Starting Point & the Short Sale Process
1-Do your Homework!
Do your homework! There are many foreclosure alternatives, such as Loan Modification. If your lender is unable to qualify you for a loan mod then a Short Sale may be the best alternative for you. We recommend you seek legal advice and speak to your CPA about possible tax consequences. If Short Sale is the direction you plan to go we would love the opportunity to assist you with short sale info in the process. We have completed countless Short Sales as a Phoenix short sale agent since 2006 and we're staffed and trained to help stop foreclosure. We currently have over 90% success rate.
This step of Doing your Homework and gathering short sale info is the MOST important step in this process to help stop foreclosure. We urge you to discuss your particular situation with a tax advisor, attorney and possibly a credit advisor. In order to better serve you we have several industry professionals we can recommend to you but please do your own independent investigation on the firms you decide to utilize.
A Short Sale is often the best path for homeowners in distress to take and we want what is best for you!
2-Consultation
It’s time for our phone consultation! In order to better serve your specific needs and provide short sale info, please complete our online questionnaire. We will then be able to understand your specific situation prior to our call so we can help stop foreclosure. It is also recommended that you write down any questions you may have for us so that we can discuss them at this time.
After our call we will send you a Short Sale info packet that will itemize all the documents you will need to gather for us to submit to your bank. Our Short Sale info packet also contains additional information to help you understand the timeline and process of the short sale. We hope you will find this packet very informative.
3-Time for the Market!
We will schedule a time to pick up the Short Sale info packet and listing paperwork, as well we will have our photographer take photos so we can start the marketing process. Communication lines will be established with your mortgage company(s) during this period so we are prepared and ready to go when an offer is received on your property.
4- Offer Received
When an offer is received we will negotiate the offer and will verify and confirm that we have a committed and qualified buyer. At this time we will send your mortgage company(s) all the necessary paperwork and facilitate the negotiation process. You will be updated regularly regarding the status of the approval. Once we receive the approval letters from your lender, we will verify the net proceeds of the sale to insure the purchase contract is sufficient and the letter is then sent to you for your final approval.
5-Close Escrow!
We will facilitate the closing to make sure everything is handled properly. From this point on it is like a traditional sale with the addition of making sure net proceeds from the sale match the required "short" pay off approved by your mortgage company. The title company we use is very familiar with not only our process but of the Short Sale process in general.
