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Our 10 Step Short Sale System

STEP

SELLER PERFORMED

AGENT PERFORMED

BANK PERFORMED

1

Seller takes the initiative and calls agent. Agent pre-qualifies seller for short sale success with a phone listing interview. Lender moves forward with collections and ultimately foreclosure. Lender may consider delaying foreclosure/ sheriff sale by request if made along with a new listing agreement or purchase agreement.

2

Seller gathers information for short sale, completes listing forms and sends/ delivers to agent. Agent organizes seller information, reviews for completeness and for errors.

3

Seller reviews MLS listing for accuracy.  If loan is FHA, seller to schedule HUD counseling visit. Agent inputs the property into MLS, starts marketing check list and begins dialogue with lender(s). If necessary agent will ask lender to delay sale.

4

Receive offers from agent and decide on offer to submit to bank. Agent receives offers, advises seller on offers and negotiates with buyer/ buyer’s agent if necessary.

5

Seller does nothing here as long as agent has all documentation already. Agent packages offer along with CMA, hardship information and estimated settlement statement and sends it to lender

6

Seller receives updates from the agent and forwards any additional information required by lender to agent. Agent follows up continuously and keeps seller updated (typically weekly) with positive or negative results. Lender recieves file and inputs into system.

7

Lender assigns to loss mitigator.

8

Loss mitigator orders appraisal or BPO.

9

Seller reviews final short sale approval letter with legal counsel and if beneficial (usually it is) approves and schedules closing. Agent forwards acceptance letter to seller. Agent lets bank know if there are terms of the acceptance letter that are not acceptable to client and demands that all deficiencies be specifically forgiven. Loss mitigator approves file and issues a letter with the terms of the short sale approval.

10

Seller makes home available for any final buyer inspections and for appraisal by buyers lender. Seller schedules with title company to sign closing papers. Agent coordinates and follows up to make sure buyer bring money to close in timely and organized manner. Agent makes sure all last minute questions are answered and congratulates sellers on successful short sale at close! Lender receives final HUD signed and funds from the title company.  Issues a release and satisfaction of mortgage.

CONGRATULATIONS!  YOU ARE NOW MORTGAGE

FREE AND READY FOR A NEW START!