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 to consider to help you decide on the best path forward.
If a short sale is in order, you’ll need to prepare a letter of authorization your real estate agent so that they can communicate with the bank on your behalf. buy a used jeep . Depending on the particular bank, this authorization should be processed within 2-15 business days. roofing . roof repair . This would also be the time to begin preparing the property for sale.
If you are behind on your payments, your agent will discover if the bank has started foreclosure and if so, where in process it is. The agent 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 returns- 2 months banks statements and 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.
The best offer received is then submitted to the bank together with your paperwork. IKEA Denver Coupons . Banks have been taking anywhere from a week to several months to process a “short sale package” and assign a negotiator. During this time, your realtor should be 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 and the sale of the home completed.
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