Short Sale & Foreclosure Help in Floral Park of Palm Beach County
The first step is acknowledging the fact that the property may be upside down in value. If this is the case than the there are really only two options letting the bank foreclose or avoiding this by short selling. Scroll through and watch the video and the steps below.
Step 1. We will meet in our office or a location suitable to discuss the process. Depending on what bank such as Wells Fargo, Chase, Bank of America, CitiMortgage, to name a few, will determine what approach and/or what short-sale package to use. They each have their own, so it is important to start off correctly with the right one.
Step 2. Your application and documents required will be put together ahead of time such as bank statements, tax returns, paystubs, hardship letter, etc., along with the specific bank application of information.
Step 3. Your property is listed for sale just like a normal transaction at a price based on market and condition. There will be certain scheduling requirements along with key-lock box access, while not at home.
Step 4. A specific marketing plan will be designed and implemented. It will be listed in the MLS (Multiple Listing System) to all perspective buyers and/or agents.
Step 5. Once an offer is obtained, technically is the starting point in the process. Packaging the offer is vital from the beginning. Anticipating what the bank will do is 75% completed at this time. This may be a combination of offer price, terms, and closing times. This is so important to get this right from the start.
Step 6. Each party will execute or sign all required documents just like a normal transaction. This would include both you the seller and the buyer.
Step 7. The contract along with your short-sale package is delivered to the bank to begin the short sale process.
Step 8. The bank will perform a BPO (Broker Price Opinion) or an appraisal in some cases. This is to establish a balance of value to justify the offer price.
Step 9. The process may take 1-4 months depending on the bank, negotiator, outside liens, etc.
Step 10. Once the bank approves the property to be sold short, they will issue a letter with specific terms, and dates to be closed by. If the agreement is satisfactory, then all parties can proceed to settle on the property and transferring ownership to the new buyer.
Step 11. All the closing costs including real estate commissions, HOA dues, and various closing costs are all paid by the bank, negotiated from us or paid by the buyer. In some cases it may be paid by you the seller.
Step 12. You as the seller have avoided a foreclosure, your debt has been forgiven by the bank, and you are free from any pending obligations associated with this property.
Congratulations on a successful sale.