Short Sales process
*A Short Sale is a loss mitigation solution to allow an owner to sell his property for less than what is due on the loan and avoid foreclosure .
*The short sale process requires all the Parties to approve on the Short Sales : Homeowner, Homeowner's Realtor, Buyer, Buyer's Realtor, Investor, Mortgage Insurance Co, Junior Lien holder and Lender
*Short Sales approval is 30 days. If the closing does not happen; the short sale process must be redone and must be an approved process again
*Short sales guidelines includes a Hardship letter , Financial worksheet, and listing agreement all signed by owner applying for the Short Sales
*Obstacles to Short Sales are low ball offers, valuation delays, outstanding junior liens and judgments, does not meet investor's guidelines, excessive seller contributions, mortgage insurer , promissory note, and timeline expectations.
*Approval of a short sales application will take a minimum of 60 days unti all conditions are met including submitting the application, review with negotiator , property evaluation, mortgage insurerAnd mortgage approval gained, additional liens, application decision.
*This process must be completed for a Short sale to be approved by a Lender including a Market Evaluation of the Property.
Rita Japhet
Broker-Owner
Sunny Isles Real estate Inc
Cell 305 450 6662
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