What’s The Fifth Step To A Short Sale?

Short Sale Process Step 5:

I've written previous blogs regarding the short sale process and when you're to this point, the sale of your home is getting closer.  The bank has already done their BPO, or broker's price opinion and they are ready to start negotiations.

Keep in mind that the lender has thousands of short sale files on each negotiators desk and there really isn't too much thought put into the offer we have at hand.  Up until this point, they've verified that you cannot afford the home, or you have a hardship that is going to require you leave the home.  They've also verified that the offer that is on the home is reasonable for the market value.  All information is filled into their mathematical formula that determines if this is a good deal for them.   The lender is only willing to work with you if they think they are the ones that are getting the deal.  IE:  If they think the they're going to lose more money but not doing the short sale, they will most likely work with you now, as opposed to other remedies that are available to them.

What's next?  Trying to figure out if you are going to be required to submit any money in the form of cash or in the form of a note due and payable to the lender over time after the home closes.  Should the lender present you with any of these options and you comply, a final submission to the underlying investor takes place and a hopeful approval comes.  Should the lender present you with these options and they are not acceptable, or you cannot afford to comply, we need to negotiate these points.  As I've always said, these are negotiable points and the goal is to get to the closing table with exactly $0 out of pocket.

Contact Us at the Twin Cities Short Sale Realtor and we can discuss your personal situation and if a short sale is right for you.