Short sales are a long and tedious process and requires a lot of diligence and patience. It is important that you hire an experienced short sale realtor with excellent negotiation skills and professionalism to have the best chance of being improved as well as maximizing the time you can remain in the home and any Seller Cash Incentives offered. Michelle Mahzari and IMAX Premier offers short sale homeowners cash incentives separate from your bank, from money we have set aside. Michelle can bring you through this difficult process with minimal stress and maximum benefits.
You may be able to stay in your home without paying your mortgage during the short sale process. Depending on your bank, the investor of your loan, and the bank negotiator, the short sale process can take anywhere from 3-6 months. An experienced agent may be able to adjust the timeframe slightly to be shorter or longer.
|1||Find the most experienced Short Sale Realtor. You cannot complete this complex process on your own. Find a Short Sale Realtor even if you haven’t received a Notice of Trustee Sale yet.|
|2||Assemble and give all required documents to your agent. Your short sale agent will help you with this step.|
|3||Have thorough, detailed, and honest discussions with your short sale agent regarding your finances. Do not conceal anything; information you may think is irrelevant could help.|
|10-45 days||4||Your short sale agent will list your property for sale. You need a valid offer from a serious buyer to begin the short sale so cooperate. Once a buyer is located, you are pretty much done and the rest of the work is up to your agent.|
|5||Your agent will prepare the “short sale packet” to submit to your lender. Be sure it has all the necessary documents in the order that your specific lender requires.|
|6||The complete short sale packet is sent to the bank. If you’ve already received your Notice of Trustee sale date make sure the packet is submitted immediately.|
|7-15 days||7||The bank will review the documents and assign you an in-house negotiator who will postpone your auction sale date if necessary.|
|10-30 days||8||The bank negotiator will have your property appraised to determine its current value and they will use that information to determine how they will respond to your request whether they accept, reject, or counter offer.|
|10-30 days||9||Your agent will began to negotiate with your bank. They will discuss sale price, closing costs, realtor commissions, closing date, etc… This is where it is most vital that you hire someone experienced who will be able to be an advocate for you and negotiate for your benefit.|
|7-15 days||10||Once an agreement has been reached, the negotiator will send the documents to the investor for approval.|
|11||The investor approves or denies the short sale request. If denied, you can go back to step 4 and try again if there’s enough time before your sale date.|
|12||Buyer and seller open escrow and seller plans for relocation.|
|13||Close of escrow. All mortgage debts are now settled with no deficiency|