Are you still curious about short sales and what happens throughout the entire process ? Check back here weekly to see our progress on one of our current short sales. If you have any questions, Contact Us asap.
3/07/11 - Short Sale Packet delivered to owner
3/12/11 - Short Sale Packet completed and turned into agent
4/8/11 - Property listed on the market
4/10/11 - Property Under Contract (Ratified)
The first 30 days after contract ratification are VERY important in a short sale. The first 30 days are a success if we have our package accepted by the bank. A negotiator is assigned. And a BPO (Banks Appraisal) is completed. If we can get these done in the first 30 days. There is a really good chance we can have the short sale approved and closed in 90 days.
4/12/11 - Entire Short Sale Packet (100+ pages) sent to the lender
4/22/11 - Suntrust had problems receieving the short sale packet. After faxing the packet every day, they received the packet today and assigned a negotiator!! Next step is for them to do a BPO (appraisal of the property)
5/03/11 - BPO done !!
We just completed 75% of the short sale in less than 30 days. Most agents can not get this done in 2-3 months. (The longer you draw out a short sale, the more likely foreclosure will happen) Next we will be making sure the BPO is within an acceptable range for the bank to accept our buyers offer. Then we will be negotiating with the negotiator to approve the short sale.
5/18/11 - We are negotiating with the negotiator. The bank is determining their values for the property and at what price they will allow the short sale to go through at. More info soon.
5/24/11 - The file is with the mortgage insurance company. Once they approve the short sale, its a done deal. Alot of mortgages have insurance on them and this 3rd party has to agree to the short sale also.
5/27/11 - It turns out only the 2nd loan had mortgage insurance and not the 1st loan. So we have approval for the 2nd loan, although details are still being worked out. We are still waiting to negotiate terms on the 1st.
6/3/11 - Negotiator has submitted file for approval, We are CLOSE!
6/10/11- We have APPROVAL!! Less than 60 days it took us on this one. We are still working out some of the numbers on the approval letter but the Seller was forgiven their entire debt and only has to pay a $4,000 cash contribution. She had stopped making her mortgage payments and for the last 3 months would have paid more than $4,000 for her mortgage payments. Now the buyer has to get their financing in place and in 30-45 days we will close!
6/15/11 - Just another aspect of the short sale process. Once you think your all done, something else pops up. Our buyer walked. They were scared of buying a home. So now we are working on getting another buyer. Good thing is we have 3 contracts we are looking at. Once we choose one, we will have to negotiate with the bank to accept the new contract and close in July. The hardest part is done, getting the approval letter. Now we just have to get to closing with a new buyer. We will keep you posted.
6/19/11 - We got a new buyer for the property. We are still scheduled to close July 15th!! Seller is forgiven the deficiency and does not have to pay the bank back!!
7/14/11 - No problems and we closed!
