Short Sale Timeline
1) Homeowner completes and returns the documents that we will provide to you.
2) Property is listed on MLS for sale.
3) Comprehensive marketing strategy is launched.
4) We will contact your lender in order to open a line of communication.
5) The property will be shown as often as possible, you will be notified of all feedback we receive on the showings.
6) Offers are received.
7) All offers are presented to you to give you the opportunity to review them. We will help you decide which should be signed and submitted to your lender(s).
8) Offer is signed and becomes a contract.
9) We will need the most recent copies of your bank statements and paycheck stubs.
10) Any additional documentation that is needed will be requested from you at this time, it is critical that this documentation is returned as quickly as possible as not to delay the short sale process.
11) We submit a Short Sale Package including the executed contact and all the required documentation to your lender. Any additional documentation that is needed from you will be requested at this time.
12) Offer is Accepted by Lender - Once an offer is accepted by your mortgage company, we will inform the buyer or buyers’ agent that we are prepared to close.
13) A closing will be scheduled with a title company and you will be informed of the date. You will also be contacted by the title company to sign your closing docs.
14) The buyer will make final inspections if necessary.
15) You will need to vacate the property prior to the closing date. At least 48 hours prior is preferable to allow for a final walk through.
16) Property should be broom swept and completely empty unless otherwise agreed to prior to walk through.
17) You will go to the designated title company to sign final paperwork. We will arrange to receive all keys, garage door openers and gate remotes if applicable.
18) Title to the property is transferred and the new owner legally owns the property after it ‘records.’
19) Your lender(s) issues a satisfaction of mortgage and the title company records this document in public record.
20) Offer is NOT Accepted by Lender - If lender(s) counter, we negotiate with current buyer for acceptance of counter, if buyer agrees to new terms or agreement can be reached, closing is scheduled (see ‘Offer is Accepted by Lender’ above).
21) If agreement cannot be reached with current buyer, we offer the banks’ approval amount and terms to the each of the buyers in backup position. If there are no buyers in backup or if none accept, the property is placed back on the market until suitable buyer can be found. We now know what the bank will accept & will reflect this in the listing to obtain another offer.