The short sale process is a complex process that can take months to complete and can be very frustrating at times. We have provided a general breakdown of the process below to help you better understand the process. We will go over all of this again when we sit down with you in our first appointment. By understanding the process, it will help you to manage your expectations and improve the chances of success.
Part of our services is to handle the entire process from beginning to end, to make it as easy as possible on you. We will be in contact with your lender(s) throughout the process and you will not need to speak with them unless you wish to.
Our first appointment is held in the office, which is when we will go through all of your questions, explain the process and collect all of the required documentation. The second appointment will be help at your property. At this time, you will walk us through the property, we will take photos, and set up the showing arrangements.
2. Contact your lender(s):
Included in the paperwork that we will go through with you is the “Authorization” form. This will allow our team to speak directly with your lender(s) for the purpose of completing the short sale. We will notify your lender that we will be working together with you in the short sale of your property. In most cases, the lender will not review the short sale until we have an offer on your property.
3. List your property on the market:
The next step in the short sale of your home will be putting your property onto the market. The lender requires that we have an offer on your property, before they will review the short sale package. Our team will price your property based on the comparable properties in your complex/neighborhood and will handle the entire listing process. This will include making any recommendations to get your property ready for showings, advertising and marketing your property for sale, conducting open houses, and communicating with prospective buyers and their real estate agents.
4. Receive and accept an offer:
Once a buyer presents an offer on the property, we will begin by verifying their financing and downpayment. Once all items have been confirmed, we will review the offer with you and make any recommendations to either counter, decline or accept the offer. The contract will be written contingent on the lien holders approval.
5. Submit the short sale package to your lender(s):
Once an offer is accepted, we will prepare and submit the short sale package to your lender(s). The package generally includes financial information about you, your hardship, your property, and your sales transaction. We will collect all of this documentation from you in our initial appointment and assist you in writing your hardship letter.
6. Receive and approve the approvals from your lender(s):
Once the short sale package has been submitted to your lender(s), the review and response period lasts approximately 2 to 4 months. During this time, we will be communicating with your lender and will keep you informed of the status. When your lender approves your short sale request, you will carefully review the terms and conditions of that approval. If you agree to all terms that the lender has presented, we will open escrow. The lenders typcially give us 30 days to close escrow.
7. Escrow period:
The escrow period is a standard 30 day escrow. During this time, we will sit down with you to go through all of the disclosures on the property and escrow instructions. The buyer will complete an appraisal and appropriate home inspections on the property.
8. Close of escrow:
On the specified close of escrow, the buyers loan will have funded, the proerpty will record and the transaction will be completed. The close of escrow date will be the date that you need to be completely out of the property by. As we go through the short sale process, you can live in the home up to this date.
3131 Camino Del Rio North, Suite 1420, San Diego CA 92108 Copyright San Diego Short Sale Experts. All rights reserved. Licensed by the CA Dept of Real Estate Lic. # 01870483
IMPORTANT NOTICE: SILVERCREST REALTY GROUP, INC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit rating.