Buyer Info

Thank you for considering one of our short sale listings.

It is important for you to understand some elements of the short sale so that you can succeed. 

A "short sale" is when a property is sold at a loss, with the permission from the bank who holds the mortgage.  The bank does not take ownership of the property like they do during a foreclosure.  The bank will likely agree to a short sale if it is certain the bank will have to foreclose on the property soon anyway.  Banks generally would rather not take property into their inventory.

Here are the steps of the short sale:

1. We list the property in the MLS at a discount to attract buyers willing to deal with the short sale process
2. We receive an offer
3. The offer and short sale package are submitted to the bank
4. We follow up with the lender every couple weeks
5. Eventually a loss mitigation counselor is assigned (depends on the bank, but usually 30 days)
6. The lender orders an appraisal
7. The lender approves the file (or does not)
8. We move toward closing

All short sale offers must include AS IS addendums and full financial pre-approval information so the bank can make a determination.  We will submit the first offer that comes in to the bank and hold the rest of the offers and continue to market the property as an active listing.

The contract will not be fully ratified until the bank approves it.  We will not submit multiple offers to the bank.  Once the short sale is approved, we will go back to all the offers remaining and ask for the best and final to be submitted to the bank for ratification.
 
If you wish to have your contract fully ratified with the seller and submitted exclusively to the bank and the status then changed to under contract, you must submit a non refundable $1000 deposit with your contract.  You cannot receive this money back unless the bank does not approve the short sale and then we will refund your money.  The benefit to you is we will not have any other offers on the table by the time the bank approves the short sale.  This option is only if you're willing to wait this out along with us.

If you have further questions, please contact your buyer's agent.