Chula Vista CA- People often ask me, "How does a short sale work for the seller?" A short sale is usually very beneficial for the seller. Here is how the process goes.
First, the seller will put the home up for sale with an agent. It will usually take a few weeks for the house to sell. During that time buyers will come with their agents to look at the house.
Once a buyer makes an offer and you decide to accept it, then we will begin negotiations with your lender. The good news is that you won't have people looking at the home anymore.
We will gather all of your financial paperwork. That will be submitted to the lender along with a copy of the sales contract and an estimated closing statement. The closing statement lays out all the sales cost and what the lender should expect to net from the sale.
The lender will review everything and give us an answer. They will either approve the short sale offer, or give a counter. If they accept it, then you will have between thirty and forty-five days to move out.
If they don't like the offer or terms, they will issue a counter offer. Here are some commons counter offers that we have seen. "We want the buyer to pay $325,000." Or, they might ask, "Before we can review the file, we need copies of the seller's bank statements for the last 2 months."
After we provide them with the necessary documentation they will usually issue an approval. Sometimes they gather all the stuff they think they need and then turn around and submit that to the actual owner of the loan.
In an estimated 80% of cases the loan is not owned by the bank or lender we negotiate with. So the short sale will be approved or denied based on their criteria.
After the final approval, the buyer will do their standard stuff. They will often order a home inspection, survey, and appraisal. After that is complete the closing will be scheduled.
The closing will be handled by either a title company or a real estate attorney. You will move out before the closing and bring your keys to the closing. Depending upon your situation it might be a sad day, or a happy day.
A short sale means many different things to people. Some people are unhappy that they are moving out of what was their dream home. If that is the case, we will be there to help. You can cry on our shoulder. Because we have worked with other people in your situation, then we will understand how you feel
Others are happy that they were able to get rid of an unwanted house without owing any money. If that is the case, then great. We will be happy because we helped you get rid of the burden of debt.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at mikekwcv@gmail.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (619) 743-8884.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our Chula Vista Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.
Thanks for reading this, Mike Watson.
Mike is a Real Estate Broker at Keller Williams.
Phone: (619) 743-8884. mikekwcv@gmail.com.
Educating Chula Vista Homeowners on Their Options to Avoid Foreclosure
View My homes for sale at www.sellingchulavistahomes.com.
Mike Watson has lived and worked in Chula Vista California since 1999.
Chula Vista Short Sales, Chula Vista Loan Modification Help. Chula Vista Short Sale Realtor. Chula Vista CAShort Sales. Chula Vista Realtor.
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