Five easy steps to Short Sale Approval

I have been working with short sales and the more we do the more we learn.
We started out trying to send the offer over to the bank for approval before the seller signed and it just wasn't working.  The last sales that were approved were done completely different.  Here are the five easy steps to short sale approval! :)

Step 1.  As soon as you get the listing get the sellers to sign a Third Party Authorization and fax it over to the bank/banks.

Step 2. Present the offer to the Seller and counter-offer to get the best price that you think you can get in this market.  Once you feel the price is the best you can get then the Seller accepts the offer and writes in the conditions that it is subject to bank approval, we usually put in the name or names of the banks involved. Don't forget to make sure you have a pre-qualification letter and/or proof of funds from the buyer before you even accept the offer.

Step 3.  Draw up the P&S sign by all parties. 

Step 4.  Gather all of the Sellers financial Information, a Hardship letter, P&S, buyers pre-qualification and/or proof of funds, listing agreement and estimated settlement statement and fax it over to the bank/banks for approval.

Step 5.  Close the deal!

Sounds easy right???? We wish it were as easy as it sounds! But honestly even though it is a lot of work and time to get them approved it is working better when we do it this way and the more we do the better we are getting at it. 

Karen J. Archambault

Karen The Realtor

Karen

Karen J. McLinden                 

For a FREE list of property for sale or rent in and around Southeastern, MA & RI visit www.KarenTheRealtor.com

Learn more: KarenTheRealtor Friend me: Facebook  Recommend me: Linkedin  Refer me: ActiveRain Follow me: Twitter 

Let My Knowledge and Patience Lead You Home

Century 21 Associates Realty, 657 Pleasant St., Fall River, MA & 230 Maple St., Swansea, MA
Phone 508-677-3233 Fax 508-679-2006 

Oh, And By The Way...I Am Never Too Busy To Take Good Care of Your Referrals!

 

 

 

 

2 Comments on Five Easy Steps To Short Sale Approval

OCT
27
2008
118,233 Points

Yes I agree, we wish it was as easy as it sounds. I find it though that sending out the short sale package before getting an offer works better. You should try it.
11:15am • #1

Hi Irena!

We do send the short sale package out ahead of time as well when the bank allows it.  The last few banks we have worked with only want the third party authorization and hardship letter until we get an accepted offer and P&S.  It changes everyday! :)

Karen The Realtor
1:56pm • #2


What does the graphic say?
Leave a response…

(optional)
Spam Prevention:
 
Img_9343med

Buying or Selling in Greater Fall River, MA - Realtor Karen McLinden

Swansea, MA

More about me…

Century 21 Associates Realty

Address: 657 Pleasant St., Fall River, MA, 02721

Office Phone: (508) 677-3233

Cell Phone: (508) 642-6645

Email Me

Information on Homes for Sale in Fall River, Westport, Swansea, Somerset, MA, Tiverton, RI and Surrounding Areas. Real Estate information including but not limited to Bristol & Plymouth County, Massachusetts and Newport County RI. Local News, Information and Happenings in the Greater Fall River, MA area. Sometimes Just Fun Information to Keep Us Smiling.


Links

Archives

RSS 2.0 Feed for this blog

Find MA real estate agents and Swansea real estate on ActiveRain.