Check this out -- a really clear and thorough answer to share with Clients.
Elva Branson-Lee shares her Short Sale explanation for all of us to read. Keeping the Client patient during the process is a key part of success with Short Sales. Reducing the number of phone calls from the Buyer's agent is another important goal when doing a Short Sale. Elva accomplishes both with the "letter" presented here.
Have a happy day -Lynn
For Short Sale Buyers - What Happens Next? Understanding the Short Sale Time-line
A fellow Activerain agent asked me to share the follow-up email/letter that I send to co-operating agents when my seller accepts a short sale offer for submission to their lender. So I am posting it here as an open letter to short sale buyers and their agents. Please do give me your feedback on this. I am always looking for ways to better serve my sellers and buyers, so any suggestions for making the letter better will be considered and are appreciated.
"Hi (Co-op Agent):
"FYI – I hope this will help you understand the short sale time-line.
Attached please find the binding short sale offer I am presenting to (lender) on your client's behalf. Note that the offer is being submitted as part of a complete short sale package. The lender will need to approve the amount and all terms of the offer and the seller's short sale request. The lender may accept the offer as presented, but in some cases they lender might counter back, or decline to short sell. Please prepare your client for these possibilities.
"What happens next: It usually will take the lender a few days to input all of the documents into their system, then eventually the file will be assigned to a processor who will review the package for completeness. Every lender has their own guidelines as to what specific buyer and seller documentation is necessary to process a short sale. Additional documentation may be requested during this initial processing. This step can still take a few weeks depending on the processors work load (which we can expect is extensive).
"Once the processor determines that a complete package is on file, the short sale file is usually moved up to a negotiator or analyst who will again review the documents. This person may request more or updated information before either countering back, requesting additoinal information or making a recommendation to approve the short sale. I say recommendation, because very often the final approval decision is made by a senior analyst or a review panel when the file is an in-house loan -- meaning the loan is actually owned by the lender. In other cases, the lender may only be servicing the loan for a a 3rd party investor who now owns the note. In that case, the investor will make the final approval decision. The investor may also require additional documentation or counter back before making a final decision.
"In other words….now we wait.
"I just want you to be prepared, and to prepare your client, for the steps and the timeline a short sale may take. I will check on the progress of the file at least weekly, but these things always take more time than you would think. So, be patient, know that I am working for you and that I will update you regularly, but most weeks there won’t be anything new to report. When I receive the approval letter or any other response or request from the sellers' lender, I will immediately contact you.
"If you have any further questions at any time, give me a call or email me. I will do my best to get you a swift answer.
Elva Branson-Lee -- Short Sale Specialist, Certified Distressed Property Expert (CDPE)
Solid Source Realty GA 770-475-1130 ext. 8988
Search for homes for sale in south & east metro Atlanta at: http://BransonLee.com
Learn the facts of foreclosure in Georgia at: http://AvoidGeorgiaForeclosure.com
Get your short sale questions answered at: http://BestAtlantaShortSales.com
Serving the South & East Metro Atlanta cities buying and selling real estate, property, houses and homes in:
Ellenwood, East Atlanta, Ormewood Park, Decatur, Stone Mountain, Conley, Rex, McDonough, Hampton, Jonesboro, Morrow, Locust Grove, Lake City, Forest Park and Stockbridge.