Whether you're the buyer or seller of a distressed property (short sale or bank owned), RE/MAX 200 and RE/MAX Town & Country agents can help guide you through the proccess with ease.
Short Sale Information for Buyers and Sellers
A short sale can take anywhere from 30 to 180 days from the date an offer is received on the property.
Some of the steps that take time to close on a short sale include:
- The offer from the buyer is signed and accepted by the seller with the stipulation that it must be approved by the 3rd party (the present mortgage holder). The mortgage company will send a list of items that are needed to the present mortgage holder.
- A negotiator is assigned to the case.
- An appraisal will be ordered. Sometimes, a mortgage holder orders two appraisals to be performed.
- The owner must provide several documents that are required by the present mortgage holder. The timeframe of the short sale can depend on current owner’s cooperation and how busy the mortgage company is.
- The current decisions must be delegated. If a home has a subordinate (or second) lien holder, this mortgage company will also have to agree to accept the payoff amount to release the lien.
- The lien holder, or lien holders, will approve, decline or counter the offer that was submitted.
A successful closing for a buyer and seller can depend on the current mortgage holder, any secondary liens that are present and the submission of paperwork that is required by the present mortgage holder. All of these factors need to come together for the timely closing of a short sale.
For more information on distressed properties or to speak with one of our distressed property experts, contact us.