Real Estate Short Sale Specialist
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The Real Estate Short Sale Process
The short sale process can take anywhere from 60 days to six months or more.
The first thing to determine is whether or not a short sale is really the solution for your situation. Do you really want to sell and what are the reasons? Do you feel you're being forced to make a decision? Have you discussed a loan modification with your lender? These are just some of the things we might discuss to help you decide on the best path forward.
If a short sale is in order, I'll ask for a letter of authorization from you so that I can communicate with the bank on your behalf. Depending on the particular bank, this authorization should be processed within 2-15 business days. This would also be the time to begin preparing the property for sale.
If you are behind on your payments, we will discover if the bank has started foreclosure and if so, where in process it is. We will also obtain a list of the documents they will require to approve the short sale of the property.
Typically the bank will ask for:
The next step is to complete the listing agreement and put the property on the market.
Marketing homes for sale requires a diligent online effort, where nearly 90% of home buyers find their homes for sale.
Here are some of the specifics of the marketing effort I will perform for your home:
Syndication of full html enhanced listing flyer and information to the following sites:
In addition to local and national syndication of your real estate listing, it will be posted on the RE/MAX Gold and RE/MAX International real estate websites, two top internet traffic sites in their respective categories.
My online marketing effort is driven by over 20 years of Internet marketing experience, and is managed by my husband, who is the eMarketing Manager for two divisions of a Fortune 500 Company.
The best offer received is then submitted to the bank together with your paperwork. Banks have been taking anywhere from a week to several months to process a "short sale package" and assign a negotiator. During this time, I am in at least weekly contact with the bank's short sale department.
Depending on the terms of the offer and other factors, the bank may seek participation in the loss from the buyer, the seller, or both.
Once the parties have reached agreement and the buyer has confirmed their funds for the purchase, the documents transferring your interest in the home will be prepared for your signatures with a title officer.
Please do not hesitate to contact me with any questions about this process.
Nicole Russell
(707) 332-2111
426 First Street
Benicia, CA 94510
nicole.russell@norcalgold.com
The first thing to determine is whether or not a short sale is really the solution for your situation. Do you really want to sell and what are the reasons? Do you feel you're being forced to make a decision? Have you discussed a loan modification with your lender? These are just some of the things we might discuss to help you decide on the best path forward.
If a short sale is in order, I'll ask for a letter of authorization from you so that I can communicate with the bank on your behalf. Depending on the particular bank, this authorization should be processed within 2-15 business days. This would also be the time to begin preparing the property for sale.
If you are behind on your payments, we will discover if the bank has started foreclosure and if so, where in process it is. We will also obtain a list of the documents they will require to approve the short sale of the property.
Typically the bank will ask for:
2 years tax returns
2 months banks statements
Last 2 paycheck stubs
Year-to-date and profit and loss statements if self employed
Hardship letter
The next step is to complete the listing agreement and put the property on the market.
Marketing homes for sale requires a diligent online effort, where nearly 90% of home buyers find their homes for sale.
Here are some of the specifics of the marketing effort I will perform for your home:
1. Place a For Sale
sign on the property, unless you'd prefer not to.
2. List your home on your local MLS which rolls over to Realtor.com and
others.
3. Create and run an HTML enhanced Craigslist Ad.
Syndication of full html enhanced listing flyer and information to the following sites:
 Google Base |
Zillow |
Oodle |
Vast |
| HotPads |
Backpage |
Trulia |
ByOwnerMLS |
| Enormo |
DotHomes |
FrontDoor |
Others |
In addition to local and national syndication of your real estate listing, it will be posted on the RE/MAX Gold and RE/MAX International real estate websites, two top internet traffic sites in their respective categories.
My online marketing effort is driven by over 20 years of Internet marketing experience, and is managed by my husband, who is the eMarketing Manager for two divisions of a Fortune 500 Company.
The best offer received is then submitted to the bank together with your paperwork. Banks have been taking anywhere from a week to several months to process a "short sale package" and assign a negotiator. During this time, I am in at least weekly contact with the bank's short sale department.
Depending on the terms of the offer and other factors, the bank may seek participation in the loss from the buyer, the seller, or both.
Once the parties have reached agreement and the buyer has confirmed their funds for the purchase, the documents transferring your interest in the home will be prepared for your signatures with a title officer.
Please do not hesitate to contact me with any questions about this process.
Nicole Russell
(707) 332-2111
426 First Street
Benicia, CA 94510
nicole.russell@norcalgold.com
