Negotiating a short sale is quite a bit different than negotiating a typical home sale. And to make it even more *fun* every bank handles them differently! However, there is a basic process that each sale goes through:
1. Determine what stage of foreclosure the seller is in: when the last mortgage payment was made, if a foreclosure date has laready been scheduled, who the lender is, whether there are other liens against the property.
2. Gather information for a comparative market analysis (the price similar homes have sold for recently.)
3. Have the seller sign a letter of authorization allowing the Realtor to negotiate with the bank on their behalf.
4. Contact the bank to learn their specific guidelines regarding short sale negotiation.
5. List the home and implement marketing strategies.
6. Schedule price drops at regular intervals until an offer is received.
7. Present the seller with an offer.
8. Submit the offer to the bank. Include the bank's required short sale packet, documentation of the seller's financial status, and the buyer's qualifications.
9. Contact the bank in 48-72 hours to ensure they received all necessary documents. Clarify the procedure and time frame you can expect from the bank.
10. Bank will order a BPO (broker's proce opinion), which is similar to the initial comparative market analysis but is completed by Realtor(s) of the bank's choosing.
11. Call the bank weekly to monitor their progress. Be patient - it can take 30-60 days for a decision to be made!
12. Once a decision is made the bank will send a demand letter.
13. At this point the closing can be scheduled, which can typically take 30-45 days.
The whole process, from start to finish, can take months. In return for a LOT of patience, both the buyer and seller get what they need: the seller avoids foreclosure and the buyer can get a great deal! If you have questions about buying or selling property, please call the JMC Group at 360-609-6775. Or visit the "Contact Us" page of our website at www.MyRealtorIsJamie.com. We are here to help!
The S&B Real Estate Team assists people in buying and selling real estate throughout Southwest Washington. We are proud members of Capstone Washington Real Estate, LLC in downtown Vancouver. Our local expertise covers: Vancouver, Battle Ground, Camas, Washougal, Brush Prairie, Hockinson, Ridgefield, Woodland and La Center. If you or someone you know is considering living or investing in Clark County, please contact us. Steve Borwieck can be reached at 360-241-7305. Or drop us a note on the “Contact Us” page at www.capstonenorthwest.com. We are here to help!
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Dang, you're good. I always learn so much for you. And your professional picture is cute too.