The short sale process can take months to complete. When you hire Chasewood Realty to handle your short sale, we will try to make this process as easy as possible for you. We will be speaking with your lender on a regular basis.
- Interview & Hire An Agent – Fill out your information online or call us today at 561-901-3333.
- Contact Your Lender – Included in your paperwork will be an “Authorization to Release Information” form. By filling out this form, you are giving us permission to contact your lender directly regarding your short sale.
- List Your Property – We will put your property on the market. Most lenders require an offer prior to submission of the short sale package. We will price your property based upon recent sales activity of similar properties.
- The Offer – Must come from an unrelated party to the Seller. The bank will require an Arm’s Length Addendum which you are certifying you have no personal interest in the transaction. Also, must be reasonable offer which is justifiable and based upon recent sales and condition of the property. This will maximize the net proceeds to the bank and minimize your potential deficiency.
- Submit the Short Sale Package – Once you have executed an offer, we will prepare the short sale package for submission to your lender. This package must be complete and the lender will not begin the short sale process until all required documentation is submitted. The package will include your financial information including tax returns, bank statements and a hardship letter which will document your inability to maintain to mortgage along with the offer and a preliminary HUD detailing the estimated closing costs.
- Wait for Short Sale Approval Lettter – The short sale waiting game usually take months (up to 6-9, depending upon your situation) and will seem like forever. Keep in mind, we will be calling your lender regularly to check the progress and determine if they are in need of any additional supporting documentation or updated information. Once we are in receipt of the short sale approval letter, you will be able to review the terms. Once you are in agreement, we will notify the Buyer’s agent short sale approval has been received.
- Escrow Period – Once the short sale approval letter is received, a Buyer typically has 30 days to close. During this time, an appraisal and inspection will be performed. In the case of a cash deal, the Buyer may waive appraisal and inspection and close earlier.
- Closing Date – You will be able to continue living in the home until this date. At closing, you will sign any lender required short sale documentation, sign the HUD and deed.
Call or Text Chasewood Realty at 561-901-3333 to list your Palm Beach, Martin, Broward or Port St Lucie short sale.
