You’re Still the Owner
Because you are still the owner, you still have the power to accept, reject or counter offers made on your home. It’s best to talk with a Real Estate Attorney to find out what all the best options are for you so you can make wise decisions along the way.
Time Frames and Contingencies
If you’ve never been part of the short sale process before, you might be surprised at how long the process can take. There are a lot of parties involved, so there are a lot of things to coordinate in order to actually make a short sale work. Give Short Sale Specialist Stacy Owens a call to get a accurate picture of how the process will go, or attend one of her Free Short Sale Seminars and get your questions answered there. Bank Approval Contingencies may also be in effect during your short sale. This is a contingency designed to protect the buyer if the short sale isn’t approved by the bank. For the seller, it really translates into the time between when you accept the buyers offer and when the bank does. It’s a sign you’re one step closer to completing the short sale process.
Short sale Paperwork
Paperwork is not a word that brings visions of fun an laughter to the mind. In a short sale there will be quite a bit of paperwork that the seller will have to work through. That’s why having a short sale specialist help you through the process can make things go a lot smoother. Some of the paperwork will be provided by the seller, but some of it will be filled out by your Real Estate Agent.
Communication with the servicer (lender)
Not every real estate agent is willing to put in the work it takes to get a short sale pushed through. It takes a lot of time and communication with the lender(s). Sometimes the only way to get a short sale through is to continue to keep your short sale on the top of the pile. That means that your real estate agent has to have a lot of tenacity to see the short sale through to completion.
Time frame for response to short sale offer
There are a lot of things that can affect the time frame in which you get a response from a short sale offer. Sometimes a short sale is pre-approved for a certain amount. If there is a number already approved, you can skip the negotiating and write the offer for that amount. If there isn’t a price agreed on, the servicer will likely ask for an appraisal. The process generally takes longer than a traditional home sale.
The buyer’s right to terminate
It’s important for seller’s of a short sale to understand that in a short sale, the buyer has the right to terminate the agreement and offer up to the time that the bank has approved the short sale. This can be frustrating, but working with the right real estate agent can help you navigate these waters more easily.