Surviving Your Short Sale  ~ Anyone in a short sale situation knows, it's anything but short, and it's anything but predictable.

No two short sales are the same, however there are some generalities.  At Preferred Home Brokers we do our best to keep you informed in every way possible throughout your transaction.

We hope you find this information helpful when it comes to your short sale.

• Your lender requires your entire application/package be submitted all at the same time. Let's do it right from the beginning, in the long-run it can save you time and help save your transaction.
• Your approval may be determined by a third-party negotiator (an asset manager outside your lending institution) who is most likely over-worked and has more on their plate than they can handle.
• Your approval process can be more difficult if there is more than one loan. Even if multiple loans were made by the same lender, you may have two completely different departments (or locations) needed to approve the process. 
• Your second (or 3^rd) lender won't (and isn't required to) roll over, they will expect some compensation/payoff to sign off the loan, this will be negotiated with the first lender.
• Your REALTORS(S) experience obviously is crucial, however (irrespective of what you may have heard from some) your broker does not have control of whether your lender will consent to the short payoff.
• Your broker will may not provide legal or tax advice, you are advised to see your own from the proper professional.
• Your lender (if approved after waiting months) will want a fast closing and condition the approval on a final last minute review of costs/expenses just days prior to closing.
• Your buyer is not required to meet your lenders terms.
• Your short sale addendum (to the purchase agreement) states you shall reasonably cooperate with the lender (s) in the short-sale process.
• Your buyer's deposit check may or most like may not be placed into escrow until written approval is received from your lender.
• Your buyer may not stick it out, they may withdraw their offer at some point, depending on the length of time it takes to receive a reply from your lender.
• You and your buyer may incur some expenses during the escrow, i. e. inspection, appraisal, association documents. etc, etc.

Your Preferred Home Brokers REALTOR will do everything possible to obtain approval, often working for months, also no assurance of compensation. Our success is dependent on your success.

If you're looking for knowledable competetent representation when it comes to selling your home, contact me, Lynda Eisenmann eisenmann@earthlink.net  direct or text (714) 595-1494.

Preferred Home Brokers is an independently owned real estate brokerage with track record of more than 30 years of helping buyers buy and sellers sell their home. CA license #00402040.