First, the home is listed and marketed. The process doesnâ€™t realty start until there is an offer because many banks will not start to work on the file until an offer is obtained (some will though). Financial documents, such as a hardship letter, pay stubs, W2s, tax returns, bank statements, etc. are sent to the lender. Lenders have thousands of short sale files to work on at any particular time. Here the â€œsqueaky wheelâ€ really does get the grease. If your agent is not following up regularly with the lender, your file may be overlooked. Also, these overworked loss mitigation departments, are notorious about losing items that are sent to them. Every page of every document must each have the loan number on it; even then within the constant correspondence it may be necessary to re-sent items that are lost. The lender will have a third party give a determination of value of the property to make sure the offer is close to market value. The total short sale process can be as quick as a couple of months or as long as a year, but the average is about 3-5 months.
I canâ€™t go into every nuance of the process here so if you would like more specific information about any part of the process, please feel free to contact me.
Keller Williams Realty
Nice name : '). I think that best thing to do is talk to a few Realtors and ask them about some of their experiences with short sales and how many they have closed in the last 12 months. Also another question to ask is whether they negotiate the deal themselves or if they are using a 3rd party.
We have a realtor in our office that worked for an attorneys office doing nothing but negotiating short sales. She is very good at it and we give all our short sales to her to negotiate.
If you want more information on that, please don't hesitate let us know. We would be happy to answer any more questions.
Have a great day,
AAA Realty LLC