Stanislaus County Short Sales in Four "Easy" Steps - Part 3
Step 3: The offer and Negotiation Â
Now that you have gone through STEP 1 and STEP 2 and have your home listed as a Stanislaus County Short Sale it's time to move on to Step 3.Â Step 3 is what happens when you receive an offer on your home. Â The first part of what happens when you receive an offer is just like it would be if you were selling your home in a traditional sale.
Once you receive an offer (or offers) on your Stanislaus County Short Sale you will either have to accept, reject or counter the offer.Â Â Sometimes people are a little bit surprised by this since they think it is all up to the bank to decide on the offer.Â Â You still own the home and the contract is between you and the buyer.Â Â
Once we have an accepted offer between you and the buyer then the offer goes to the bank or banks for short sale approval.Â Depending on the bank the entire short sale package (everything from Step 2) and the offer may now be submitted or if the bank already has all of the short sale documentation just the offer may be submitted.Â It usually takes a couple of days for everything to get "into the bank's system".Â Â
Usually someone at the bank will look over everything to make sure that the short sale package is complete.Â If it is not they will ask for more information.Â If it is it will then go to a negotiator.Â Â Once it gets to this point the bank will order an appraisal on your property.Â Â They want to make sure that we have a fair market value offer for your home.Â After the appraisal is done the offer will be reviewed.Â The review process could take as little as a couple of weeks to a couple of months depending on the bank.
the offer has been reviewed by the bank, the bank will either accept
the short sale or counter the offer themselves.Â The bank can ask for a
higher selling price and/or a contribution from the seller in some
cases.Â Of course this can be counter back by you the seller.Â Â Once we
have an agreement on the terms with the bank it goes back to the bank
for final short sale approval.Â Â This is where the actual owners of the
loan (investors) will approve the short sale.Â Once we have the short
sale approval in writing then we can move on to Step 4.
This brings us to Step 4: Closing the DealÂ Check back tomorrow and I will discuss what happens once we receive short sale approval on your Stanislaus County Short Sale.
So if you are behind in your mortgage payment or soon will be, STEP 1 is where you need to start.Â Â You need to find a Stanislaus County Short Sale Specialist like myself to get your home LISTED and SOLD.Â I have also sold Merced County Short Sales and San Joaquin County Short Sales and would be happy to answer your questions.Â Call me today at 209-633-2839 for a confidential, no cost, no obligation consultation.Â I look forward to hearing from you.
Jim Patton - Realtor, Short Sale Specialist, CDPE
Century 21 M&M and Associates
The author of this blog, Jim Patton, is a full time Realtor with Century 21 M&M and Associates.Â Jim is a Central California Short Sale Specialist who lists and successfully sells short sales throughout Stanislaus, Merced and San Joaquin counties. Call Jim Patton at 209-633-2839.
The views expressed herein are Jim Patton's personal views and do not reflect the views of Century 21M&M and Associates