I'm a Sacramento area short sale agent with lots of short sales under my belt. I'm currently working on my first CalVet short sale and the process definitely has some differences. As promised, here is an update on the CalVet short sale process:
- Contact CalVet as soon as you decide to list your home as a short sale. They will provide you with packet containing their short sale information.
- CalVet will not consider a short sale unless the property is delinquent (missed payments).
- Included in the CalVet short sale package is the Contract Holder's Information. Sellers can get started on this right away. It includes financial information as well as other documents CalVet needs to process the short sale. It is encouraged that the seller's or their short sale agent return the completed package as soon as possible, even if there is no offer yet, so the process can move forward as quickly as possible.
- Seller's will be responsible for providing an appraisal to CalVet. This should be the only short sale expense to the seller. Appraisals from a Certified Residential Appraiser currently run about $400.
- Once your home is listed and you receive offers, CalVet will want to see an offer at the appraised value or higher. You won't get a short sale approval with a low offer!
My complete offer package has been submitted to CalVet for this property. Hopefully an approval is coming soon! See if you qualify to sell your CalVet home as a short sale.
CalVet Short Sale Update - Sacramento Area