Short Sale

If you’re a homeowner that is upside down on their home loan, it can be an embarrassing, painful and difficult situation to be in.  You’ll want to consult with experts to help you understand all of your options.  But, where do you begin?  We can help guide you through everything without any commitment whatsoever.  But here is some information to help you understand the process as simply as possible.

1)  First you’ll need to understand what is best for you and your situation.  Short Sale, Deed in Lieu of Foreclosure, or Foreclosure.  A Short Sale is a better option for your credit.  If you’re truly unsure, we do recommend you contact a real estate and/or tax attorney to truly evaluate your situation.  We have excellent resources we can recommend for only a $200.00 fee.  Having solid legal guidance and information, may put your mind at ease.

2)  If you do wish to proceed with a Short Sale, you’ll need to contact your bank and inform them that your realtor will be in touch and you would like your bank to send you any necessary paperwork and forms for a Short Sale process.  The bank won’t speak to anyone else about your home and situation until you give your permission to do so.

3)  Once you’ve established with your bank that this is the direction you need to go, you and your realtor will work on a putting your home on the market.  This market has many, many buyers and very few homes for sale, so it is very possible you will receive multiple offers within a short amount of time.

4)  Once you receive the offers, your realtor will review them with you and you and your realtor will select the ‘best’ offer for the value and circumstances offered.

5)  Then your realtor and you will put together your Short Sale package to be sent to your bank for approval.  This process can take as little as 30 days and as many as 6 months.  It has been much faster now that banks have solid processes in place, they’re able to turn them around much faster than in previous years.  It is still a waiting game and you and the Buyer have to wait for the bank to ‘bless’ and approve the offer.

6)  Once the offer is accepted and approved by the bank, escrow will begin.  Escrows typically take anywhere from 30 to 60 days typically depending on the type of financing whether it is VA , FHA, Conventional loans or Cash.

7)  You’ll be required to make the home available for a home inspection and for an appraisal, but your realtor should be able to work with you and your schedule.

Give us a call (916) 632-9633 and we’ll help you through this difficult time.