Homeowner's Guide to Redding CA Short Sales
Article by Chris & Maria Jeantet, Short Sale Agents in Redding CA
A huge amount of patience is necessary during the course of a Short Sale process. Whether we are managing a Short Sale in Redding CA or surrounding communities, one thing we know for sure, THERE IS NOTHING 'SHORT' about a Short Sale.
Patience is required on the part of all parties involved AND it is essential to work with an agent that knows what he or she is doing. There's a big difference between promoting yourself as an experienced agent and actually having proven experience to successfully help homeowners who are facing foreclosure!
Below is a snapshot of the life of a short sale in Shasta County:
1. Open Escrow
2. Prepare HUD - email to agents
3. Order Title Search
4. Receive buyer prelim - upon receipt, send prelim to agents
5. Review other liens (if any) and taxes, receive updates statements as necessary
6. Revise HUD several times for agents as needed
7. Receive short sale approval letters
8. Update HUD send to agents
9. Update prelim for lender, agents, clients once we have a close date set
10. Review Addendum, needed to update final terms
11. Finalize Escrow Instructions & Pertinent documents according to final terms
12. Order HOA docs only upon short sale approval
13. Obtain signatures
14. Process Financing (taking 35-45 days)
15. Buyer's request or prepare new loan application
16. Buyers obtain loan approval and determine that terms are correct
17. New Lender requests HUD with our fees
18. Receive loan documents or instructions, revise HUD & GFE
19. Request loan docs, can be concurrent with loan documents or separate
20. Lender generates final TIL, we can set final signing appointments (buyer & seller)
21. Submit for Short Sale Final Approval
22. Review file to determine that all conditions have been met and that all documents are correct and available for signature
23. Termite inspection, contingencies released, fire insurance ordered, additional documents, bill of sale etc., have been prepared or waived
24. Signing appointments for buyer & seller
25. Return loan documents
26. Cannot close without final short sale HUD approval
27. Obtain funds from buyer/seller via wire if possible
28. Request Loan funds
29. Receive Loan funds, authorization to record
30. Order recording
31. Close File, prepare statements and disburse funds
32. Complete closing forward final documents to all interested parties (buyer, seller, lender, agents)
33. Final e-mail, fax and Federal Express to complete short sale process
NOTE: If you need help with a Short Sale, don't delay, contact us by phone or email so we can asses your situation and help you determine the best course of action. We are not only trained and certified in managing short sales, we have successfully negotiated a number of short sales throughout Redding, CA and Shasta County. Let's talk. Our contact information is below.
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