Short Sales have become an important and necessary part of Real Estate. My Team and I believe that the key to a successful RE transaction is a clear understanding of how we handle a transaction that can have many variables. We list and sell all Short Sales with the same approach and instruction to sellers and agents. This gives us the greatest possibility of success for all!
The property is listed at market value. It is in no one’s best interest to price the home well below market value. Price reductions occur, as they do with all our listings, based on agent feedback and market changes.
Properties will be on the market for at least 5 days to solicit offers. Multiple offers will be evaluated based on qualification, price and buyer willingness to hang in there for what may be a lengthy process. We will open Escrow, cash a deposit check and move forward with the best offer and hope to have one viable back up offer. In rare cases we will consider 2 back up offers. Inspections and loan processing timeframes will start with Lender approval unless the buyer wants to do so sooner at their expense. We require our sellers to have a complete package turned in with the listing agreement and that package will be submitted to the Lender with the offer.
We will typically update selling agents and sellers via email and will copy both on any Lender communication. Because approval can take anywhere from 30-120 days, we will update only when we have something to report, specifically when the Lender assigns a Negotiator, orders the Valuation, etc.
All offers must be complete, including the Short Sale Addendum, and submitted with a Lender pre-approval letter, fico scores and verification of down payment. Incomplete offers will not be considered.