington.crs@gmail.com
www.cjharrington.com
440.336.0612
Keller Williams Realty
12/30/08
Step 1
Prequalify seller - Answer the following questions: Where are they on payments? Is there a foreclosure date yet? Who is the bank? Is there a second lien?
Step 2
Complete a Comparative Market Analysis, CMA, on the subject property to analyze actaul market value of home.
Step 3
Draw up letter of authorization to bank, and get bank guidelines if they will do a short sale.
Step 4
List property, get offer and submit contract for bank approval.
Step 5
Take short sale packet to bank. Make sure all piece are presented at once (purchase agreement, buyer preapproval, letter of hardship)
Step 6
Contact bank every 48-72 hours.
FOLLOWING TIMELINE:
Step 7
Appraisals/2 BPO's ordered (1-20 Days).
Step 8
Package goes to negotiator (30-45 Days)
Step 9
Management decides on package (7-14 Days)
Step 10
Demand letter written (7-14 Days)
Step 11
Close transaction (30 days to close)

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